In recent years, the adoption of digital wallets in the US has been increasing steadily, driven by e-commerce growth and contactless payments.
According to reports, 82% of Americans now prefer payments through the best digital wallet apps in 2023. The revenue of digital wallets in North America is expected to grow to more than $80bn by 2026. Undoubtedly, the US mobile payment market is the second largest at $465.1 bn worth of transactions.
Whenever you hear the term "digital wallet", Apple Pay, GPay, and PayPal are some popular names that might probably pop up in your mind.
However, the market nowadays is overflowing with different mWallet apps that facilitate equally seamless & secure transaction processes. Apps like Cash App, Venmo & Zelle are also substantially making a breakthrough in the ecommerce industry.
In this blog, you will learn about the best digital wallet apps for Android & iOS platforms in the US based on consumer usage.
If you are a newbie about the "digital wallet" term, read important things about the digital wallet app.
The Best Digital Wallet Apps Market Share (US)
5 Best Digital Wallet Apps for Android or iOS Platforms in 2023
Let's discover the most popular digital wallets for Android & iOS in 2023:
1 - Apple Pay: Best for iOS
Apple Pay facilitates private & secure transactions. Hence, it comes at the top of our list of the best digital wallet apps for iOS in the US.
These eWallets use NFC technology to power contactless transactions. Device Primary Account Number (DPAN) technology protects account information, transaction data and personal details.
Key Features of Apple Pay:
- Available in 20 countries
- Pay in-store and in-app through your iOS devices
- Touch & face ID for authentication
- Millions of websites & apps accept it
- Built-in privacy & security
Pros: -
- Simpler payments
- Very secure
- More privacy to your data
- Better and improved experience
- No additional costs for merchants
Cons: -
- Only compatible with Apple devices
- System performance issues
- Not all terminals are integrated with a contactless payment function
Fees:-
- Free to use Apple Pay.
- 3% processing fee is required for online payment using a credit card.
Some Popular Stores Use Apple Pay:
- Albertsons
- Best Buy
- Disney
- GameStop
- Nike
- Starbucks
Also Learn: how popular brands like Starbucks increase sales through mobile app development.
Amazing Apple Pay Statistics 2023
- According to Apple Pay statistics, the number of Apple Pay users is projected to hit 48.7 million in 2023.
- More than 85% of retail stores, restaurants and commercial industry in the USA accept the Apple Pay wallet app.
- 40,145 businesses in the US accept Apply Pay.
- 2,00,693 websites in the US accept Apple Pay.
- Across the globe 5,480 banks accept Apple Pay.
Ideal For iOS devices such as iPhone, Mac, Apple Watch, etc.
2 - Google Pay - Compatible with Both Android & iOS
Like other mobile wallets, GPay uses NFC technology to make payments. You just need to tap your phone on an NFC-enabled payment terminal.
Google Pay is a fast & secure digital wallet, ideal for both personal & business transactions. Ordinary users, customers, and merchants can get benefits from this app.
Key Features of GPay:
- Pay in-stores & in-apps via your Android device
- Multiple-layered advanced security
- Loyalty programs and rewards
- Major banks support
- Accepted in over a million online stores
- Available in 28 countries
Pros:
- Easy to set up
- High level of security
- Only bring your phone or smartwatch
- Appealing promotion and reward systems
- Completely free to use
Cons:
- ATMs do not support the system
- User get addicted to the phone devices
Fees:
- As one of the best digital wallet apps in 2023, Google Pay doesn't require any purchase fee.
- You must pay a 31% or 1.5% charge to withdraw funds from your GPay account.
Some popular stores use Google Pay:
- McDonald's
- Nike
- Macy's
- Walt Disney World
- Crate & Barrel
Amazing Google Pay Statistics 2023:
- More than 790,000 websites accept Google Pay in America
- Millennials mostly choose Google Pay for digital transactions
- Google Pay has around 25 million active users in the United States
Ideal for both Android & iOS platforms.
3 - Cash App - Beginner-Friendly Stock Trading App
Cash App has reached a key milestone in Bitcoin payments development. It has become the most popular digital wallet app on the Google Play Store in the US. Square's cash app is a peer-to-peer money transfer service that allows users to send & receive money.
You can pay bills or shop, invest in stocks, and buy & sell bitcoins.
Also Learn: how to find and hire Fintech app developers if you want an user-friendly and competitive digital wallet for your business.
