If you have an eCommerce WordPress website, you probably have a payment gateway installed like Square or Paypal. When it comes to payment options, you can do so much more with WordPress. WordPress comes with a variety of digital wallets you can use on your eCommerce website. There are quite a few digital wallets available for WordPress, but which ones are the best ones?
Overall, there are 8 popular digital wallets for WordPress including TeraWallet, Wallet System for Woocommerce, Woocommerce Wallet, Woocommerce Wallet and Cashback, YITH Woocommerce Account Funds, Woocommerce Account Funds, Hoicker Woocommmerce Wallet, and WC Wallet.
If you’re thinking about adding a digital wallet to your WordPress site, you probably want to learn more about the features of each wallet. Adding a digital wallet system to your website provides a lot of benefits to you and your customers. You may be curious what digital wallets are exactly and how do you add them to your WordPress site?
What is a Digital Wallet?
A digital wallet is just what it sounds like. It’s a digital way of storing your credit cards or payment information. Instead of pulling out your wallet every time you want to purchase something, you can use your digital wallet. Examples of digital wallets include Google Pay, Apple Pay, and Paypal. You can also keep funds in your digital wallet to use later. Some people use digital wallets to use as their “fun money”. This way they know that any of the funds that are kept in their digital wallet are not going to affect their bank account or credit card payments.
You have probably heard of Google Pay, Apple Pay, Paypal, Venmo, and Cashapp, but did you know you can create your own digital wallet system for your customers with WordPress? In this new digital world, customers are looking for the most convenient ways to shop. Digital wallets are now the most popular payment method. You might be curious how you can add one to your WordPress site.
Digital Wallets for WordPress
A WordPress digital wallet is a payment system you set up on your website for your customers to use on your website. With it, customers can add funds to use for purchases, get store credits, or transfer funds to other users. It allows you to have a convenient wallet system similar to popular digital wallet systems but tailored for your customers.
A digital wallet allows customers to store credit cards and payment information. This way they don’t have to type in their credit card information every time they make a purchase. They also allow customers to purchase items with funds that they store in their digital wallets. It’s a convenient way for customers to shop, but many digital wallets have other perks.
Benefits of Adding a Digital Wallet to Your WordPress Website
A digital wallet system allows you to provide your customers with convenient shopping. They can store payment information, add funds to their wallet, or shop directly from their wallet. Some digital wallets provide customers with discounts or incentives to purchase from their wallets.
Instead of giving customers refunds, you can make refunds to their wallets. By adding a digital wallet system to your WordPress site, you can create loyalty programs, special perks for members who shop with their wallets and encourage customers to come back and shop again using funds saved in their wallets.
There are quite a few digital wallet plugins available for WordPress. If you are interested in setting up a digital wallet for WordPress, I’ve reviewed the most popular free and premium digital wallet plugins available for WordPress. Read through the reviews below of the most used digital wallet plugins, to see which one is best for you.
WordPress Version:4.4 or higher
Tera Wallet is one of the most popular digital wallet plugins for WordPress. It is a free plugin and allows you to take payments from a variety of payment gateways. Your customers can choose their preferred payment method, add money to their wallet, or pay for products with money in their wallet. With Tera Wallet, customers can shop more conveniently. They don’t have to type on their payment information. They can pay for products using stored information or use their wallet to make partial payments.
Best features of TeraWallet
- It is a free digital wallet plugin
- Customers can choose their payment method
- Payments can use a variety of payment methods to add money to their digital wallet
- Customers can earn cash back on their purchases.
- Admin and users can view transaction history
- Users can transfer money to other users
- Customers can make partial payments
TeraWallet is one of the best free digital wallet plugins for WordPress with over 30,000 installations and an overall 5-star rating.
Wallet System for Woocommerce
WordPress Version:4.4 or higher
Wallet System for Woocommerce is a free digital wallet plugin. It allows customers to add funds to their digital wallets and shop for products using their wallets. If you want to add the functionality of a wallet system to your WordPress website, and are looking for a free plugin, this is a good alternative. Customers can transfer funds to their wallets, make payments, and see their transaction history.
Best features of Wallet System for Woocommerce
- It’s a free digital wallet system
- Customers can add funds to their wallets using multiple payment methods
- Users can transfer funds to other users
- Admin can see transaction history
- Customers can see transaction history made with wallet
- Customers can request withdrawals by providing customer details
Compatible with WooCommerce 5.6.0 and previous releases.
Woocommerce Wallet is available on the Envato Market for $89. This plugin allows you to add a wallet system to your WordPress site. Customers can purchase items using funds in their digital wallet, get refunds, or transfer funds from user to user. It features a secure encrypted database and outstanding customer support.
Best features of Woocommerce Wallet
- Encrypted database
- Cashback system
- Wallet top off feature
- Translation into multiple languages
- Users can make partial payments
- Shortcode widgets to customize how the wallet is displayed
Woocommerce Wallet allows you to have your own in-store digital wallet. Along with its security features, the cash-back system provides your customers with a reason to come back and shop from you. You can set cashback rewards on certain products. The cash goes into the customer’s digital wallet, so they can use it on future purchases. Customers get a convenient checkout experience and added perks with this plugin.
