Digital wallets are extremely comfortable tools that make daily life easier for students and professionals. They usually come in the form of a mobile application; sometimes, they have a desktop version too. With a digital wallet, one can shop without carrying cash or cards.
You can also transfer money to others, split the bills, or invoice people for services with them.
Why Are Digital Wallets Useful for Students?
Students live a fast-paced life. Not only do they study and travel, but they also work part-time or freelance. Having easy access to money is often a vital thing.
It saves a lot of time and effort. It also makes it much easier to transfer money to peers or internationally. Another huge benefit is that digital wallets allow making secure and safe internet purchases. For instance, one can shop for college books and new outfits or pay for academic help with writing. All of those are normal and common things among students.
A lot of learners struggle with academic assignments, for instance. Whether they cannot cope with deadlines or need advice on formatting or editing, there is a solution. Collaborating with WritePaper.com professionals allows getting perfect papers with little to no effort. Students can order help from the best academic writers with any type of college assignment, like an essay or term paper. And with a digital wallet, they can be sure that their payment data is protected.
It also makes the process smooth and fast. The benefits of using digital wallets for students are:
- Convenient payment method without a need to carry cash or cards around;
- Military-grade data protection (they actually offer more security than traditional plastic cards);
- Opportunity to split bills with peers;
- Ability to invoice clients for freelance gigs or services;
- Secure place to store important documents such as credit/debit cards, boarding passes, reservations, tickets, gift cards, or coupons;
- Wallets can be often connected to a campus ID to integrate such functions as building access or paying for on-campus printing, parking, and laundry;
- Contactless payments (which made them explode in popularity after the COVID-19 pandemic).
Overall, digital wallets are safe and efficient when it comes to managing personal finances, making purchases, and storing essential documents. So if you are still not using one or a couple of them, here are the best apps out there to consider.
Top Digital Wallets
Google Pay
This is one of the top-rated and widely-used apps among Android users. It is incredibly fast and secure. It works with various Android and iOS devices and uses NFC protection technology for payments.
One can connect their debit and credit cards to buy things online, in stores, or make in-app purchases (for instance, it works with Grubhub). Walgreens also has a loyalty program specifically for Google Pay users.
One of the best features is the multi-layered security and personal identification number. And even when you are using it, the application won’t show all the details, like the full card number. In case you lose your phone, you can remotely block the app and still use your physical cards.
It is one of the best solutions for online purchases, so students that prefer online shopping will love it. To set up an account, one will have to pay $1, but it will be refunded later. It is free to use.
Apple Pay
It is a standard choice of many Apple users for obvious reasons. It is also completely safe and uses DPAN protection for all payments and sensitive data.
One can add credit and debit cards there and even get specific rewards and bonuses. When you are shopping online, you can skip filling the forms with one touch. This application is great for students that also use different Apple subscription services like iCloud, Apple TV, or News.
It also allows sending money to friends or family members. Apple Pay can be used for public transit as well. It supports student ID integration and is free to use.
Venmo
Venmo is one of the best finance applications for students. It has become so popular that you can often hear something like “just Venmo me .”The main reason is that it offers peer-to-peer payments with no hustle. It is free but takes a 2.9% fee for transactions from a credit card.
Students can link Venmo to credit and debit cards and checking accounts. They can send money to others and receive it in the same easy way. The sensitive information is protected by encryption.
Another useful feature is QR code scans. And it is pretty easy to split the bills with in-app calculations. Overall, it is great for online shopping and peer-to-peer money transfers.
PayPal
PayPal is the best solution for international transactions. It is well-known, globally recognized (there are about 325 million users), and incredibly secure. With this wallet, one can make online purchases or payments. It also has a desktop app besides the mobile one.
However, it takes fees – $0.49 per transaction. This one is great for professional use, particularly if you work with international clients. For instance, if you sell your products online. PayPal has a two-factor security system, which is always a plus.
Dashlane
Another top-notch digital wallet is Dashlane. It offers a high level of security and an auto-login feature that makes all the actions even faster. When it comes to data safety, it is one of the best because it uses several different methods, such as:
- Universal second factor;
- Password;
- U2F key;
- Cloud backup;
- Protection of information between several devices.
Also, it comes with a password manager and secure notes feature. It offers almost any type of transaction, from peer-to-peer payments to online purchases. However, the premium subscription costs $2.99 per month.
Wise
Wise is another outstanding solution for international use. It works within 80 countries and provides cheap transfer services. It is free to use, and the exchange rates are one of the lowest out there.
Students can transfer money to debit or credit cards as well as via direct deposit. There is an in-built calculator for easy use. The solution also shows the rates and fees so you can know right away what you are signing for.
It is very easy to use and offers financial transparency.
Square Cash App
This solution is designed for Apple users. It works on iPhone 6 and higher as well as iPads. It has all the essential features of a great digital wallet. You can store credit and debit card information here. And you’ll need a fingerprint to access the app, which adds one more layer of security.
Besides making online purchases and transfers, one can store documents here. Those can be membership cards or boarding passes. Students can keep their tickets and coupons here.
In Summary
Digital wallets are incredibly convenient. They offer outstanding data protection and easy financial management. Students can transfer funds, receive payments, split bills, and shop online without any hustle.
You do not have to carry cash around or fill in card information every time you buy something online. Moreover, they protect the card information by encrypting it. And in many cases, one can also store various digital documents there, like tickets or coupons, for easy access.
