Over the past decade, the way we pay, save, and manage our money has transformed significantly. In Switzerland and around the world, traditional wallets are increasingly being replaced by Digital Wallets.
What is a Digital Wallet?
A Digital Wallet is a secure, digital platform—usually in the form of a mobile app—that allows users to store payment methods like debit/credit cards, bank account details, loyalty cards, and even identification documents. It enables quick, cashless transactions both online and in-store, making payments faster and more convenient than ever.
Are e-Wallets and Digital Wallets the same?
Yes. The terms e-Wallet and Digital Wallet are exactly the same. Both refer to an electronic method of storing and using your financial data to complete transactions.
What are the most famous Digital Wallets?
Here are some of the most widely used digital wallets worldwide—and in Switzerland:
- PayPal – One of the most established platforms, PayPal was founded in 1998 and remains a global leader for secure online payments and money transfers.
- WeChat Pay – Introduced in 2013, WeChat Pay is a mobile payment feature developed by Tencent and integrated within the WeChat app. Widely used in China and increasingly accepted globally, it supports in-store, online, and peer-to-peer payments.
- Apple Pay – Launched in 2014, this mobile payment and digital wallet service by Apple Inc. enables contactless payments on iPhones, Apple Watches, and other Apple devices.
- Google Pay – Introduced in 2015, Google’s digital wallet works across Android devices and web browsers, offering easy integration with Google services.
- Samsung Pay – Also launched in 2015, Samsung’s wallet supports NFC payments and is available on Galaxy devices.
- Twint – Launched in 2017, Twint is Switzerland’s leading local digital wallet. Tailored for the Swiss market, it enables payments, transfers, and more—directly linked to Swiss bank accounts
What are the different types of Digital Wallets?
Digital wallets differ based on how and where they can be used. There are three main types:
- Closed Wallet – Issued by a specific company, closed wallets can only be used for transactions with that issuer. For instance, funds loaded into your Amazon account can only be spent on Amazon.
- Semi-Closed Wallet – These wallets allow payments at a limited range of merchants or partners affiliated with the wallet provider. While you can use them online and in-store, you typically can't withdraw cash. Twint is a prime example in Switzerland.
- Open Wallet – Open wallets are usually issued by banks or licensed financial institutions. They support the broadest range of uses—including online shopping, in-store payments, peer-to-peer transfers, and ATM withdrawals. Digital Wallets like Google Pay and Apple Pay also function as open wallets and support ATM withdrawals.
How do Digital Wallets work?
- Online and In-App Payments – When making purchases online or via an app, users can select their digital wallet at checkout. Transactions are authorized securely using biometric methods (like Face ID or fingerprint) or a passcode, eliminating the need to manually enter card details.
- In-Store Payments – Using NFC (Near Field Communication), digital wallets allow you to tap your smartphone or smartwatch at the payment terminal. This method is fast, secure, and widely accepted in shops, restaurants, and public transport throughout Switzerland.
- ATM Access – Some open digital wallets provide ATM functionality by linking to a physical or virtual card. This is particularly useful for accessing cash when needed—whether locally or while traveling.
Conclusion
Digital wallets are redefining the way we interact with money by offering a more convenient alternative to traditional payment methods.
As digital transformation accelerates in Switzerland and adoption continues to grow, YAPEAL supports this shift by offering Swiss businesses streamlined digital accounts and ready-to-use expense card solutions—enhancing both financial control and operational efficiency.
Businesses can issue in-wallet cards that are instantly usable and equipped with smart features such as programmable spending controls, category-specific usage restrictions, and real-time monitoring—providing greater flexibility and oversight.
The Author
Charline Dulac
Growth Marketing Manager at YAPEAL