01
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Best For iPhone Users: Apple Pay
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What We Like
Compatible with a range of major banks and credit cards.
No fees for use.
Friendly user interface.
What We Don't Like
Can be used only with recent iPhone and iPad models.
Peer-to-peer transfers only available for iOS devices.
Apple's iOS platform integrates with Apple Pay, a service that stores credit cards, debit cards, coupons, and online passes. Add a card to Apple Pay and then you'll be able tap to pay at millions of retail locations internationally.
Also included with Apple Pay is Apple Pay Cash, which is a way to store money on your phone on a virtual card. You can spend it through Apple Pay in stores or use it in the Messages app to pay or receive money through a text message.
The Apple Pay service is secured with a PIN or with Apple's TouchID or FaceID biometric systems.
02
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Use Your Bank Account: Zelle
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What We Like
Free, instant funds transfer.
Specializes in person-to-person micropayments.
Simple interface: Send, Request, Split.
Robust bill-splitting feature.
What We Don't Like
Sender and recipient banks must partner with Zelle.
No international payments.
Cannot use in retail stores or online.
Unlike other services that offer a dedicated mobile app, Zelle works best when paired directly with banks to support person-to-person micropayments. If your bank participates, you can use your bank's app to transfer money to friends and family using Zelle's infrastructure.
What makes Zelle unique is that money can be transferred from one bank to another in (usually)minutes.
To set up Zelle if your bank isn't supported yet, enter your debit card number into the app and choose to send or receive money from your bank.
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03
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Pay by Text Message: Venmo
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What We Like
Designed for use with people you trust.
Easy to set up and use.
Solicits comments from friends and family.
What We Don't Like
Recipients must install the app.
Transaction descriptions are open to the public.
Venmo is a pay-by-text service, which enables people to pay one another using its SMS-based approach.
This system sets a maximum payment limit of $299 per week until your identity is verified; then, the weekly limit rises to $7,000. Payees get a text message about the amount they received, and theymust register to retrieve the funds.
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04
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Oldest Online Payment Method: PayPal
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What We Like
Familiar mobile payment option trusted by consumers.
Accepted by most online shopping sites.
Easy to use.
What We Don't Like
Fees for some transactions.
Limited customer support.
To pay with PayPal, link your PayPal account with your phone, set up a PIN, and then check out at a related payment terminal.
PayPal is also ideal for sending money to other users worldwide because it's one of the most popular payment services. So chances are, many people you know already use it.
There are minimal fees associated with some payments. However, in most cases, PayPal can receive money and send money for free.
Another neat feature of PayPal is that you can create "money pools"to set up a way for people to pitch in to send you money. The Pool page is public for anyone to see and contribute to.
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05
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Best for Android Users: Google Pay
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What We Like
Peer-to-peer payments.
Compatible with PayPal.
Supported on many websites, physical stores, and other apps.
Works with Android and iOS devices.
What We Don't Like
User base is smaller than its competitors.
Receipt of sent money varies from seconds to days.
The Google Pay app can be used in stores, through apps, and online. It's also tightly integrated with the Android ecosystem, so it's easy to use with apps on your Android.
Google Pay is a digital wallet that lets you store your debit cards, credit cards, loyalty cards, coupons, gift cards, and tickets in one place. Use the Google Pay app anywhere you see the icon and order food, pay for gas, check out in stores, and more.
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06
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Scan Credit, Debit, and Gift Cards: Samsung Pay
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What We Like
Works at any location that accepts credit cards.
Has the largest user base of similar apps.
Scans and saves any card with a barcode.
Earn points on all purchases.
What We Don't Like
Uses older magnetic stripe technology.
Busy user interface.
Installed automatically on some Samsung phones.
Samsung Pay supports the enrollment of credit, debit, gift cards, and membership cards to facilitate in-person, in-app, or online payments. The app also features special promotions.
Any payment terminal that accepts credit cards should accept Samsung Pay because the app uses magnetic secure transmission (MST) technology, which mimics the magnetic strip on a credit card.
If you connect your PayPal account to Samsung Pay, you can also make purchases via PayPal.
07
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No Bank or Card Required: Cash App
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What We Like
Easy-to-use interface.
Proprietary $Cashtags protect user privacy.
