The dream of a mobile wallet revolution is becoming a mainstream reality. As more and more companies release smartphone payment apps, we can all look forward to the days where we can finally kiss goodbye to our physical cards and cash forever. With popular mobile wallet services, you are able to pay back your friends and even transfer money to foreign countries/bank accounts with one touch on your smartphone device. E-commerce apps are raking in all of the business and, there’s a huge market for mobile wallet apps thus making the competition fierce. As there are a ton of features that different apps provide, it can understandably be hard to know which is the best for you. Mobile payment apps is an ever-growing industry, and you can find out how to make a great profit from it with our guide. In this article, we’ll take a look at some of the most popular and best smartphone payment apps that are available today.
1. Google Pay
Is there anything that Google doesn’t have an app for? Google Pay allows you to send cash to phone numbers and emails. Recipients receive an email requesting them to verify their identity and then the cash is sent directly to their bank account. This extra verification process does take slightly longer compared to other apps that do not require this step, but it’s always nice to know that the money you’re sending over is in safe hands with Google.
2. Chase Mobile
Most big banks have realised that they need to sport a mobile app if they want to stay ahead and in favour with millennial customers as the majority of these customers would prefer not to visit their local branches to use an ATM machine or to make a money transfer. The popular and highly-rated app that is Chase Mobile is available for both Android and Apple. Chase (like most apps) authenticates and protects your data by allowing users to use Touch ID (or Face ID if you have the fancy iPhone X) to login to their accounts, which helps to enhance and simplify smartphone payments and transfers making them extremely secure.
If you haven’t heard of Venmo, where have you been? This relatively new kid on the mobile phone payment block has now reached colloquial status with the younger generation. Spend any time on a college campus and you are bound to hear things like “I’ll Venmo what I owe you for dinner later,” or “Let’s Venmo the drinks bill between us.” Venmo lets you send money using mobile numbers, email addresses and even Facebook accounts.
If you have friends around the world that you need to send money to, TransferWise is one of the safest and most convenient ways to do so. Users can enjoy lower fees thanks to some clever currency magic. When you transfer money, the amount doesn’t ever leave the country of origin. Instead, the sum is matched with another in the country of the recipient and it’s sent to them using a domestic rather than an international transfer process.
5. Square Cash
Cash is no longer king, and Square Cash is proving this exact bold statement. While the app may not have the thrills and millennial touches that you get with Venmo’s payment platform, you can still receive money easily, cash out easily and have the money wired instantly to your bank account. There is also the ability to cancel a payment, something that isn’t currently possible with Venmo and the majority of the other apps.
6. Tabbed Out
TabbedOut has been developed specifically for the bar and restaurant crowd, allowing patrons to pay with their mobile phone in any establishment that supports the app. You’ll get to see your bill in real-time (perfect if you want to avoid the end-of-the-night shock after a few too many tequilas), and you’re given the option of splitting the bill with other members of your party, leaving a tip for the ever-so-great customer service. You can also pay directly from the app. If you enjoy leaving your opinions on the services you’ve received from a restaurant, this app is perfect for you. You’ll be able to build relationships with your favourite restaurants with the option fo leave feedback once you’ve received your bill, providing you with the possibility of earning discounts for the future.
LevelUp incorporates technology that allows users to scan QR codes to make payments to businesses. This not only makes payment fast for business’ and customers alike but it also comes with a number of loyalty rewards and programs, helping to maintain customer retention. From unlocking credit after a certain purchase threshold has been reached to receiving new user discounts, there are many great features and rewards that this app has to offer.
When it comes to card-reader dongle apps, Square is by far the most impressive and popular within the niche market. Simply by inserting a tiny card reader into the headphone jack of your tablet or smartphone, you can turn your device into a cash register and accept card payments (sorry for the iPhone 7 and above users, the headphone jack is sorely missed). Square Wallet, another feature from Square, allows customers to settle their bill simply by checking in at the store or establishment via the app itself.
9. Samsung Pay
While it is an Android exclusive, Samsung Pay has a strong following because it is accepted virtually anywhere. Thanks to a technology known as Magnetic Secure Transmission, the app allows users to load their debit, credit, loyalty or gift cards to the payment platform so that they can use their smartphone to pay for goods and services. The app allows your phone to mimic the basic features that a physical swipe card would usually provide. What gives this app a great advantage over the previously mentioned is the fact that it doesn’t require other businesses endorsing the app for it to work.
10. Apple Pay
Of course, this list wouldn’t be complete without the mighty Apple being featured, and they have certainly taken a huge bite out of the mobile payment industry, helping it to become a mainstream necessity that we pretty much can’t live without. Apple Pay allows users to pay for goods or services with their iPhone and even their Apple Watch. The app itself is secured with Apple’s Touch/Face ID technology and the payment technology is as secure – or in fact, better than – contactless payments that you would usually make with your card. The app acts as a virtual wallet for users, allowing them to store their credit cards, loyalty cards and much more. With its advanced security features, your data is in the safest and most secure hands. You will receive a real-time bill for anything that you purchase so that you know exactly when a payment has gone out. Trust Apple to take something great and make it even better.
The mobile wallet industry has gone through a variety of changes and evolutions throughout the years. But as the industry continues to evolve and embrace the latest technologies, more dedicated consumers will look to mobile payment apps as an essential for most, if not all payments in the future. If you have a brilliant app idea, why not Talk To Us today? You never know, one of your apps could be featured in a list like this!
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