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Top Mobile Payment Apps Compared

You couldn’t find a credit card, re-swiped it so many times to make it work, or edged your cards into a full wallet… Sounds familiar? Then you will or already see why mobile payment apps are worth using. Storing and paying with credit cards using your smartphone makes life easier.

However, despite the fact mobile payment apps are widely available today, users have been slow to accept this new technology over the last couple of years. There’s no clear app dominating the market, so it may not be easy to choose the most convenient and practical mobile payment app. Check out their pros and cons in the list below and choose the most useful one for yourself.

1. Google Wallet

First, we would like to mention Google Wallet. It was launched in September 2011 and appears to be one of the earliest mobile wallet apps to receive a wide release. Google Wallet allows you to store all credit and debit cards, as well as loyalty and gift cards in your Google account if you have one.

You can access these cards and buy anything through your phone via NFC, tablet, or desktop. Also, you are able to send money to friends and pay for apps in the Play Store using this app. People need this system for in-store and online payments. You can even send money through Gmail attachments if you have Google Wallet’s Gmail integration.

Compatibility: iOS, Android;

Fees: bank and balance transfers – free; debit cards – 2,9%;

Speed: up to 3 days for balance and debit cards; 3-10 days for bank transfers;

Limits: $10,000 per transaction; $50,000 per 5-day period;

Risks: low;

Keep balance in the app? Yes.

2. PayPal

Another application that you may be interested in is PayPal. It is the granddad of online payments. PayPal has useful features like early ordering, upgraded store search, and easy usage. This app stores your debit and credit cards as well as track coupons and time-sensitive deals.

Use your PayPal account to send and receive money with the help of the app or website. It is easily navigable to pay and request money. PayPal is safe enough because you don’t have to provide a check with an account and routing numbers or a credit card. This mobile payment app has been the standard in anonymous Internet payments for years.

Compatibility: iOS, Android, Windows Phone;

Fees: bank and balance transfers for personal use – free; debit and credit cards or businesses – 2.9% + 30 cents;

Speed: 3-4 days;

Limits: $10,000 per transaction; no cap on total sent per verified account;

Risks: safe enough;

Keep balance in the app? Yes.

3. Venmo

It is an app for transferring money between friends. They can receive your payments for dinner bill to movie tickets. You can link Venmo to your credit card or debit card account. With this app, sending money is as easy as writing an email. One of the significant benefits is that receiving mobile payments is completely free.

Venmo is not only a financial app but social too. You may like and comment on your friend’s transactions. Also, you can send the transaction with a message on Facebook, Twitter or Foursquare. But if you don’t want other people to see yours, you may change the settings.

Compatibility: iOS, Android;

Fees: major debit cards, bank transfers or if using Venmo balance – free; credit cards, non-major debit cards – 3%;

Speed: 1-2 days;

Limits: $299.99 weekly for unverified accounts; $2,999.99 weekly for verified accounts;

Risks: personal and financial data is encrypted and protected;

Keep balance in the app? Yes.

4. Square Cash

If you know how to send an email, chances are you will easily understand how to send money via Square Cash. You need just 2 things: recipient’s email address and your personal debit card number.

The recipient doesn’t even need a Square Cash account, which makes the transaction faster. It’s an awesome choice for users who like simplicity and don’t need another app on their phone. Square Cash is free and one of the most convenient services on our list.

Compatibility: iOS, Android;

Fees: Free for personal use; 2.75% for businesses;

Speed:1-2 days after first linking card; after that, usually instant;

Limits: $250 weekly for unverified accounts; $2,500 weekly for verified accounts;

Risks: low;

Keep balance in the app? No.

5. Android Pay

Android Pay is the youngest app in this list – it was released nearly a year ago. This app can be set up in a quite simple way. It is available on all NFC-enabled, non-rooted Android KitKat 4.4+ devices.

To start using it, add your credit or debit card from a participating bank and feel free to make purchases using a virtual version of plastic cards. You can use this app to make purchases within apps on your phone, in real-life stores and even certain vending machines.

Compatibility: iOS, Android;

Fees: no fees for purchases through Android Pay. You pay fees to merchant acquirer as you do with regular credit card transactions;

Speed: up to 3 days;

Limits: the daily limit is $100 per transaction – anything greater requires your PIN. $1,200 per day;

Risks: your actual card number is never shared;

Keep balance in the app? Yes.

Follow the trend with mobile payment

Of course, traditional payment systems like cash, credit, and debit cards, are still commonly used. But mobile payment apps make the entire process much more painless and up-to-date.

The common strength of the mentioned apps is surely convenience. Consumers and businesses need the motivation to commit to a mobile commerce world. Innovations in mobile payment options can, at last, provide it.

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