According to recent studies, just over a third of people in the UK are signed up to a digital wallet and regularly use it to pay for items at the checkout. They are particularly popular with smartphone users aged between 18 and 34 years old.
A digital wallet, which is also often referred to as a web wallet or e-Wallet, is an online payment solution that enables you to buy things, send money, and receive money. Digital wallets eliminate the need for physical cash, and they are mainly used on smartphones. Why is the UK keen to utilise digital wallets? Find out more right here.
What exactly is a digital wallet?
A digital wallet (aka web wallet or e-Wallet) is an electronic online payment solution that enables the user to pay for goods, such as weekly groceries, a restaurant bill, or a bus ticket, using digital currency rather than physical money. It usually comes in the form of an app, which can be downloaded for free and installed onto any modern computing device, such as a smartphone, tablet, laptop, or desktop computer, providing it has internet connectivity. As well as being able to pay for things, a digital wallet can also be used to send and receive money to and from anyone else who also has the same digital wallet.
Digital wallets and online casino – a perfect match
Depending on which site you’re trying to purchase goods from and which country you’re based in will determine exactly which digital wallets will be available to use. For example, some fully licensed online casinos in the United Kingdom may accept PayPal as a way to deposit and withdraw, and other casinos won’t accept PayPal as a viable payment solution. If you’re looking for more information about today’s best online casino deposit and withdrawal options, check out this guide about casino payment methods.
There are literally too many digital wallets to list individually here, so instead, here are just a few examples of some of today’s most popular digital wallets. In no particular order of importance, today’s most popular digital wallets out there that are currently accepted at most places include:
Some of the other popular digital wallets/web wallets/e-Wallets that can also be used to pay for things online are Click and Buy, muchBetter, and ecoPayz.
What are the benefits of digital wallets?
There are a variety of benefits of using digital wallets to pay for things online, and one of the main ones is that you no longer have to carry around physical cash with you to pay for things at bricks and mortar stores, plus there are no chargebacks or hidden fees (or if any fees, they are nominal and hardly noticeable). Digital wallets also come with added security (they are more secure than most other traditional payment methods out there today, such as debit and credit cards), and they give consumers a much more seamless and friction-free experience at the checkout.
At some places, such as at restaurants and other shops, you don’t even need to go to the physical checkout to pay for items. For example, at a growing number of restaurants, you can pay for your meal and drinks while sitting at your table using your smartphone and any digital currency that you have in your digital wallet instead of having to wait in a queue and pay for your meal at the bar. That’s not all. Digital wallet transactions are generally processed in an instant, and they are regarded as being far more convenient than traditional online payment methods.
How to use a digital wallet
Before you can use a digital wallet to pay for things, you would first need to sign up to that particular payment method. Let’s just say that you want to use PayPal, which takes just a couple of minutes at most to register a new account with, as soon as your new account has been activated, and you would then need to top up your PayPal account with funds. You can easily do so by connecting your PayPal account to your bank account and/or to your credit or debit card. As soon as you have sent funds to your PayPal account from your connected payment method, the funds will then immediately be ready to use wherever PayPal is accepted.
Simply download the PayPal app and install it onto your preferred mobile device. Again, it should take just seconds to install onto most modern smartphones. When you go to pay for things at the virtual checkout, just look for the PayPal option and then click on this method. Now all you need to do is follow the simple onscreen instructions to complete the transaction. It’s that easy. They are a great way to pay for things, and to send money to friends and relatives, or receive money from those same people and get paid by an employer after any work you have completed. You can do so much with a digital wallet, and you can see why they are becoming so popular in the UK and around the world.