Google Pay, Apple Pay, Alipay…Mobile payment apps have completely transformed the way we handle money today. Let’s take splitting the restaurant bill as an example. Are you digging around in your wallet looking for the right amount? Or are you “Venmo-ing?” Mobile payment apps are changing the way we send money to the kids, order carryout, pay our bills and of course, shop.
Mobile Payment Apps Have Become Mainstream.
Probably the most aggressive sector of fintech development has been in digital wallets and mobile payment innovation. Millions of people around the world are paying for stuff and transferring money to friends, family, merchants, savings and investment accounts from their digital devices. In some parts of the world, mobile payment apps are leveling the economic playing field, bringing thousands of underserved into the mainstream of their economic society.
Turn Your Smartphone in a Digital Wallet with Mobile Payment Apps
Instead of waiting for a check to arrive, your parents, grandparents or whoever owes you money can send it P2P, through one of the popular mobile payment platforms. The money enters your account immediately. No more “the check is in the mail” story. You also kick the three to five business days that banks take before they put your money in your account.
When it comes to splitting expenses, such as rent, utilities or vacation, Zelle, Venmo and other mobile payment apps are the best and easiest way to do it.
Let’s take a look at some of the most popular mobile payment apps available today.
Venmo is a Paypal app. You can use the app when doing your online shopping or to instantly send money to your friends. Transfer money from your Venmo account or link the app to your bank account or debit card and transfer funds from there.
Alipay is a product of the global online retail giant Alibaba. Like the digital retail site, Alipay is dominating the mobile payment market, with something around 100M transactions every day. It functions as a digital wallet enabling you to shop and make payments directly from your digital device.
Google Pay offers both a digital wallet—Google Wallet and a P2P feature-Google Send. With Google Pay, you can send money to your friends and all you need is their telephone number. If you use it at the mall, the merchant receives a special encrypted number to complete the transaction.
Levelup is a free app you can download to your mobile device. You need to link the app to your debit or credit card. Once you do this, you get a special Levelup code. When you are out and about and ready to pay for your service or products, the retailer or service provider simply scans your Levelup code. An added bonus to Levelup is its rewards and loyalty perks.
Jaxx was designed to work with cryptocurrency, so if you own any of these then Jaxx is the mobile payment app for you.
The Qkr app is also free. This app is great for convenience. You can use it to pre-order food and drinks to eat in or carry out. Just show up and everything is ready for you. The app uses a secure Mastercard digital wallet that is also compatible with Discover, Visa and American Express. Qkr make it easy for you to split your restaurant or bar tab with your friends.
Skrill is an awesome mobile payment app especially if you travel or have friends around the world. You can send or receive money in approximately 40 currencies from 200 countries. Like other mobile payment apps, with Skrill you can send money to your friends, pay your bills, and shop online. A secured interface means that you can safely store your bank and credit card details on the app, without worry about cybercrime.
And for Something Creative
If you happen to find yourself in the UK, you will want to be sure to head over to the country’s most popular coffee chain—Costa Coffee. But, if you also have a Barclaycard, then you will receive a special coffee mug with a chip built in. When you go for coffee and are ready to pay, you just wave your coffee mug at the payment terminal. Mobile payment on a whole new level!
Don’t Let Mobile Payment Apps Bust Your Budget
The convenience and fun side of mobile payment apps can cause you to forget about your budget, especially this holiday season. Mobile wallets are like invisible money, but when you are shopping, eating and spreading money all around, remember that at the end of the day, this money is coming out from your account.
If you are still working on your spending discipline, you might want to leave your mobile money apps in the dark while you are doing your holiday shopping. Use cash or credit cards instead. You will have a visible reminder of how much you are spending.