Turn Your Mobile into a Digital Wallet

September 15, 2020

Mobile payment apps have made everything much easier. You no longer need to carry cash or a credit card wherever you go. Just tap your phone against a contactless credit card terminal and pay within seconds. Also, due to the coronavirus pandemic, people prefer not to deal with cash or different cards. That’s why these apps have taken over traditional methods of payment.

In this article, we’ll cover the following items:

  1. What Is Mobile Payment And How Does It Work?
  2. Top 6 Mobile Payment Apps
  3. Which App Is The Winner?

1. What is Mobile Payment and How Does it Work?

Any transaction taking place through a smartphone is called a mobile payment. Thanks to this technology, we can handle most of our daily transactions via a mobile device, and by daily transactions I mean everything from making a simple purchase to sending money online and paying for an Uber ride. Also, more and more stores are adapting themselves to this technology. In the near future, no matter where we go or what we want to do, a mobile device will do it all. Fortunately, we won’t be troubled anymore by the risks associated with carrying cash. But how does it really work?

After downloading the right payment app for your mobile device, you should insert your bank account information. The process can vary depending on the app you use. But normally, you should enter the verification code sent to your device so that the app can verify your card and that’s it! You’re all set!

To make a purchase, all you need to do is place your smartphone on a special terminal. The app will take care of the rest. In fact, it applies biometric authentication such as fingerprint identification and facial recognition to ensure a secure payment.

 

2. Top 6 Mobile Payment Apps

As you probably know, PayPal was one of the first companies offering online payments. But with more and more people adapting to this new technology, different companies decided to create their own payment apps to edge out PayPal and to increase their market share. Today, there are so many apps we can use to make a payment online. But clearly, not all of them are completely perfect. Here, we introduce the most popular mobile payment apps. It’s on you to figure out which one suits you best.

 

PayPal:

paying via PayPal

When it comes to online payments, PayPal is probably the first name that pops into your head. It’s the most popular payment method enabling users to make peer-to-peer transactions. PayPal offers an extra feature called PayPal One Touch, which expedites the cash transfer by skipping the login process.

It is said that PayPal automatically freezes your account if it receives too many complaints from your customers. As a result, you won’t have access to your money as long as PayPal Keeps suspending your account. Here are some of its features:

  • Compatible with both Android and iOS devices
  • The most popular payment method
  • Secure
  • Freezes accounts without warning

 

Apple Pay:

Paying via Apple Pay

The second app we want to talk about is Apple Pay. You have definitely heard of it or even used it. Apple supports online payments through its famous app called Apple Pay. It allows people to send cash to their family and friends via iMessage or Siri. Apple Pay is pretty popular especially in the US. However, it’s only available on iPhone. But it’s a common way of making a purchase and it’s supported in every store where the Apple Pay logo is displayed.

Apple Pay is really cool but like any other app, there’s a limit to the amount of money being transferred. You can send up to $3000 per message and $10000 within a seven-day period. Let’s take a look at some positive and negative features of this payment app:

  • Supported worldwide
  • No need to download
  • Secure
  • iPhone only

 

Google Pay:

paying via Google Pay

Unlike Apple Pay which works only on iPhone, this app is compatible with both iOS and Android devices. Google Pay comes with high level of security. Also, it allows you to send cash to people who don’t have Google Pay installed on their smartphone. You just need to use their email address or phone number to pay them.

Google Pay is limited to NFC technology and not all phones are able to handle NFC payment. However, this app is being used in so many countries and you can make in-app and online purchases wherever the logo is found. Moreover, you can easily connect your PayPal account to Google Pay and choose PayPal as a payment method. Some of the key features of Google Pay include:

  • Compatible with both Android and iOS devices
  • Accepted in various countries
  • Secure
  • Limited only to NFC technology

 

Samsung Pay:

paying via Samsung Pay

Another payment app that is considered as a rival of previously mentioned applications, is Samsung Pay. Although only a few Samsung devices support this app, it’s somewhat popular. The most important feature of Samsung Pay is that it works anywhere, even at old magnetic stripe terminals. So, merchants don’t have to upgrade their point of sale systems. That’s one of the reasons why Samsung Pay can catch up with its strong competitors, including Apple and Google.

This platform provides an extra layer of security. Besides applying biometric authentication, Samsung Knox technology constantly monitors your phone to protect your personal privacy. So, it’s a completely secure platform. Some of its main features are as follows:

  • Samsung only
  • Works anywhere
  • Secure

 

Venmo:

paying via Venmo

Venmo is a payment app, owned by PayPal, that is available on both Google Play and the App store. So, anyone can use it, regardless of the device. For some reason, it has also become a verb in daily conversations- Venmo me!

We’re about to explain why!

Venmo is best for sending small amount of money since it’s mainly created for daily transactions. And because of its parent company, PayPal, you can use it wherever PayPal is accepted. Venmo is very easy to use. You can connect your Facebook account and send money to your friends. Plus, Venmo enables you to share your transactions with public and see your friends’ activities. This feature has made it look like a social network. However, some people might think that it’s not really necessary to share this kind of information with others. But don’t worry, you can change it to “private” in the settings. Let’s review some of its pros and cons:

  • Compatible with both Android and iOS devices
  • Widely used
  • A simple user-friendly interface
  • Cannot transfer large amounts of money

 

Zelle:

paying via Zelle

Zelle is an instant transfer system between individuals. It allows you to send money to anyone who has a U.S. bank account. In fact, it’s best for credit union members. If your financial institution participates on the Zelle network, there’s no need to download the app. You can just sign up through your bank’s mobile app. Since it only works with U.S. banks, international transactions cannot be supported by Zelle.

Just bear in mind that Zelle doesn’t charge fees but your bank or credit union might do so. It’s better to contact them before using Zelle. Some of the main features of Zelle are as below:

  • Compatible with both Android and iOS devices
  • Instant money transfer
  • Doesn’t charge fees
  • Not used for international transactions
  • Not available for in-store or online purchases

 

3. Which App is the Winner?

To be honest, this competition doesn’t have a single winner. Choosing one app over another mainly depends on what matters to you most, where you are and what kind of smartphone you’re using. We’re moving towards a digital cashless world, where all of our transactions can be done through our smartphone. A few years from now, there will be no such a thing as a physical wallet. Instead, our phones will handle all. Just make sure to choose the right app based on the features explained above.

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