The rise in rapid digitalization in the world smartphones have literally turned into pocket wallets!
From as basic as electricity bill, grocery bills to as fancy as shopping bills, restaurant bills everything can be done with an online payment app.
Nowadays, you don’t even need to carry your credit/ debit cards to pay your bills.
Depending on the app you download and your phone, you can easily pay by tapping your phone rather than swiping a card. And arguably, it is much safer than your credit cards as well. Some other apps to make payments by displaying a code that the cashier can scan.
By now, I am sure you are aware of the swarm of online payment apps that are available in the digital market. We won’t bore you with the names of each & every one.
Instead, we are going to make things easy for you!
After quite some research we have come up with 6 different payment apps that are most popular in 2019.
We have decided these apps on these factors:
- User-friendly
- Efficiency
- Security
PayPal One Touch
Well, this is not surprising at all!
Their USP- best low-fee transactions.
Since it’s evolvement it is the most commonly used payment app on the internet. It has amazing strong international transaction system.
PayPal has a history back to 1998. It is probably the grandparents of online payment apps.
By 2017, Paypal reported earnings of US$1.795 billion!
In 2019, PayPal reported to have 9.3 million net new active accounts with 2.8 billion payment transactions, up 28%.
There is no fee to transfer money to or from family and friends who also have a PayPal account. And the fee for transferring money who do not have a PayPal account is very minimal.
According to Money Under 30, PayPal has no limits on money you can send from your verified account. You can send up to $60,000 through Paypal.
Available in – Android, iOS.
Google Pay
Google has features where you can literally live online!
And money transferring is no exception. Formerly known as Tez, this app swiftly climbed up the ladders to become one of the best online money payment app.
According to Social Beat, it has over 100,000,000+ (100 Million or 10 crore) downloads on Android Play Store.
You can send up to $9,999 in one transaction. Also, there is no hassle for additional KYC as it works with your existing bank account, your money is secured with your bank.
USP- No additional fees to send money.
However, it doesn’t allow users to use credit cards to transfer money.
Apple Pay
Like all other apps, Apple Pay allows you to make purchases online, in stores, in apps, person-to-person money transfer.
Their USP?
It allows you to store up to 12 different debit and credit cards on the app, and even include your student ID card.
That means, it is in a way making you ‘wallet free.’
It allows you to pay Up to $3,000 per message and $10,000 in a seven-day period.
Available in – iOS
Venmo
Actually owned by Paypal, Venmo is quite different from the latter one.
It’s USP you may ask?
It is free to send money using your linked debit card bank account.
In 2013, PayPal bought the company & changed its features to a much social site.
In the fourth quarter of 2018, Venmo’s total payment volume reached $19 billion, growing 80%.
while you can sign in and access your account on the internet, it is primarily built for mobile & to use on the go.
According to The Balance, in 2019 Venmo had reached 40 million active accounts, garnering over $161 Million payments.
Available in – Android, iOS.
Cash App
Formerly known as Square Cash, this one is a mobile credit card processor.
It is best for sending a small amount of money along with Bitcoin sell.
It works as their USP as well.
Pretty much Venmo, Square Cash all the features except the social ones.
This app launched in March 2015, according to The Motley Fool the business generated $135 million in net revenue in the second quarter, putting it at a run rate of $540 million in 2019.
You can send money to, or request from, anyone with a Square Cash account, and funds are drawn from a linked bank account via a debit card with no added cost.
The newly added feature of selling Bitcoin to the Cash app as well gives it a unique feature compared to other popular payment apps.
Available in – Android, iOS.
PayTM
PayTM is one of the largest mobile payment app platforms in India, offering its customers a digital wallet to store money and make quick payments.
Their USP?
Highly user-friendly app with a strong customer base.
Started in 2010, with $2 million investment, the company’s base grew more than $7 million by March 2018.
By 2014, it launched the PayTM wallet.
It offers a wallet that can be used to pay bills, money transfer, services from entertainment to travel bookings.
It has more than 100 Million (or 10 crores) on the Android Play Store.
According to Economic Times PayTM recorded a grand 1.2 billion merchant transactions in the first 3 months of 2019!
This year the brand partnered with Citibank to launch credit cards.
Recently, they partnered with premium educational institutions in India to introduce cashless payments for fees, bills, and other expenses.
Available in – Android, iOS.
So, which ones are you going to choose?
Let us know in the comment section!
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