The world has gone digital and we are officially in the age of the app. With mobile apps being so prevalent, it makes sense that they’re also changing the way we make payments.
The days of sending cashiers checks and money orders are long gone, thanks to the development of several key payment apps that simplify the checkout process and make it easier to receive money. But which one is the best for managing your money?
When it comes to your finances, these are the best payment apps to help you make and receive payments.
- Platforms: Android, iOS
- Cost: Free with an extra charge for currency conversion
PayPal has been a popular choice for many years and remains the best payment app today. More than 400 million users today use the service with simple QR codes to pay and receive payments. If you’re having trouble paying your bill in full, you have the option of buying and then paying more than four interest-free installments. Simply choose the Pay in 4 option at checkout to continue.
Another unique option is the ability to pay with cryptocurrency. Instead of needing a crypto credit card, you can use PayPal as a taxable transaction at millions of stores, giving you an additional option. Using PayPal is free, although there are additional charges when you need currency conversion. Available through a mobile app, PayPal also offers online access. Plus, when you join, there’s a $5 reward when you spend $10 or more.
Advantages:
- free to pay
- Built-in security measures
- Several financing options
The inconvenients:
- Poor customer service
- Endless challenge process
- Platforms: Android, iOS
- Cost: Free
With Cash App, it’s free to send and receive money, saving you tons of money in transfer fees. Just create a $cashtag and use it to make payments anywhere. The Cash card bears the Visa® logo and allows you to make in-person and online purchases using your Cash app balance. It is compatible with Apple Pay and Google Pay for easier use.
Getting money is also simple. When you deposit $300 each month, you get three free ATM withdrawals per month. One of the best parts of Cash App is that you can receive your paycheck up to two days earlier when you open an account.
You can also buy bitcoins from just $1 in a friendly format for new and experienced investors. There are built-in security measures to help keep your information private, such as verification locks and data encryption.
Advantages:
- Free to use
- Simple to use
- Tax reporting tools
The inconvenients:
- Lack of advanced features
- International limits
- Platforms: Android, iOS
- Cost: 2.9% + 30¢ per successful charge. Custom packages are also available.
Stripe has some pretty impressive stats: 90% of American adults make purchases from a business that uses Stripe. It’s easy to see why – it’s available in over 35 countries and supports over 135 currencies. It’s also used by millions of businesses big and small, including Instacart, Google, Shopify, and Amazon.
The application is used not only to send payments, but also to receive them. There are also integrations for several systems, including Shopify, NetSuite, and WooCommerce. You can integrate your own custom checkout using JavaScript with a custom UI toolkit for full customization. With extreme care built into its systems, customers can enjoy over 99.99% uptime with additional compliance procedures.
Advantages:
- Reporting Features
- Instant deposits
- 24/7 customer service
The inconvenients:
- Must pay for usage
- Limits apply to in-person purchases
- Platforms: Android, iOS
- Cost: 3% when sending money from a linked bank account, debit card, or Venmo account
Venmo is popular for sending money between family and friends, thanks to its more than 83 million users. Whether it’s paying for family groceries or splitting the rent with a friend, Venmo is hugely popular for sending and receiving money between acquaintances. You can also invest in crypto directly through the app as it supports multiple types of cryptocurrency.
For companies, it is possible to create a profile in order to benefit from greater visibility with existing and new customers. You also have the option of getting a Venmo credit card with up to 3% off and a personalized QR code to make it easier to receive and send payments. Reward categories change in turn.
Advantages:
- Compatible with cryptocurrency
- Simple to use
- Commonly accepted where PayPal is accepted
The inconvenients:
- No international transactions
- Limited website tools
- Platforms: Android, iOS
- Cost: There are no fees to use Zelle, although your bank or credit union may assess their own fees.
Zelle is an easy way to send money using your bank account. You must use a US bank account, thus excluding an international clientele. However, for US accounts, Zelle is one of the best payment apps for bank transfers. All you need to do is set up your account using your email address or phone number, then link your bank account. There are no restrictions on the exact bank you should use as long as you are using a US account.
The Zelle app is available through the Zelle app, or you can send transfers directly through most banking apps. It is compatible with more than 1,000 banking applications. All you need is the recipient’s email address or phone number, then you enter the amount you want to send. Nothing’s easier.
Advantages:
- Free to use
- Built-in security measures
- No limit to receive money
The inconvenients:
- No international accounts
- Payment limits apply
What is the best payment app?
PayPal is my favorite payment app. It’s a popular choice with millions of users and can be used to send money to friends and family or to transact with businesses large and small.
|
Payment app |
Platform |
Money sending fees |
Overseas operations |
|
PayPal |
Android, iOS |
Charges apply for currency conversion |
Yes |
|
cash app |
Android, iOS |
Free |
Yes |
|
Bandaged |
Android, iOS |
2.9% + 30¢ per successful charge |
Yes |
|
Venmo |
Android, iOS |
3% |
Nope |
|
Zelle |
Android, iOS |
Free |
Nope |
Which payment app is right for you?
Choosing the best payment app can be confusing, so here are our expert recommendations to help you find the best payment app for you.
|
Choose this payment app… |
If you want… |
|
cash app |
A simple application without complications |
|
PayPal |
A versatile app that offers flexibility with your payments |
|
Bandaged |
A payment app worthy of your business needs |
|
Venmo |
To send money to family and friends |
|
Zelle |
Use your bank account to make payments |
How did we choose these payment apps?
When choosing the best payment app, it is essential that each app meets certain criteria. These are some of the factors we take into account when looking for the best payment apps.
- Security: One of the most important things is to make sure your money is kept safe in the app. We look for security features like two-factor authentication and fraud detection.
- Costs: Not all payment apps are free, so we’re looking at whether there are any fees and plans available to give you an affordable payment app.
- Transfer speed: Some apps can take weeks to transfer funds, but the best payment apps offer simple and efficient transfers, whether you’re the one sending or receiving the money.
- Availablity: Some apps are only available in the US, which can be inconvenient when you have friends and family living overseas. Other apps may limit the amount you can send or receive, and additional charges may apply. Be sure to consider your needs when it comes to sending money abroad.
How do payment apps work?
Payment apps are an easy way to send and receive money using your mobile device. They are typically used by multiple types of customers, including individuals, contractors, and business owners. You can usually store your credit card or banking information in the app, so all you need to do is press a button to send money across the country or even around the world.
Are payment applications secure?
Many of the best payment apps incorporate additional security features to protect your most personal information from prying eyes. The applications use security measures such as Secure Sockets Layer (SSL), digital certificates and fraud protection against unauthorized transactions.
Are there alternative payment apps worth considering?
While searching for the best payment app, we found several options that might be worthy of your needs, whether personal or business.
While you’re thinking about all things financial, consider our picks for the best credit cards for good credit, the best rewards credit cards, and the best international travel cards of 2022.
