2024's Leading Digital Wallets: An In-Depth Review

What is the best digital wallet app? How to choose the right wallet to fit your needs? If you’re here, these are probably just some of the multiple questions swirling around your head. But you get where we’re going with this, right? The truth is, there's no single best wallet, and after running some experiments with it, we can safely say that the ideal choice depends solely on your specific requirements and priorities, which we’ll try to deal with exactly in the following piece. So, be ready to choose the right wallet by the end of the article and in the meanwhile stick around to learn about various e-clients, including tokenized card wallets like Apple Pay and Google Pay, intermediary wallets like Skrill, and custodial wallets offered by crypto exchanges like Coinbase. We'll also explore on-ramp/off-ramp services and non-custodial wallets that give you full control over your assets. Or do they? Buckle up!

Visa and MasterCard Meet Contactless Payment: Apple Pay vs Google Pay 

Which digital wallet is best for the pro at losing their debit card? Probably the one often referred to as mobile banking! Chances are, you’ve already used it: Apple Pay, Google Pay, and Samsung Pay are prime examples. You simply hold your phone near a contactless payment terminal and voilà—a quick and easy transaction is made. The question is, how is that even possible? Well, the magic behind it is pretty much the same for all these products.

You add your bank card to the app, and the app requests a unique token from your bank or card issuer—a special code that replaces your card number. The bank creates the token, likely using your primary account number (PAN), cardholder name, expiration date, and card verification value (CVV). They then apply security measures and link the token to your card. Every time you pay and hold your phone near the terminal, the token gets sent, not your card number. That’s it. So, what is the most popular digital wallet in this group of wallets, then? 

Compare digital wallets in the table below and choose the one that best fits your needs.

Apple Pay vs Google Pay vs Samsung Pay Comparison

Customer Reviews:

Apple Pay

Paul, Motion Pictures and Film: “I like using Apple Pay for most of my payments, but you don't have a huge choice on iPhones. The data protection and ease of use are the main advantages of Apple Pay, the setup process is easy to do and you don't need to be technically gifted. The scalability is not really great, also the fact that the software is completely bound to i-Devices is not optimal.”

Google Pay

Katie, Hospital & Health Care: “I like that it's so easy to use and that you can keep track of your transactions and simply pay with your phone. Figuring out how to get everything set up was what I liked the least, but once I did, it was so easy.” 

Samsung Pay

Tatiana, Transportation/Trucking/Railroad: “It is easier and more compatible than Apple Pay. The accessibility needs to be easier on phones. Easier to use on Samsung devices and watches”

Regional Wallets: Navigating WeChat Pay, Alipay, Paytm, Razorpay, and Cash App

Imagine strolling through a market in China – instead of fumbling for cash, you simply scan a QR code with WeChat Pay and your purchase is complete. Need to split a restaurant bill with friends in India? Paytm lets you send money instantly to anyone on the platform. Cash App in the US makes sending money to a roommate or paying for concert tickets a breeze. Cut from the same cloth as Apple Pay or Google Pay, WeChat Pay, Alipay, Paytm, Razorpay, and Cash App all serve the same purpose of mobile contactless banking but cater to different regions. 

Does this process work the same way behind the scenes as it does with Apple Pay or Samsung Pay? Yes! Similar to global mobile banking apps (see up above), these platforms link to your existing bank account or debit card. During setup, a unique token is generated, replacing your actual card number. This encrypted code is what gets transmitted during transactions, adding an extra layer of security. So, even if your phone goes missing, your sensitive financial information remains safe. 

What digital wallet is the best to use in your region? Check out the options below.

Regional digital wallet comparison

Alipay

Ron, Great Britain: “Most functions of Alipay are only available through their mobile app, which is bloatware that quickly fills up your phone storage. Whenever you check out using a bank card, Alipay compels you to link that card to your Alipay account. No option is given. Auto debit means deduction without your knowledge. The website is a piece of junk. The server is frequently ‘overloaded’.” 

Razorpay

Sorabh Tomar, India: “I signed up for Razorpay as a freelancer to access their payment gateway, believing it would streamline my business transactions. Unfortunately, my experience has been nothing short of a nightmare. Firstly, Razorpay requires manual KYC and charges INR 199 for it. This is the first time in my life I've seen a company charging customers to conduct KYC. Despite filling in all my information correctly and having my website ready, Razorpay rejected my account without providing any specific reason. Instead, they used a generic email template, which they seem to send out to everyone.”

Intermediary Wallets: Bridging the Gap Between Users and Platforms

What is Skrill digital wallet and other intermediary wallets like Neteller, Payeer, and Volet.com? Our investigation showed that this product group popped up simply because people like you were asking for it! Intermediary wallets make it easier to handle all sorts of things online, from money transfers, remote work payments, online subscriptions to Forex trading and that new crypto you just bought. Let’s see how you can set these wallets up. 

