Mobile Wallets to Make Online Payments
What is the cheapest way to send money ??
Paying with a smartphone is easier than ever, you can you send money quickly and cheaply to your friends or loved ones ?
Innovative Mobile Payment Apps is providing consumers with new ways to exchange money, often requiring only the email address or mobile phone number of the recipient, many of the services are free for personal use.
Mobile payment apps like Apple Pay, Zelle and Venmo have grown exponentially since launch.
How Safe are payment Apps?
Mobile payments through virtual smartphone wallets has its own security issues, many experts say mobile payment methods are more secure than physical cards and cash.
Experience shows that nothing is secure in the digital world. Data breaches, stolen or lost cell phones are always a possibility.
If you unwittingly drop your smart phone at a mall, restaurant or leave it at an airport charging dock, it’s up for grabs for any unscrupulous person who would rather disrupt your life than return your lost property.
Two-factor authentication and secure Wi-Fi can protect your mobile wallet from thieves
- Mobile payments aren’t immune to intrusions by hackers and identity thieves.
- Losing your phone is like losing your credit card.
- Cyberthieves can spoof your mobile wallet.
- Malware on your cellphone is always a issue.
Many payment Apps are becoming increasingly popular and compatible with many merchant card readers, credit cards and banks.
Today, you have far more options for people moving money between peers.
What are best apps for simple mobile payments ??
- Square Cash.
- Apple Pay
- Google Pay
- Cash App
- Facebook Messenger
- Samsung Pay
- Chase Pay
Popular Mobile Payment Services
Venmo “Just Venmo me”
Venmo is a popular peer-to-peer payments app available on iOS and Android and has become the most successfull payment app for millennials. Venmo uses encryption to keep your transactions and app data secure.
How exactly does Venmo work?
Venmo works by linking with your bank account and have option of linking credit or debit card. read more
Are there any fees related to using it?
Free if you use Venmo balance, bank account, debit card or prepaid card.
If you use a linked credit card to send money or make purchases, you’ll be charged a 3% fee.
What are the Pros and cons of Venmo ??
- Poor customer service.
- Anyone can cancel payments easily and if you sold something to a stranger, you may never receive your money.
- 3% Fee for use of Credit Card
- if your email is hacked, your Venmo can also be hacked
- Transfer Limit
Zelle, is the Banks Answer to Venmo, a fast, safe and easy way to send and receive money at different banks.
Zelle is backed by the biggest banks of united states, available to almost anyone with a U.S. based bank account.
Banks online security guarantee covers Zelle transactions in the unlikely event an unauthorized user accesses your accounts.
Always confirm that the person you are paying is someone they know and trust. Zelle offers no recourse to scams, other than suggesting that users only transfer money to people they personally know.
Is there a fee to use Zelle?
Zelle doesn’t charge a fee to send or receive money, check with your bank or credit union of additional fees if any.
Is Zelle the fastest money transfer Option ?
Yes for bank account transaction.
How long does it take to get money from Zelle?
Zelle transfers typically happen within minutes.
What are the Pros and cons of Zelle ??
- No credit cards allowed, You can only transfer money using bank accounts and debit cards.
- If you buy something and send the money via Zelle, and the item never arrives, you are screwed.
- Zelle’s quickness in transferring funds also makes it a prime target for criminals and fraudsters.
What Banks Support Zelle?
Bank of America, BB&T, TD Bank, PNC Bank, U.S. Bank, Wells Fargo, SunTrust Bank, JP Morgan Chase
Ally Bank, Bank of Hawaii, Bank of the West, BECU, Capital One, Citi, Citizens Bank, Comerica Bank, ConnectOne Bank, Dollar Bank, Fifth Third Bank, FirstBank, First Tech Federal Credit Union, First Tennessee Bank, First National Bank, Frederick County Bank, Frost Bank, HomeStreet Bank, KeyBank, M&T Bank, MB Financial Bank, Morgan Stanley, Schools First Federal Credit Union, Star One Credit Union, USAA
Apple Pay works in brick and mortar stores. It allows shoppers to pay using their iOS phones if the retailer has installed the NFC terminals.
Shoppers need to store their credit card information in Apple Passbook.
Apple will not track shopper transactions and store the data.
Is it safe to use Apple Pay?
Apple Pay has an important added layer of protection that doesn’t exist on contactless debit and credit cards.
Quick and easy NFC based payment system. Substitutes actual card numbers with virtual ones for security.
Can you send money Quickly, Easily, and Cheaply ?
Opinions expressed here are author’s alone, not those of any bank, credit card issuer, or other company, and have not been reviewed, approved or otherwise endorsed by any of these entities. All information, including rates and fees are subject to change.