Mobile payment (also known as mobile money, mobile money transfer, and mobile wallet) is a term that refers to payment services that are carried out from or via a mobile device and are governed by financial regulations.
A user can use a mobile phone to pay for various services and digital or tangible items instead of cash, check, or credit card. Even though the concept of employing non-coin-based monetary systems has a long history, the technology to support such systems has only lately become widely available.
According to the Financial Access 2009 Report "Half the World is Unbanked," mobile payment solutions have been adopted in developing nations as a means of expanding financial services to the "unbanked" or "underbanked" community, which accounts for up to 50% of the world's adult population. This post will look at seven of the most popular mobile payment apps.
1. Google pay
Google Pay is a quick and easy method to pay online and in stores. You can use Google Pay to pay in hundreds of apps without entering your credit card information. Google Pay Send, a peer-to-peer tool included in Google Pay, has taken the place of Google Wallet.
You may pay anyone with an email address or phone number with Google Pay Send. Google Pay sends the seller an encrypted number (rather than your credit card information) when you pay in stores.
Venmo is a PayPal service that allows you to send money instantly between friends and shop at your favorite online retailers. Pay friends and family from your Venmo account using the funds in your account, or easily link your bank account or debit card.
Use your favorite emojis to add notes to your payments and like or comment on your friends' tales. You can easily keep track of your finances. Sending money with your Venmo balance, bank account, debit card, or prepaid card. There is a 3% fee for using credit cards.
3. Cash App
Cash App is a simple method to swap, send, request, and receive money via Square. Keep the amounts in your balance to withdraw or spend with your Cash Card every time you receive a payment or initiate a deposit to your associated bank account.
It is free to send money. Choose a location or a category, and get instant cashback every time you use your Cash Card with Cash Boost. In a matter of seconds, you may buy and trade Bitcoin using the app. Outside of the United States, cash is not currently available.
4. Apple Pay Cash
In the Wallet app, you can save Apple Pay Cash, credit and debit card information, as well as boarding passes, tickets, rewards cards, and other goods. Apple Pay is compatible with nearly all credit and debit cards issued by US institutions.
Money is added to your Apple Pay Cash card, stored in the Wallet app, as you receive it. Start making purchases with the cash straight away in physical locations, apps, and on the web with Apple Pay. Your Apple Pay Cash balance can also be transferred to your bank account.
Jaxx is a cryptocurrency wallet that can be downloaded for free on eight different platforms. Jaxx keeps you calm while trading a range of blockchain-based cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Zcash. It provides free customer service.
Zelle is a new way to transmit money in minutes to practically any US bank account. You can send and receive money to more individuals with simply an email address or a mobile phone number, regardless of where they bank.
Download the Zelle app or use Zelle through your bank or credit union to send and receive money. Money transmitted using Zelle usually arrives in the hands of an enrolled recipient within minutes.
Send money to anyone in the world who has a PayPal account. All you need is the email address or phone number of the recipient. They can use the money instantly online or withdraw it with only a few taps. In the mobile wallet, you can see how much you've sent, spent, and received at a glance.
Man's thirst for innovation has led to mobile payment applications in today's technology world. Payment applications facilitate the payment of all purchases, the transfer of money from one person to another at a lower cost and in less time, and the payment of bills. As a result, mobile payment apps play an essential part in the monetary system.