In the digital world we live in today, there is a growing hunger to digitize everything from our movement to our store/shopping and even our money.
This digitization of currency has brought about digital modes of payment. ‘Cashless Universe’ is becoming a global term as literally no one wants to carry or be seen with cash. To be honest it’s a safer, faster and more reliable means of handling and spending money.
This global digitization has led to the rising need for apps or websites for digital payments, storage, and easy sharing of money, hence the establishment of peer-to-peer payment apps.
What are Peer-to-Peer Payment Apps?
Peer-to-peer payment apps are mobile networks where online transfer and payments can be easily carried out as a means of sharing funds or even online payment.
Sometimes finding a reliable payment app can be risky, so below is a list of 10 of the best and most reliable peer-to-peer payment apps that would surely make handling and sharing of your funds safer and easier.
Zelle
This is an American peer-to-peer app launched in 2017 by Early Warning Services, LLC. It has grown widely since its establishment, becoming one of the safest and fastest means of direct transfer and funds management.
Zelle has partnered with top banks in the US like “Bank of America, Wells Fargo Chase” providing transactional services. It allows you to send money either through your bank account or using the Zelle app.
After setting up your zelle account on the app, you can then request or send money to other users through email or phone number. Using the app is very easy and fast as the app is compatible with many banks and credit unions. But cannot be used for international transactions to banks outside the US.
Venmo
This is a mobile payment service that allows registered users to send and receive money through the venmo app, bank account or credit card.
It was launched in 2009 by parent company PayPal to make sending and receiving funds easy and comfortable. By 2018 they handled over $159 billion dollar within the first quarter and was later named one of the most popular peer-to-peer apps by Lakeland bank.
Venmo also offers an optional debit card for easier payment and it’s accepted in most stores. Users can apply for transfer of funds from their Venmo wallet to their local banks but would have to wait for at least 24hrs or a service fee of 25 cents would be charged for instant deposit and a maximum of $10 per transaction.
SquareCash
‘Commerce Made Easy’. SquareCash is an online peer-to-peer payment service that makes sending cash as easy as sending an email.
SquareCash makes it easy to send money to anyone anywhere without the need of having to write cheques, or deal with ATM fees. With SquareCash you can now easily split bills, send birthday gifts or even settle up with friends no matter where you are.
With SquareCash, customers can easily pay just by sending an email to the recipient where he/she has to fill out their card number and afterwards the money is transferred directly to their bank.
PopMoney
PopMoney is a secured, fast and easy peer-to-peer payment service that allows you to request, receive and send money.
PopMoney which stands for Pay Other People Money has been in existence since 2010 when it launched and took over traditional check payments as was used by most banks then. It brought about a more convenient method of sharing money and soon took over older means.
This is one of the safer services and has been serving customers for over a decade now.
Remitly
This is an online money transfer service that allows users to transfer money to anyone from anywhere in the world for free.
Remitly is very easy to use and signing up is even easier. Once registered for free by filling in your details, you can then proceed to fund your account from your local bank and begin sending and receiving money conveniently.
With a low-cost rate, remitly allows you to keep, receive and transfer funds to anyone in the world at a very low service fee, thanks to their remote operation. Money transfer can be delivered within 24 hours or more depending on the location of the receiver.
Payoneer
This is another huge peer-to-peer payment app gaining a fast audience and users thanks to its global operation. Payoneer helps freelancers and online workers receive money from clients anywhere in the world at one of the best rates available.
Payoneer has a super interactive site that guides customers through the registration process and helps get them set up to start sending and receiving money globally.
They also offer debit cards and direct transfer to local bank accounts. Payoneer has totally simplified payments with a pleasant transfer rate and helped multiple small businesses grow through their cash injections. Swapping of currencies is very much possible on payoneer and they operate a 24/7 multilingual customer care support system for customers assistance.
CashApp
One of the most popular peer-to-peer payment apps, CashApp has been helping millions of customers send, receive and even invest their money since 2013.
They operate with customers all over the world providing monetary services. Due to their tight security, creating an account is not that easy but once approved can be the safest means of protecting your funds.
CashApp helps freelancers get paid, allows international transactions, and provides a safe space for investors to invest in bitcoin, the stock market, and other cryptocurrencies.
GooglePay
One of Google’s multiple online services, GooglePay is a digital payment platform that allows users to transfer and make payments with the help of a Google digital wallet.
The app is available for both android and apple users but would have to sign in with a Google account. After registering with your Google account, you’d be asked to link your bank information to set up your digital wallet.
With a Google pay account, online subscriptions for services like Netflix, YouTube, Spotify, Apple music or other digital platforms can be easily made thanks to your digital wallet.
ApplePay
This is another impressive peer-to-peer payment app developed by a technology powerhouse APPLE INC.
This app allows online payments possible by linking your credit or debit card to the wallet app on your apple device. With this apple wallet, you can easily make transactions and payments even in local retail stores from your wallet to another apple user’s wallet.
Although this is one of the best payment apps, it is only limited to apple users and funds in your apple wallet cannot be sent to non apple wallets. This wallet proves to be one of the many ways Apple continues to connect it’s users and devices and create a very unique digital world powered by apple.
PayPal
This is one of the largest financial technology companies with over 150 million users across the globe. PayPal has breached the gap of cross continent transfer in one of the most safest and easiest ways.
PayPal helps users with personal money transfer, e-commerce and online purchases. They provide users transaction services by linking bank cards to your verified accounts. These funds can be redrawn to a local bank account or transferred directly to other users.
Unlike most peer-to-peer payment apps, PayPal has a high transfer limit allowing users to send up to $10,000 in a single transaction. It is available in many countries and easily converts different currencies making it one of the most universally accepted peer to peer apps.
These apps listed above are one of the most effective, tested and trusted payments apps that is sure to make your daily transactions stress free, smooth and easy. Though many of these apps may be similar, it’s best to check them out in order to know the one that best suits your transaction type and requirements.
