Mobile Payment Apps the Future of Payment System
Fact: More than 5 billion people own mobile phones, but only 1.2 billion have access to bank accounts with mobile payment capabilities. This is the reason; financial institutions are moving towards mobile payment apps to increase their customer base. As more people have access to mobile phones than bank accounts.
In this ever-shifting world things are changing rapidly, no longer we pull a crispy bill out of the wallet and hand it over. Cash is becoming less popular and mobile payments apps/mobile transactions are becoming increasingly popular.
Now by using a simply mobile payment app we can pay to a friend, at a hotel, cinema or anywhere. Mobile payments are becoming the ubiquitous payment solution and therefore hold a distinctive value over other payment systems.
Why Mobile Payment Is Becoming Popular and What Options Do We Have?
With technological advancements and use of Internet the way people use to make financial transactions is transforming. Now people like to use their digital wallets aka online payment apps to make transactions as they provide high level of convenience. People no longer like to carry cash or card, they like to use their mobile payment apps for transactions.
Here, is the list of best popular mobile payment apps.
Best Online Payment Apps
Here, you can read about various payment apps like Google Pay, PayPal, Samsung Pay, Venmo and others.
1. Google Pay: –
Google Pay, the best payment app that makes online payments fast and simple, was introduced in 2018 by Google to unify Android Pay, Google Wallet and Pay with Google. It brings everything together from managing your account on web or in the app to protecting your information. With Google Pay you can pay in apps without entering your payment information, pay on sites, pay friends, pay in stores. Besides, you can check out instantly across Google products.
- Multi-layer security to keep account safe.
- Digital Wallet to save card, movie tickets and everything.
- Stores payment information in encrypted manner.
- Stored boarding passes and journey tickets.
- Setup Google Pay account to pay via PayPal.
- Global reach.
- Mobile banking app integration.
- In-app mobile web purchases
Besides, Google Pay does not store money in an account, it directly transfers it to the recipient’s bank account this makes it the best mobile payment app. Even more this mobile app replaces actual card with virtual one to protect actual details from being misused.
2. Samsung Pay
Samsung Pay is more than a mobile digital wallet app, that power your purchases by letting you earn rewards points. Using this online payment app, you can add all your credit, debit, gift and membership cards. Samsung Pay lets user make mobile payments at any location with a credit card reader and even monitors suspicious card activity.
- Samsung Knox tokenization adds extra layer of security.
- Get extra reward point for each purchase you make.
- Accepted at number of places.
- Lock or erase Samsung Pay account (if your phone is stolen) using Find My Mobile app.
Note: Find My Mobile feature must be activated prior.
Besides, Samsung Pay creates a unique random set of number via tokenization for each transaction to secure the real card. This amazing pay by mobile app turns your smartphone into a secure digital wallet. Plus, it sends discount & coupons notifications from local merchants based in phone’s GPS.
PayPal the granddaddy of payments is third on our list, but it offers easiest and safest way to make online transactions. It is accepted in over 200 markets and is trusted by over 200 million users, this makes it the best mobile payment app.
- 180-Day buyer protection.
- Free return shipping.
- Send money to anyone, anywhere, anytime using the linked accounts.
- Send reminder to receive payments.
- Instant notifications to keep a tab on spent, purchase or money transfer
- Charges no fee when transferring money to family/friends or using PayPal baleen or bank account balance.
- Charges currency conversion fee and when making payments using Credit Card.
PayPal is the most preferred digital wallet and payment provider for online transactions globally. It offers the ability to transfer money to and from any U.S based bank accounts and other foreign accounts.
4. Apple Pay
The mobile payment app that makes cashless transaction effortless. Using this Apple Pay app, you can make secure in stores, web, and in-app purchases. Besides, can send and receive money from family and friends in Messages. Also, the money received is added to the Apple Pay Cash card that can be used to make purchases or to transfer to your bank account.
- Does not store original card number, instead generates a token known as Device Account Number (DAN), to secure card details.
- Does not store any personal transaction information.
- Displays only recent transactions in the app.
- Apple Pay can be disabled remotely using “Find My iPhone app. (In case of stolen iPhone.)
- Payments can be made using Touch ID or by entering a PIN.
- Secure online payment.
Undoubtedly, Apple Pay is the best mobile payment app, but using this app one can make payments to only those contacts who iPhone users. Also, the anonymous, single-use token system adds to the credit card data security.
5. Square Cash
Square Cash the answer to increasing acceptance of peer-to-peer payments is the easiest way to send or receive money. Whether it is splitting the bill amongst friends or paying rent, Square Cash will to all that for you. It is the best pay by mobile app that can be used by each age group.
- Protects your payment with a pin or fingerprint.
- Wallet Feature like PayPal.
- Does not hold funds in the digital wallet.
- Can sell/buy Bitcoin
This best mobile payment app draws funds from a linked bank account via debit card at no cost and offers various methods to quickly send and receive money.
Best payment app to send money to those living in the US. This app works inside your bank app, this means money goes straight into the receiver’s account. Using Zelle you can pay to friends or family right from your bank. Also, if you have an account at a participating bank such as Chase, Bank of America, Citi, U.S. Bank, Wells Fargo, can send cash with same-day transfers.
- No need to pay charges to send or receive money.
- Can only link one account at a time with the app.
- Does not hold money in any digital wallet.
Zelle lets uses send money without even installing the app, however not installing this best payment app on your smartphone is not right. Once Zelle’s app is download you can connect to your bank account, also.
Venmo app owned by PayPal works differently than PayPal and is considered as the best online payment app. An app specifically designed to send money to friends, accessing it is simple. You just need to sign in and access the account on the Web.
This app is popular among young people and big cities, as it is a cross platform application.
- Quickly transfer money to your bank.
