Back in the day, when smartphones first came into the market they offered services like being a watch, torch or even a compass. With year after year upgrades, today’s smartphones hold the power to take over the world.
Looking at the current scenario, an individual’s smartphone and smart device act as a replacement for Television, Video Games, Radio… basically for entertainment.
But now, our smartphones have taken another step ahead towards the future with the help of mobile payment apps.
This is being done as digital mobile payments apps are encouraging the majority of the population to go cashless and replace their debit/credit cards with these applications.
In this article, we will be sharing our list of the top 10 Mobile Payment Applications that you definitely need to know about so that you can easily keep up with the pace with this cashless era.
These are the best 10 mobile payment apps available in the market:
- Apple Pay
Apple Pay is basically a mobile wallet for iPad and iPhone users, this app allows the Apple users to pay bills at restaurants and grocery stores with just a tap. This mobile payment app can also be used for making in-app purchases as well. But Apple Pay does not scan/save the receipts or save any payment details on your iPhone or Apple device.
PayPal is one of the most widely known mobile payment applications and is considered as a global brand itself in the Fintech industry. A user can register at PayPal for free and link the bank account or credit card with his/her PayPal profile. This application is spread to more than 200 countries and the user get their paypal money sent to their bank automatically without any extra fee.
- Square Cash
Initially, Square started as an add-on related to hardware aimed at small businesses to help them transform the iPhones into a card reader. Now, with Square Cash app, the user can easily transfer money to family and friends. For businesses, the transaction fee of 2.75% is implied to request payments. This app also lets the user to share a customized link to receive payments.
- Google Pay Send
Google Pay Send formerly known as Google Wallet is Google’s peer-to-peer payment service with which the user can receive as well send money from a computer or mobile device for free. From 2018, the Google Wallet and Android Pay merged into one payment system called Google Pay, where Google Pay Send is the service offered.
Venmo is also a mobile payment services that is backed up by PayPal itself. For millennials, this application is considered to be a favourite as it is simple, fast and free. All you need is a debit/credit card or an account, with Venmo the user can also request money from his/her contacts which further gets saved in the user’s app account and later transferred to the linked card or bank.
What makes LevelUp different from the mobile payment apps that are mentioned above is the fact that it is based on the concept of scanning QR codes. Once the levelup app is downloaded and linked to the user’s bank, then user can go ahead and use it to scan code to earn rewards. Some more features like iOS-specific gift card and in-app order ahead, are provided by levelup.
- Facebook Messenger
Yes, that’s right! The Facebook messenger also offers you the feature to send money to your Facebook friends by just sending them a message. But currently the US residents can make use of this service by Facebook and then set your preferred currency to the USD to receive payment. To add an extra layer of security, the user can also include an authentication PIN code.
- Mastercard’s QKR
Qkr was introduced by Mastercard and as a great mobile payment service to split bills, make payments online etc. At present, Qkr app is effectively working in locations including UK, USA, Australia, Canada and many more. Now Mastercard is also working on integrating Qkr to make payments for day-to-day activities like parking lots and vending machines.
- WeChat Pay
Like Facebook messenger, WeChat also came up with its very own Digital Wallet service with the means of the application. WeChat Pay enables the user to transfer mobile payments among the user’s contacts. To get the balance, you have to link your debit card or bank account number with your WeChat profile. As per the 2017 reports, WeChat acquire 34% of the mobile online payments market in China and is growing with each day passing.
Skrill application is used to send and also receive money in around 40 currencies across 200+ countries. With Skrill, the user can make easy and fast international payments to various merchants. This app also allows the user to store their credit card and bank details to securely keep track of their financial history. And on monthly basis the registered users can avail many deals, bonuses, and other offers.
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Finance Technology also known as FinTech is currently one of the fastest growing sector in the IT industry. This has further lead to the wide variety of mobile payment apps that we have at our service for the purpose of sending and receiving money.
Now that you have read the list of some of the best mobile digital payment services, you should also know about what different mobile payments exists:
- NFC – The NFC payment services is fairly new in the market but have shown a wide acceptance level by the majority of people. With the NFC technology or we can also say, the Near Field Technology, you can link your smartphone directly to a point-of-sales device and then initiate the payment process with the identification method. Because NFC uses radio frequency, both the devices should be closer than 4 inches.
- SMS Payments – SMS payments are another method of mobile digital payment services, which allows to make payments of goods and services via SMS i.e. Short Messaging Service. The SMS payments system proceeds with the transaction between the buyer and the vendor with the means of payment SMS. In this method, there is no need to link user’s card or bank details that’s why it is considered to be a highly safe procedure.
- Mobile Wallets – Mobile Wallets are widely used at a global level by people to carry around their debit or credit card’s information in a digital form on a smartphone, tablet, smartwatch or smart device. With mobile wallet, the user uses his/her mobile device instead of the physical credit/debit card to make the payments. Few examples of mobile wallets are Google Pay Send and Apple Pay.
The cashless journey doesn’t end here, now with Cryptocurrencies in the news there are now available mobile digital payment services separately for them.
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