Digital wallets come in different forms. There are internet-based wallets, digital wallet apps that reside on a particular device like a phone, laptop, or desktop, and there are digital hardware wallets as well. All of these wallets enable transactions such as online shopping, and in some cases in-store purchases. A digital wallet can also have the user’s bank account linked to it. They can also allow the users to store their driver’s license, health card, loyalty card(s) and other forms of ID documents. Moreover, the user’s credentials can be passed to a merchant’s terminal wirelessly via Near Field Communication (NFC). Digital wallets can alsos be used to purchase cryptocurrencies.

Growth Of Digital Wallets

Digital wallets are gaining grounds in the society. The wallets have surpassed the conventional use – just for basic financial transactions – to being used to authenticate the holder’s credentials. For example, a digital wallet could verify the age of the buyer to the store while purchasing drugs. The system is already gaining popularity in Japan where it’s known as wallet mobiles. According to MasterCard’s mobile shopping survey on 8,500 adults aged 18–64 across 14 markets, 45% of users in China, 36.7% of users in India, and 23.3% of users in Singapore are the biggest adopters of digital wallets. The survey also showed that 48.5% of consumers in the said regions used smartphones to make their purchases, with the top 76.4% of those being Indians.

According to Statista, mobile proximity payments enabled through Near-Field-Communications are approximated to increase to $118 billion in 2018, up from $3.5 billion in 2014. Apple Pay led the way in North American retailers’ adoption of mobile-payment systems, with 36% acceptance as of December 2016. PayPal had 34% acceptance, Mastercard PayPass had 25%, Android Pay had 24%, Visa CheckOut had 20%, and Samsung Pay had 18%.

Types Of Digital Wallets

Device-based digital wallets enable users to pay for purchases without handing over a credit or debit card by utilizing Near Field Communication technology. Instead, customers can wave their phone or other NFC-capable device/smart card near a contactless reader. Apple Pay and Samsung Pay are examples of device-based digital wallets because they require paying using an iPhone, Apple Watch, or Samsung phone. Google Wallet and PayPal both offer apps that can be added to compatible phones, allowing them to be used as device-based digital wallets for in-store purchases. is also a digital wallet app for your smartphone or device, read more about it near the bottom of this article

Internet-based digital wallets allow users to add credit or debit card information to a personal account or profile. Information is kept on file and when customers make a purchase online, they sign into their account and use it to pay for their purchases. This type of digital wallet allows users to pay for online purchases without providing their card details to the website from which they’re shopping. PayPal and Google Wallet are examples of internet-based digital wallets.


Apple Pay

Apple Pay is a mobile payment and digital wallet service by Apple Inc. that lets users make payments using an iPhone, Apple Watch, iPad or Mac. It uses Near Field Communication (NFC) technology. The system is live in 15 countries, including the United States, Canada, China, and several other European and Asian countries. More than 4.5 million locations now accept Apple Pay in the USA. Retailers that support Apple Pay include Best Buy, B&H Photo, Bloomingdale’s, Chevron, and Disney, among others.

Android Pay

Google developed the Android Pay digital wallet service in Singapore, to power tap-to-pay purchases on mobile devices so customers can make payments with Android-based phones, tablets, or watches. Android Pay uses the near-field communication technology to exchange bank card information so funds can be transferred to the retailer. A Google alliance with PayPal enables people to tap their PayPal accounts to make payments using their Android phones. Some of the retailers using Android Pay are BJ’s Wholesale Club, Bloomingdale’s, Coca Cola, etc.

Google Wallet

Google Wallet is Google’s mobile payment system for in-store and online payments. The NFC system allows users to store credit and debit cards, as well as loyalty and gift cards. It allows merchants to run loyalty programs and distribute offers. Google Wallet’s Gmail integration even allows users to send money through Gmail attachments.

Huawei Pay

Huawei Pay is China’s new competition for Apple Pay. It’s a collaboration between the Bank of China (BOC) and China phone manufacturer Huawei Technologies. It allows card holders to use near-field communication and enables mobile payments.

Octopus O! ePay

Octopus O! ePay is a network-based mobile payment service in Hong Kong. It enables person-to-person payments and instant fund transfers.


Krungsri is from Thailand and is full of cashless payment initiatives, such as their NFC mobile payment service for Tesco Lotus card holders. This is expected to grow, since it is estimated that by 2026, 90% of Thai people will have internet access.


Alipay is an extremely popular and trusted mobile wallet in China.

Samsung Pay

Samsung Pay is Asian giant Samsung’s new mobile payment system that works almost anywhere with a modern point of sale, mag-stripe terminal.



Wahaca is a London based Mexican restaurant chain that has teamed up with Flypay to drive mobile payments in it’s multiple locations. QR codes on every table are linked to a unique NFC tag underneath which allows the user to scan with their smartphone whereby their itemized bill appears on the screen. The customer can check it for accuracy and split the bill if required. Using the service requires the customer to download an app which is fast and efficient in paying for the items bought.

Lloyds Pharmacy

Lloyds Pharmacy is the UK based healthcare chain that introduced ‘health kiosks’ in nine of it’s larger stores at the end of 2013. More technically known as the Xen X5 kiosk these are interactive touchscreens and printers that allow customers to browse it’s entire product line, place orders, and pay for goods via credit card. Customers can also scan products in the store for more information, watch detailed step-by-step videos and print health advice leaflets. 


The Australian brand has followed in the footsteps of Ikea and Net-A-Porter by integrating augmented reality into it’s offline concerns. Items in the newly published print catalogue can be scanned using the Sportsgirl app, as well as products in it’s high street stores that can be scanned and saved for purchase later online. 


Asda has taken a massive step into the world of digital convenience and trend spotting by testing out a branch last year. Asda is now rolling out 3D printing services in New York and in 50 more locations. Shoppers build avatars based on scans to be featured in online games. Branded goods can also be personalized such as Mr. Men figures. Asda is also working on a service that will allow shoppers to scan their pets for 3D models.

AmazonFresh And Dash 

AmazonFresh is the company’s same day and early morning service, delivering a large range of products that includes groceries. Amazon Dash is a little electronic wand that lets the customers scan items in their own homes, or speak the name of a product into it’s microphone. The items are then seamlessly added to their AmazonFresh checkout. It’s wider implications of convenience and speed could well have a massive effect on traditional supermarket shopping.

Amazon Lockers

Amazon Lockers allows customers to pick up their orders from a self-service location, accessible with a unique pick-up code. The service is very convenient for customers who cannot guarantee that they’ll be at a delivery location at a specific time and also saves on a trip to a depot the following day.


Digital wallets are gaining a foothold in the U.S. and elsewhere around the globe. Blockchains.My has also joined this mobile revolution as an advanced & secure decentralized, multi-asset, mobile wallet app, developed using Blockchain technology, mobile devices, and the advanced security of biometric identification systems. The wallet simplifies the process of making payments, as well as trading and exchanging of digital currencies and digitized gold bullion among users, with a real-time price monitoring facility. The wallet is integrated with Visa Debit Cards, NFC Smart Cards, and QR Codes to create an association between the conventional financial service and the cryptocurrency market. The app also makes available peer-to-peer user chat options, cryptocurrency-accepting merchant & trader map, and the option to become a cryptocurrency-accepting merchant through the mobile application.