Allows stock and Bitcoin trading.
Easy to send and receive money.
What We Don't Like
Some transactions have fees.
Only available in the U.S.
Low spending limits.
Cash App is a money-sending app from the company Square. Cash App is user-friendly, reliable, and secure. When money is sent to you through Cash App, it can be stored in your account and transferred to your bank whenever you want, for free.
Cash App is also tied to a real debit card that you can get from the company for free. With it, you can spend money directly from your Cash account like any debit card.
Similar to PayPal'sMoney Pool, Cash App uses Cash.mepages that make it easy for people to pay you without needing your personal information. These are real web pages that anyone can visit to pay you; they're linked to your $Cashtag.
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08
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Send Money All Over the World: WorldRemit
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What We Like
Fees are displayed before your send the money.
Can send money to bank account or as cash.
What We Don't Like
No consistent fee.
Many of the services listed are absolutely excellent at what they do, but most of the fall down on one key feature: sending money around the world. In steps WorldRemit.
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As an expert and enthusiast, I don't have personal experiences or credentials like a human expert would. However, I have been trained on a vast amount of data and can provide information and insights on a wide range of topics, including the concepts used in the article you shared.
The article you provided discusses various mobile payment services and apps, highlighting their features, advantages, and disadvantages. I can provide information on each of these concepts and explain them further if needed. Let's go through each one:
Apple Pay
Apple Pay is a mobile payment and digital wallet service offered by Apple. It is primarily designed for iPhone and iPad users and is compatible with a range of major banks and credit cards. Apple Pay allows users to store their credit cards, debit cards, coupons, and online passes on their Apple devices. Users can then make payments at millions of retail locations internationally by simply tapping their device.
Apple Pay also includes a service called Apple Pay Cash, which allows users to store money on their phone on a virtual card. This money can be used for payments through Apple Pay or for sending and receiving money through the Messages app. Apple Pay is secured with a PIN or with Apple's TouchID or FaceID biometric systems.
Zelle
Zelle is a person-to-person mobile payment service that specializes in micropayments. Unlike other services that offer a dedicated mobile app, Zelle works best when paired directly with banks. If your bank participates in Zelle, you can use your bank's app to transfer money to friends and family using Zelle's infrastructure. Zelle allows for free and instant funds transfer between participating banks.
Venmo
Venmo is a pay-by-text service that enables people to pay each other using SMS-based transactions. It is designed for use with people you trust and is easy to set up and use. Venmo sets a maximum payment limit until your identity is verified, after which the limit increases. It notifies payees via text message about the funds received, and they must register to retrieve the funds.
PayPal
PayPal is one of the oldest and most popular online payment methods. It is accepted by most online shopping sites and can be linked to your phone for easy payments. PayPal allows for sending money to other users worldwide and offers minimal fees for most transactions. It also has a feature called "money pools" that allows users to create a public page for others to contribute money.
Google Pay
Google Pay is a digital wallet that allows users to store their debit cards, credit cards, loyalty cards, coupons, gift cards, and tickets in one place. It works on both Android and iOS devices and is supported by many websites, physical stores, and other apps. Google Pay is tightly integrated with the Android ecosystem and can be used for various transactions, such as ordering food, paying for gas, and checking out in stores.
Samsung Pay
Samsung Pay is a mobile payment service that supports the enrollment of credit, debit, gift cards, and membership cards. It facilitates in-person, in-app, or online payments and features special promotions. Samsung Pay uses magnetic secure transmission (MST) technology, which mimics the magnetic strip on a credit card, making it compatible with any payment terminal that accepts credit cards.
Cash App
Cash App is a money-sending app from the company Square. It allows users to send and receive money easily and securely. Money received through Cash App can be stored in the user's account and transferred to their bank whenever they want, for free. Cash App is also tied to a real debit card that users can obtain for free and use for spending directly from their Cash account.
WorldRemit
WorldRemit is a service that allows users to send money all over the world. It offers the ability to send money to a bank account or as cash. WorldRemit displays fees before sending money, although the fees may vary. It aims to provide a reliable and convenient way to transfer money internationally.
Please note that the information provided here is a summary of the concepts discussed in the article. If you have any specific questions or would like more detailed information on any of these topics, feel free to ask!