Choose a client, create an account with personal details, undergo verification by submitting ID, proof of address, and sometimes a selfie. Whether you're a bettor, online shopper, Forex trader, or Bitcoin enthusiast, fund your wallet via bank transfers, credit/debit cards, or crypto transactions. Deposit funds to the targeted platform using the wallet of your choice as a deposit method, achieve a goal, say, by going long on a crypto exchange (no financial advice, of course), and request funds to your wallet back again. To withdraw, ensure verification for larger amounts, then select withdrawal to bank or card and await processing by the wallet. 

Compare these next clients against each other and search for more if needed!

Payeer vs Neteller vs Volet.com Comparison

Customer Reviews

Payeer

Anas Z: “One of the features that I like the most when I use Payeer is the online trading feature, so I can simply on the site buy Bitcoin and other digital currencies and I can follow them from within the site. One of the things that bother me when using the standards is when adding money to the account or withdrawing money from the account. The commission that they deduct is relatively high. The other annoying thing is that they do not provide a bank card so that I can withdraw my money directly. If this problem is solved, the site will be excellent in all respects”

Neteller

Sky Wallace: “Honestly, read some horrible stuff about NETELLER, so was really worried with withdrawing a good amount, although if you contact them repeatedly and tell them your situation, they do help you. They got my money sent back after a restricted account after like 5 days. Lovely people”

Volet.com

Saul Alonso: “I had a great service, a very quick one… at first I thought I was gonna get lots of requirements to change my phone number but the showed me a great service and I was able to enter into my account and have access to my funds with no problem! Thanks Volet team!!!”

Custodial Wallets: Secure Storage with Managed Access 

Here comes the next wallet type, custodial wallets! Based on our experience, these clients are more like banks for your cryptocurrency. You deposit your crypto into the wallet, and a third-party company holds onto the private keys for you. It's convenient because you don't have to worry about losing private keys yourself, but it also means the company has control over your crypto. Popular custodial wallets include crypto exchanges Coinbase, Binance, Kraken, etc. and on-ramp/off-ramp services like Moonpay or Paybis. The difference is that crypto exchanges hold your funds for as long as you keep them on the platform, providing features like trading, staking, and earning interest on your holdings. On-ramps/off-ramp services only specialize in converting fiat to crypto and vice versa. They temporarily hold your funds during the transaction but don’t typically offer long-term storage or trading features. What is the safest digital wallet out of all custodial products? Check out two tables below! 

Crypto Exchanges

Crypto exchanges may act as your all-in-one crypto shop. They're not just marketplaces for buying and selling digital currencies, they often double as secure wallets for storing your hard-earned crypto. Imagine a virtual vault, protected with high-tech security measures, where your Bitcoin and Ethereum chill safely. But these vaults aren't just about keeping things locked away – they also let you easily trade your crypto for cash (fiat currency) and vice versa. Need to cash out some profits after a lucky Dogecoin spike? No problem!  

Take a look at the number of options!

Binance vs Kraken vs Bybit vs Coinbase vs HTX

Customer Reviews

Coinbase

Joseph Callaghan: “They still have me in a cruel, endless sign-in loop with verifications that never end. I have sent in photos, recordings of my face and voice, and my driver's license ID front and back, which they used when I opened my account. I still have the same telephone number, yet they won't verify my credentials to let me sign in.”

Bybit

Coral: "I transferred funds from an exchange, not my account, but from a family member's account to Bybit. My account has been blocked. I can still log in, but I can’t do transactions or trade. I reached out to support and only received email responses. No action has been taken at all, just emails stating 5-7 days. I submitted a support ticket earlier today. I'm really worried the issue will never be reviewed, as there are terrible reviews online about Bybit and their support resolving issues. I reached out to 24/7 support, but they could not resolve my issue. So frustrating, OMG 😳." 

Kraken

Mr V: "Properly confused by the reviews. I've had an account with Kraken for 4 years now and literally never once had any issue or hiccup. Deposits are borderline instant, and withdrawals happen within 30 minutes. Support has always answered my questions within 24 hours." 

On-ramp/off-ramp services

Another custodial wallet type is on-ramp/off-ramp services. They swap your regular money (fiat) for crypto and vice versa, often much faster than traditional exchanges. And security is a priority, so they follow all the rules (KYC and AML) to keep your money safe. Another bonus? You're not stuck in one place! These services give you the freedom to move your crypto around to different platforms, whether you're shopping online or making an investment. Basically, on-ramp/off-ramp services make the crypto world more accessible and user-friendly.

