While a handful of top digital wallet companies in 2020 included Due, ApplePay, Google Wallet, Samsung Pay, PatPal, Venmo, AliPay, Walmart Pay, Dwolla, Vodafone-M-Pesa, – among others – the top 3 leading E-Wallets are those of Google, Amazon and Apple. As one example, Google’s Wallet service allows its users to “store” cash on their phones. Customers can spend this cash both in-store, as well as online at businesses that accept Google payments.
As noted above, this is supported by near field communication technology (the ability to enable two smart devices to communicate if they are in close range). If a business doesn’t currently accept Google’s payment system, Google also recently developed a physical Wallet Card – essentially, a debit card connected with the Bank of Google.
Recently, Google combined its two essential payment streams (Android Pay and Google Wallet) into a single service called Google Pay. Apple on the other hand entered into a strategic partnership with Goldman Sachs to issue Apple credit cards and expand its ApplePay services.