With the advancement of technology in the banking and finance sector, mobile banking apps providing contactless payments have become common. Because of this, our individual smartphones have now transformed into the equivalent of a payment card.
There are so many things that online banking has brought upon us. Thanks to mobile apps you can now check your transaction history wherever you are. Moreover, E-wallets make our life easier by safely storing our funds and assisting in online payments. Some of the more known apps are Paypal, Venmo, Cash App, and Paxum. So scroll down below to know more about these mobile banking apps and how they make your payments more efficient.
- Paypal
One of the oldest and most well-known apps, Paypal has been a household name when it comes to payment and transfer of funds between users. You can also seamlessly connect your bank account to Paypal for interbank transactions. Aside from that, Paypal also is available internationally so you can send funds in different currencies to other users. However, Paypal has transfer and processing fees which may hurt your bank account.
- Venmo
Venmo has been making rounds recently on the internet especially among teenagers and young adults as one of the most famous mobile payment applications available. What makes Venmo so popular and efficient is how you can use your Facebook account to register and create an account. Then you can link your debit or credit card so you can use the app to send or receive money from other Venmo users. Venmo has access to your Facebook or phone contacts so you can easily send or receive money. In cases that the recipient is not using the app, they are prompted to create one. But as much as it is widely used, this is not yet fully available in other retailers such as Forever 21.
- Cash App
Another app making rounds in social media is Cash App where you can send money by just using a cashtag. Aside from your ability to send and receive money through the app. You can also set up direct deposits to your account and use a debit card. Moreover, Cash App also can be used to file taxes and purchase stock and Bitcoin.
Once you create an account, you are given the opportunity to create your unique name called a ‘Cash tag’ which you can share to other users as a means of paying you or receiving money from you through the app. You can still search for other users by name, email address, or phone number.
Aside from the digital wallet, you also have the option to receive a Cash Card – basically a debit card tied to your Cash App account.
- Paxum
Paxum, like other digital wallets, gives you the opportunity to store your funds on your smartphone. You also have the option to pay all your invoices at once for only $1 per invoice. Aside from that, you can send mass wire transfers worldwide. You don’t have to worry about wasting so much time paying invoices one by one.
How to choose the most efficient app
There are many good options if you are looking for the most efficient mobile payment app. When selecting the best option, you need to consider convenience, the costs, and the accessibility. But that does not mean you can not have multiple apps on your phone. You can assign different purposes for each application, and maximize this to your advantage.