Top-5 Mobile Payment Apps To Use By 2020

Top-5 Mobile Payment Apps To Use By 2020

Top Five Mobile Payment Apps for 2020

Research conducted by Blogtify.com in 2019, forecast mobile payment revenues of more than $ 1 trillion before early 2020. This research goes to show how much money is in the mobile payments industry and consumers’ conversion rate to mobile payment apps.

 

Although various mobile payment apps have unique key features that give them a competitive edge, there are a few general features to look for in the best payment apps:

  • Phone compatibility.
  • Spend restrictions to help you manage your spending.
  • It shows the actual costs of sending or receiving money through the app.

In this article, we will give you a list of payment apps that are suitable for your mobile use.

Let’s get started : Top 5 Mobile Payment Apps

1. PayPal

paypal app

This innovative mobile wallet has been around for more than two decades – launched as far back as 1998. Over the years, the Paypal app has become more user-friendly, even providing cross-platform accessibility (ie, web, mobile, and all things operating systems).

Where some mobile wallets only support online transactions, PayPal ensures that consumers can use the payment platform at local offline stores, restaurants, and places that support PayPal.

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How to use the PayPal app:

The first step is to download this mobile wallet from your app store.
Sign up or log in to the application with a valid email address.
Attach your bank card to the application and follow all the tips.

Key Features of PayPal:

Multiplicity: PayPal is one of the most popular payment apps in the world.

P2P transfer: The application can be used for P2P transfer, as well as for offline transactions from your favorite stores.

No monthly transfer limit: While most mobile payment apps and banking institutions have maximum transfer limits, PayPal does not have a monthly transfer limit to consider.

Global reach: If there is one app with unmatched global reach on our list, it will be PayPal. This application moves funds between 25 currencies and over 200 countries.

Security: PayPal has implemented some essential security measures to ensure the security of consumer banking data.

2. Venmo

Venom Pay

This popular payment app incorporated a social component in the transfer of money. With Venmo’s request, the exact amount you send or receive is not made public.

Although some consumers have criticized the mobile payment request, it cannot be denied that millions of people enjoy using it. This app is so popular with young users that in 2013 PayPal bought the company that owned the Venmo app, making it a subsidiary of the app
PayPal mobile wallet.

How to use the Venmo app:

Download the application from your app store and sign up.
Then open a Venmo account that is linked and funded by your bank or credit card account.

To send money, you need to fund your Venmo account first.
The Venmo app comes with MasterCard, so you can withdraw money using this card or when transferring money back to your bank account.

Key features of Venmo:

General nature: Venmo is an easy-to-use mobile payment app that most people can use.

Seamless social integration: The application integrates seamlessly with Facebook, ensuring users can use their friends’ list to build their Venmo contacts and check recipients of their funds.
High Flexibility: Venmo application makes sending and receiving money easy.

Splitting bills: Venmo has a nice feature that allows users to split bills among themselves.

see also : 10-Ways to Make Money Online from your Home

3. Google Pay

Google Pay

Another reliable mobile payment app for Android and iOS users is Google Pay. Owned by Google, the search engine launched this online payment wallet in 2015.

The app is a fully featured mobile wallet that allows users to store any card (credit, debit, prepaid cards, loyalty cards, etc.) on its platform.
Users can then safely use the card to perform any transaction online and in-store.

The app even allows users to connect PayPal on the platform, thereby promoting more benefits to the user.

How to use Google Pay app:

Users need to download Google Pay from their app store – Android or iOS.

To connect your cards to a Google Pay wallet, take a picture of your card, or type in the card number.

Google Pay Key Features:

Cross-platform compatibility: Unlike Apple Pay, Google Pay is compatible with various devices.

Payment methods: It accepts credit and debit cards for payments.

Secure platform: This app secures user payments with multiple security layers. It does not store or share payment card data with any third parties.

Google Pay generates a virtual account number to identify account holders, and then OTP is sent to users to confirm each purchase.

4. WeChat Payment App

WeChat Payment App

It is the largest mobile payment app in Asia. WeChat was first launched in 2011 and has gone on to become something all-in-one for Asian consumers.

This super app works with a bank card, so customers need to attach their cards to the application before they can use it to pay. The WeChat payment app is also available to users who have downloaded WeChat on Android or iOS based smartphones.

How to use the WeChat Pay app:

After downloading and registering on the application, customers need to connect their bank cards to the app.

For an in-app and web-based transaction, first, select the payment platform as your preferred payment method; then confirm the purchase before each payment.

Once payment is confirmed, the application redirects the user to the website or app.

Note that these steps only work for WeChat users in China. For consumers outside China, they must provide a valid photo ID before registration can begin.

Key Features of WeChat :

WeChat Pay supports Visa and MasterCard: It allows users to connect their Visa and MasterCard to the mobile wallet, as well as cards from JCB and major Chinese banks.

It’s an amazing app: This payment platform is an all-in-one app in China, used as a messaging app, among other things. Shoppers can pay for an in-app purchase on the web, even at a brick-and-mortar store.

see also : Best websites to make money online from home – blogtify.com

5. Zelle Pay

Zelle Payment App

Finally, we have the Zelle mobile payment application. This is one of the best mobile wallet apps for Android and iOS.

It has seen a sharp growth in the number of financial institutions associated with it. However, there are still some banks that don’t support Zelle, so if this is your bank, then you may have a lower limit for transferring money.

Although this app is one to watch out for in 2020, its security is the weakest on our list. In 2018, the New York Times reported that this app scored low in security based on customer feedback. He also noted that the app does not have a fail-safe feature to keep you from sending money to the wrong person.

However, the program has other useful features, which is why we chose it. It is important to note that Zelle has been reviewed by top financial analysts, which is encouraging to hear from experts.

Key Features of Zelle app:

Zelle links directly to bank accounts: Because the application is designed to connect to multiple banks, it links directly to your bank accounts. This provides convenience, comfort and security in keeping your money transfer in-house.

Instant cash transfer with Zelle: Customers enjoy instant cash transfer for free. This is a very different approach to other P2P apps which can take up to three days to complete a transfer to bank accounts and charge extra for the transaction.

Works within your bank app: If your bank supports Zelle, then you’re in luck. This app works in your bank app, so all you have to do is access Zelle within the bank app you already use.

Final Conclusion on mobile payment apps

These are some of the best mobile payment apps for Android and iOS users because they have helped revolutionize money transfer worldwide, making payment easier than before.

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REF : Sitepronews

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