Apple Pay is a mobile wallet for iPhones and the Apple Watch that can hold credit and debit cards for paying at businesses that have contactless point-of-sales systems or to make in-app purchases using the iPhone or the iPad. However, these services provide a very different digital wallet experience. Mastercard Inc. Fees: 2. A digital wallet is the perfect solution for individuals and businesses to move away from cash and credit card payments. PayPal charges 2. Transfers are free.