What are the different types of digital wallets?

Digital wallets can completely remove the need to carry cards and cash, but there’s a lot more to them than just your usual Apple, Samsung and Google offerings. What are the different types of digital wallets. From closed to crypto, e-wallets can make your day-to-day a bit easier.

But the differences between various types of digital wallet are a bit more nuanced than those between, say, a bifold and a trifold. Some are intended solely for specific merchants to keep your spending budget allocated in one ecosystem, while the Apple Wallets and PayPals of the world offer far more flexibility and freedom. The four to keep in mind are closed wallets, semi-closed wallets, open wallets and crypto wallets, all of which serve specific purposes and can make your visits to compatible merchants a bit quicker and, in some cases, your pockets a bit less full.

That said, always make sure your device is charged before heading to the store without cards or cash. Digital wallets definitely have their pros and cons, but they are often a major convenience, depending on what you’re trying to buy and where. Breaking down each type of wallet Stockcam/Getty Images Whether they know it or not, regular Starbucks customers will be aware of closed wallets.