Mobile Pay App Reviews
Which mobile pay app is the best for your life and needs? We are digging into several of the most popular mobile payment apps available, to show you what each one has to offer you.
What are Mobile Pay Apps?
Before technology was a thing, we did most things manually. From paying bills to purchasing items at the grocery store, we would have to reach into our wallets and look for physical cash, credit and debit cards.
When sending money to a friend or family, we would have to go to the bank.
These days, we seldom use cash to do transactions. We also seldomly frequent the bank. In malls and grocery stores, credit cards are widely accepted. For sending money to someone, there is online banking.
Best Mobile Pay Apps
The catch with modern technology is that if your friends have a different bank or if either one of you want to directly use your bank in making a transaction between the two of you or more it can be a bit tricky.
This is where these apps come in handy.
If there is at least one payment app that you might have heard of, it’s PayPal.
We know that PayPal is the mother of all payment apps because most people already have a paypal account. It’s not only used as a payment provider for eBay (which it owns), but it’s also widely used in a variety of transactions such as sending money to friends or relatives.
PayPal gives you the ability to send money to and from any bank account whether it’s U.S. based or not. There is no transaction fee involved when sending money to a friend or family as long as the amount comes from the senders’ PayPal balance or linked bank account balance.
However, if you get the funds from your credit card or if your transaction involves a foreign currency, expect PayPal to charge you a minimal transaction fee.
Zelle gives you the option to pay or send money to friends and family by pulling the funds directly from your bank account. The catch here is that you need to have an account with a participating bank.
Here’s the list of banks that Zelle supports:
- Bank of America
- Capital One
- U.S. Bank
- Wells Fargo
As long as you have an account with one of the company names mentioned, you can use Zelle.
The amount is credited to the receiver’s account within the same day.
Although sending and receiving funds is free, you can only connect one bank account to your Zelle profile at this time.
When you sign up for an account, be sure that you are using your primary account.
Venmo is owned by PayPal, but they aren’t on the same app.
It’s built to send money to friends. Although Venmo is basically the same as other payment apps, it’s built with a social aspect in mind.
When dining out at a restaurant with a friend, you would usually ask to have the bill split between you. With Venmo accounts, one person can pay the bill for the entire table and this app allows you to reimburse your friend immediately and save the hassle of splitting the bill.
Venmo acts like a social media platform for sending money as you can add emojis and notes when you send money to friends.
Cash App is just like the other 3 apps mentioned above.
It allows you to send and receive money from friends and family who also use Cash App. It links directly to your debit card or credit card as your source of funding for the app.
What makes Cash App unique is that you get a physical debit cash card that allows you to limit your spending when you use the Cash App payment method.
You can budget by adding funds from your funding source to the app.
Cash App doesn’t “dip into” your funding source to cover payments, you would have to add more money through the app. Adding money to the app is immediate, but allows you to set a spending limit by not adding more money.
You can also use Cash App to pay in coffee shops, restaurants, or any businesses that support the app or you can use your card as you do any other debit or credit card.
In the end, the choice of which mobile payment app(s) to choose is up to you. It’s best that you choose the app that best fits your lifestyle and spending habits.
Do you have a favorite app that you use? Which is your favorite?
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