To sign up with a client like that, start by choosing a platform that fits your needs — you might want to check out the table below. Creating an account is usually straightforward, requiring just your email address and a password. Next, fill in your basic details like your name, email address, and phone number. Verification, or KYC, might be necessary depending on the service and your desired transaction limits, which involves submitting documents like a government ID, proof of address, and sometimes even a selfie. To boost your security, enable two-factor authentication (2FA), which adds an extra layer of protection by requiring a code sent to your phone during login. Finally, once your account is verified, you can fund it through methods such as bank transfers, credit/debit cards, or even crypto deposits from another wallet, and you're ready to start transacting. 

So, which is the best digital wallet in this particular group, in your opinion?

On-ramp/off-ramp services

Customer Reviews

Paybis

Melvin Charles Bennet: “Everything went well and got done quickly! However, I'm getting tired of the constant surveys. I wish you wouldn't send them to me so often. If I have a problem, I'll definitely contact you directly to seek an answer” 

Volet.com

Volodymyr V.: “Volet provides great service, is clear, straightforward, and has amazing support! If it's not for you, then that's another story, but don't blame them for your incompetence! If you have questions, ask them before you do anything, and they will help you. Using their services for 2 years (even before rebranding) and never had a problem”

Moon Pay

Elijah Guy: “Love buying BTC off MoonPay, but I'm unsure about the fees. I purchased $500 worth. The amount before the fees was stated as less than $480, and then the fees were taken out. In my wallet, I only received approximately $450. I thought I was buying $500, and after fees, I should have approximately $480. I think the fees should be clearer and better explained.”

Non-Custodial Wallets: Empowering Users with Full Control 

Unlike some exchanges that hold your crypto for you, non-custodial wallets act like personal vaults. You hold the keys (literally, private keys!), giving you complete control over your digital fortune. Plus, these wallets often let you transact anonymously, keeping your financial affairs private. But here's the twist: with great power comes great responsibility. Unlike an exchange where help is a click away, non-custodial wallets require you to be your own crypto guardian, and if you lose your seed phrase, a password or a private key, you’re on your own.

As an example of creating a non-custodial wallet, let's walk you through the process with MetaMask, a popular option. Start by visiting the official website of your chosen non-custodial wallet provider, in our case MetaMask, and download their browser extension or mobile app. Launch the app to initiate the wallet creation process and agree to the terms and conditions. Choose a strong password to secure your wallet. The setup will generate a crucial seed phrase “a secret decoder ring”, a string of 12 or 24 words, which acts as a master key. Write it down and store it securely. Confirm the seed phrase by entering the words in the correct order. Once confirmed, your non-custodial wallet will be ready to use, and you can start interacting with decentralized applications, storing digital assets, and exploring decentralized finance (DeFi). 

What is the best digital wallet for cryptocurrency in the group of non-custodial wallets? See down below.

Metamask vs TrustWallet vs Exodus vs Tonkeeper

Customer Reviews

Metamask

Andri Kucing: “Hello everyone! I have no idea why this exchange is rated so bad… Maybe people just aren't experienced in crypto and blame their failures on this wallet. Never had any problems sincerely, only came here to support MetaMask's rating. Generally people will keep using it successfully and that's obvious! Good luck to everyone”

Tonkeeper

Macro Swing Trader: “I was trying to purchase Telegram premium on mobile via fragment.com, connecting my Tonkeeper after entering user details but for some reason, there was no connection between the site and the Tonkeeper despite numerous attempts. Luckily, it worked fine in Desktop Chrome. Thanks, I now feel relieved but do improve the  functionality and user experience and soon enough, you'd be the new SOL.”

Exodus

Jim Speiran: “I have it on my old computer and was pleased with it. I tried to open on my new computer but I don't like the result. I put in my 12 words and got it to come. However it did not fully open. I can see my portfolio but the page is only 1 10th of the size on my other computer. It gives me commands but cannot see the link they mention. At this point I am going back to my old computer and remove all my data and put into another system, either Coinbase or Kraken if I can't get this resolved now.”

Conclusion

As you see, choosing the right e-wallet opens doors to a world of financial convenience and innovation. Whether you're looking for a secure way to store your crypto or a seamless method for everyday transactions, there's a product out there waiting for you to discover. However, as we’ve mentioned earlier, there’s no such thing as a perfect digital wallet. Every client presented in this article has, obviously, advantages and disadvantages. So mind your objective and choose the e-wallet that will respond to your needs better than the other one. That said, this guide has equipped you with enough knowledge to consider your requirements, research different options, and explore! The world of financial innovation is brimming with potential, and the right wallet is just behind the corner.