- Encrypts personal and financial data to guard against unauthorized transactions.
- Free to use with various payment methods.
- Account protection remove session if phone lost by going to Venmo.com > settings > Security.
- Connect with your friends and share your buying experience.
Venmo can be used to pay friends at restaurants, split bills, pay shared rent and others. You don’t need to pay any charges to send money, by simply linking your debit card bank account, you can start sending and receiving money.
8. Circle Pay
The new shape of money Circle Pay, is an easy to use payment app, that offers quick deposits and global capabilities. Circle Pay is available in 29 countries and accepts payments in US dollars, British pounds, and Euro. Users need not to pay any fee to send money between currencies.
- View currency exchange rate right in the app.
- Group pays with upto 20 people.
- US dollars deposited are FDIC insured.
- Two level encryption.
- Two factor authentication required to login.
- Can setup fingerprint ID and Face ID.
- Send money like text.
The only drawback Circle pay mobile payment app has is, you cannot make payment in stores or online or can split payments.
Alipay Wallet, developed by Alibaba and its co-founder Jack Ma was launched in 2013 and since then it has become the world’s widely used mobile payment app. This wallet is available only for Chinese customer yet using this app over 100 million transactions are done daily and it has an active user base of over 520 million. This mobile payment app is available for both Android and iPhone users.
- Can be used to select local restaurants, share information, receive discounts, and pay bills.
- Keep track of government services like status of passport application or paying fines.
- Pee-to-peer payments.
- Social networking functionality added to version 9.2 of Alipay.
- Supports, NFC, sound waves, QR and bar code payments.
Using Alipay you can easily send and receive money. Credit card from China CITIC Bank, Visa and Master card, debit card issues by Chinese bank, loyalty cards and discounts vouchers can be added to the app. This mobile wallet app can be used to make payments, share bills, buy goods and in-app payments.
Want to send money to friends and relatives, pay and play online or make instant international transactions Skrill is the answer. Using this mobile payment app, you can easily send money to anyone, anywhere, with just a valid email address. Skrill store your credit card, debit card and bank details securely.
- Access money 24*7
- Make ATM withdrawals.
- Instantly send and receive money.
- Access world’s leading betting and gaming sites.
Skrill app is trusted by millions to make all kind of global payment. This makes it the best payment app that allows to send or receive money in 40 currencies across 200 countries. Also, receive new merchant offers, deals and bonuses notifications. Plus, you can easily pay and play on the move simply bus using an email address and password.
A new mobile payment by Google is specifically designed for Indian users. This online payment app makes sending money to family, friends, splitting bills or even paying to neighborhood vendor really simple. Users can make payments directly from bank account with Tez.
- Pay directly from your bank account.
- Tez Shield to protect payments.
- Cash mode to send money instantly.
- Pay electricity, gas, DTH, water, mobile bills and more.
- Earn Tez scratch cards for every transaction you make.
Tez is Google’s new digital payment app for India. Using this app business owners, shop owners can start accepting payments in their current account. No fee charges to send or receive money.
No longer waiting in queues again to make payment for your coffee or any other order, use LevelUp the best money transfer app. In a single tap you can make payments for all your orders you want to place.
- Third party distribution.
- Customer engagement platform.
- Omni-channel guest interaction.
- Never wait in line.
LevelUp lets user know when the order is ready and where to grab it from. Also using the app users can choose from hundreds of places near you and can create a new order from scratch or can re-order any items ordered in past.
Ordering and paying for food and drinks was never this easy. Qkr is the best mobile payment app when it comes to splitting the bill, making payments, or even paying for food or drinks. This app is free to use and is available in thousands of locations.
- Save time.
- Split the bill.
- Get food and drinks delivered to your seat when at stadium or cinema.
- Secure purchases.
- Get money saving coupons and rewards.
Qkr uses Masterpass, Mastercard’s secure digital wallet service this means Qkr can accept Mastercard, Visa, American Express, and Discover Cards. Also, you can setup you debit or credit card to pay directly with your smartphone.
14. Visa payWave
A new way of making contactless payments, Visa payWave is slowly becoming popular. Users having NFC-enabled mobile devices can use Visa payWave. Simply by tapping your phone in front of Visa payWave contactless terminal payment can be made.
- Multi-layer security.
- Real time fraud monitoring.
- Zero liability policy.
- Convenience and security.
Visa payWave can be used in stores like, McDonalds, JB Hi-Fi, Bunnings, Coles, Woolworths, 7 Eleven, Foodworks, IGA and Caltex and others. Also, you don’t need to enter your PIN number to pay, and to use payWave on your mobile you just need a payWave app to wave and pay.
Masterpass by Mastercard is an all-in-one digital wallet that makes payments simple and easy. This mobile wallet app, helps you save time by letting you check out faster than usual when you shop. Simply store your payment and shipping information and leave rest to the app.
- Pay with single secure account.
- Shop anywhere.
- Exclusive masterpass deals.
To use Masterpass create an account, load the participating credit or debit card and get going. Banks that support Masterpass are: Ally bank, Central bank, People’s united bank, US bank, Virginia credit union, First Tech Federal Credit Union, Bank of the West and few others.
Which is the Best Money Transfer App?
Above we discussed about various popular mobile payment apps, but which is the best money transfer app? No one can answer this question as it completely depend on the user which app he finds useful.
We have simply listed best popular mobile payment apps for user along with their features. Some apps don’t offer online payments but do let you order and pay for food. So, it will depend on your usage which app you consider as best money transfer app or payment app.
However, if you are looking for a peer-peer to payment app can try using Venmo, want an app that doesn’t hold your money can use Google Pay or Tez (only available in India).
Hope you liked our list of mobile wallet apps. If you would like us to add any more app, please let us know. Also, share your comment in the section below to let us know what you think about the article.