Key Features of Cash App:
- Activity Tracking
- Authentication
- Customer Accounts
- Customizable Branding
- Electronic wallet Payments
- Best Mobile Wallet Access
- Multi-Currency
- P2P Payments
- Remote Deposit
- SSL Security
- Secure Data Storage
Pros:
- Data breach prevention
- Safest way to store bitcoin offline
- Free money transfer
Cons:
- Not FDIC insured
- Can't cancel a transaction once authorized
- Limited investing opportunities
- Requires 1.5% commission for instant transactions
Fees:
- Cash App charges $2 plus any costs the ATM owner imposes to withdraw money from an ATM.
- If you want instant transactions to or from your bank account, this digital wallet will charge 1.5% of the amount.
Some Popular Stores Use Cash App:
- Amazon
- Wallmart
- Dominos
- Esty
- StubHub
- Wayfair
Amazing Cash App Statistics 2023:
- There were 51 million monthly active users of Cash App in 2022
- Cash App’s gross profit reached $2.95 bn, increase 43% year over year
- 13 million users have a Cash App Card, which works similarly to a normal debit card.
- 76% of Cash App revenue comes from Bitcoin
Ideal for both Android & iOS platforms
4 - Venmo - Ideal for Peer-to-Peer Payment Network
Whether you need to pay a friend's restaurant bill or split the rent with your roommate, Venmo is one of the best digital wallet apps in 2023 for all transactions.
PayPal owns it and is becoming the most popular digital wallet in the US market due to its fast & secure transaction process. This fast & free digital wallet lets you keep your activities private & secure.
Key Features of Venmo:
- Fast Payment Process
- Shop with a Venmo card
- Use Instant Transfer
- Purchase an in-person or online wallet
- Use QR codes for secure & seamless transaction
Pros:
- It's free and easy
- Has Interactive social features
- Commissions are rarely charged
- Debit & credit cards are available
Cons:
- Charge fees for your commercial transaction
- Doesn't have a feature to cancel payments
Fees:
- Venmo Fees incur 3% charge for sending funds through credit card
- 1% to 5% for quicker access to cashed checks
- It’s free to send or receive funds from your linked bank account, debit card, Venmo balance, or prepaid card
Some Popular Stores Use Venmo:
- Adidas
- Amazon
- Home Depot
- Macy's
- Nike
- Samsung
- Under Armour
- Walmart
- Wayfair
Amazing Venmo Statistics 2023:
- There are around 77.7 million active users of Venmo in the US in 2022.
- By the end of 2023, the company is expected to grow its active users by 85.1 million.
- Venmo processed $244 bn in total payment volume in 2022, a 6% increase year-on-year.
- Approx. 61% of Venmo users are male, while 39% are female.
- 35% of Venmo's customers are under the age of 34 for P2P payment services.
Ideal for Android & iOS platforms.
5 - Paypal - Ideal for Quick Transactions
PayPal is an online payment system that provides buy now, pay later (BNPL) services, payment administration, and an online wallet discount site. It allows quick and easy transfers from your PayPal account to your bank.
It uses encryption technology to secure your account from fraud and other malicious activities.
Unlike GPay, you can’t pay cashless in stores with contactless payment terminals. However, it's a trusted & most popular digital wallet app globally.
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Key Features of PayPal:
- Allows for in-store purchases
- Has two-factor authentication
- Easy way to transfer funds
- Secure encryption technology
- 24/7 transaction monitoring
- Buy and sell cryptocurrency
Pros:
- Offers simple usability
- Quick registration
- Cooperation with well-known trading platforms
- The high degree of protection
- No Cost to use
Cons:
- Relatively low transaction speed
Fees:
- Unless a currency exchange is required, using PayPal to purchase products is free.
- Sending and receiving money is also free.
Some Popular Stores Use PayPal:
- Microsoft
- Airbnb
- Adidas
- eBay
- HomeDepot
Amazing PayPal Statistics 2023
- PayPal recorded 435 million active accounts as of 2023.
- PayPal generated net revenue of $27.5 bn in 2022 and its net revenue is expected to grow by 7.5% in 2023.
- The Total Payment Volume is expected to grow to $1.49 trillion in 2023.
- There are 29 million merchant accounts on PayPal as of 2023.
- 75% of Europeans trust PayPal over other mWallets.
Conclusion!
So, many popular digital wallet apps are available in the US market, which is growing rapidly and generating higher revenue. So, if you want to grow your business in today's competitive market, you need to develop an effective & secure digital wallet.
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