Woocommerce Wallet And Cashback
Compatibility not listed
The Woocommerce Wallet and Cashback plugin is also available on the Envato Market. It is priced a little lower than the Woocommerce Wallet plugin at $49. Like the other digital wallet plugins, customers can add money to their wallets and purchase products from their wallets. It does not come with the encrypted security that the Woocommerce Wallet plugin has, but it has some of the same functionalities.
Best features of Woocommerce Wallet and Cashback
- Users can add funds to their wallet from a variety of payment methods
- Admin can change the title and description of the wallet
- Customers can get cash back on purchases at a flat rate or a percentage.
- Administrator can refund orders in the wallet
- Shortcode widget can display wallet balance in custom locations
This is a lighter weight digital wallet when compared to TeraWallet and Woocommerce Wallet, but provides the functionality needed to add a digital wallet to a WordPress website.
YITH Woocommerce Account Funds
Compatible with WooCommerce 5.3.x or higher
YITH Woocommerce Account Funds is different from the previously mentioned plugins. It’s priced at $79 and designed to help you grow your sales. Here’s how it works. Although it is a digital wallet, customers don’t add funds to their account. Instead, they purchase credits to shop with. This allows them to spend their credits in your store, rather than having to input a payment method every time they make a purchase. This plugin creates a loyalty program for your customers. You can encourage your customers to purchase credits by giving them a discount when they pay with credits. For store owners, this usually leads to an increase in sales. Customers typically purchase more credits than they use, giving them a reason to come back and purchase more.
Best features of YITH Woocommerce Account Funds
- Customers can add funds using a variety of payment methods
- Admin can create customer incentives for depositing funds
- Customer loyalty features can increase sales
- Admin can refund wallet funds
- Customers can make partial payments
YITH woocommerce Account funds plugin is ideal for shop owners who want to create a loyalty program or encourage return shopping.
Woocommerce Account Funds
Review information not available
No information on number of installations
Compatible with Woocommerce 3.2.0 or higher
Woocommerce Account Funds is a digital wallet plugin that incentivizes users to make purchases from their wallets. Like YITH, customers can receive rewards for depositing money into their wallets. Woocommerce allows customers to deposit funds from a direct bank transfer, PayPal or check. Customers can shop from their wallets or split up their payment methods. It’s priced at $79 and comes with multiple reporting options.
Best features of Woocommerce Account Funds
- Customers can make deposits with multiple payment methods
- Customers can get rewards for making deposits.
Deposited funds can be refunded
- Mixed payment methods can be made
- Admin can view multiple reports displaying stats and usage of wallet
Hoicker Woocommerce Wallet
No reviews available
No installation information available
Compatible with Woocomerce3.0 or higher up to 5.0.0
The Hoicker Woocommerce Wallet comes with a free and premium version. The free version allows customers to add funds to their wallets, make payments with their wallets, and make partial payments using their wallets. With the premium plugin, customers and admin have additional features including user-to-user transfers, more customization options, cashback, and top-off options, and cash withdrawal options. It’s priced at $0-49, with an option to purchase for $19 with limited one-month support.
Best features of Hoicker Woocommerce Wallet (Premium)
- Customers can make deposits and purchases with their wallet
- Customers can get actual cash back from their wallet
- Admin can set an expiration on wallet funds
- User-to-user fund transfers
- Admin can display top-off options and balances in multiple locations
- Wallet funds can be restricted to specific products
- Customers can receive SMS notifications of wallet activity
WordPress Version:4.0 or higher
WC wallet is a basic digital wallet system. It is available for free and works like a store-credit system. It does not allow customers to add funds to their wallet, or use it as a digital wallet system. But, if you are looking for a system to allow you to provide credits to customers instead of refunds, this plug in will do just that.
Which is the best WordPress Digital Wallet?
Ultimately which digital wallet plugin you go with depends on your budget and needs. There are three digital wallets that top the list. The two most popular plugins are TeraWallet and YITH Woocommerce Account funds.
Best for Price
TeraWallet is great for anyone looking for a free digital wallet plugin. It comes with many of the features and functionality of the other plugins, but it’s free. With over 30,000 installations it is by far the most used digital wallet on the list.
Best for increasing sales
If you are trying to increase sales, create a loyalty program, YITH is highly recommended. It is the second most used digital wallet plugin on the list and comes with tons of features to improve sales and loyalty.
Best for website security
When you compare feature to feature, Woocommerce Wallet, while not the most popular on the list, has features that none of the other wallet plugins offer. It is the only plugin that boasts added security and encryption. With consumers and Google heavily focused on customer privacy and security, Woocomerce Wallet tops the list on security. If your customer base is interested in privacy and security, Woocommerce Wallet allows you to provide your customers with a secure way to store funds and make payments.