Every modern customer knows that a mobile payment industry is one the most high-demanded ones. We don’t have to carry around our wallets anymore, sort through a bunch of credit cards, and cash. Now, you can easily transfer money, shop and retail online with a couple of swipes on your smartphone’s or tablet’s screen. Convenient isn’t it? But the trickiest part is to choose the best mobile app to use for Android or iPhone payments. Why don’t we explore this topic?
Essentially there are five of them:
Earlier, in one of our blog posts, we explained the most used and appreciated method of Near Field Communication and how to make NFC payments. It’s the core technology of many finance handling applications that provides secure architecture and compatible framework for peer-to-peer money exchange. Now, we can move forward with what the market is offering.
Where do you start when there is a wide range of the outstanding mobile payment apps? All have their own distinctive features and the unique user interface. Then, you must consider the type of application you seek (mobile wallets, peer-to-peer systems, or an app for credit card payments). And what about fees and limits? Is the platform reliable and ease-to-use? All of this is important since you are dealing with money.
We already discussed a bit about famous Stripe and Braintree secure mobile payments. So it’s only reasonable that today we’ll present you a list of the best mobile services which make cell phone payments easier than ever. There is a whole variety of them for wearable devices and different niches, choose wisely.
Literally, one of the oldest apps that is considered to be a king in the field. PayPal phone payments have thrived over the years and adapted perfectly to the modern e-commerce world. The system is easy-to-use and handles money transfers between its clients (P2P). PayPal payments over the phone are the best choice for those who prefer online shopping and for both individuals and businesses enterprises. All you have to do is link the Paypal account with a mobile phone, create a PIN, and go on with the in-app or mobile Internet purchases.
In addition to the secure PayPal NFC payments, users can check their balance and all transactions in detail. There is also PayPal Here application for mobile payments via a card reader. See? Just your personal Wallet in the Cloud!
Charges: 2.9% + $0.30 USD per transaction.
Another highly adopted giant that takes credit card payments on iPhones to a new level – safer, easier, faster. Within the second you’ll be able to buy products in apps, stores, and now even on the web. And the debit and credit cards details are never stored on Apple’s servers, all your data stays private. Quick transactions are made with the help of device-linked number and exclusive identity code. To crown it all, the application is protected by the fingerprint sensors of Touch ID security layer. Using the NFC technology, this digital wallet is reliable and effective for simple mobile payments online.
Available for: iOS devices (including Apple Watch).
As the name suggests, this is an uncomplicated mobile wallet app for the person-to-person money transfers and in-store payments. It allows you to send money through Gmail attachments and link credit/debit, loyalty, or gift cards to your Google account. Just set up a PIN code and enter your credentials, done! In case you lost a phone, the app provides you with the built-in cloud connection to completely shut down a Google Wallet account.
With this FDIC-insured payments application, you only need to swipe the phone or tap it on a machine to make transactions. A single sensitive drawback will be that Google Wallet works on only on a few models of smartphones with NFC chips installed in them. Though the application is gaining popularity with each day, so in no time the technology would be incorporated into more and more mobile devices.
An amazing Android app for credit card payments – comprehensive and reliable. Similar to Google Wallet, it’s a home for all your cards and a way to shop effortlessly in applications, stores, or on the web. This one is based on the wireless near-field technology and a contactless card reader. As a safety precaution, the Android Pay asks you to set up your Lock screen and keeps a history of all your transfers. Widely accepted by more than a million of US stores, the app, still, is more focused on online payments than its competitors.
Available for: Android.
This mobile peer-to-peer payment system stays popular among the young generation. Venmo, a PayPal unit now owned by Braintree, has made money transferring social. The app is secure, fast, comfy, and easy to handle. It allows you to pay via emails, text messages, phone number, or by using the money you have in Venmo itself. You can also link bank accounts and credit cards. The transactions are can also be shared via Facebook, Foursquare, and Twitter.
However, when the recipients get a text message about the transfer they have to register in Venmo in order to retrieve the money. And the drawbacks are that this application works only with specific U.S. banks and phone numbers, and there are some payment limits.
Charges: free; 3% fee per payment for credit cards.
Square payments over the phone have been around since forever it seems. And their Wallet was replaced by P2P money transferring solution called Square Cash for dividing bills and dealing with transactions. It’s a nice solution for businesses to get debit card payments and an alternative payment system to the Square Register.
This service basically turns iPhones and smartphones into the credit card readers (with a little white square) and payments go directly to users’ debit cards. Also, you can buy a Cash Pro account that lets commercial organizations accept money via emails, online, or through the mobile app.
Another particular advantage of Square Cash is it has a high-level security. This mobile payment system is packed with fraud detection, data encryption, and the protection from cyber threats. You can also setup the app to send you confirmation messages after successful payments, use the push notifications and receipts, etc.
Charges: free for individual usage; 2.75% if a credit card is present; 3.5% + 15￠ if the card is keyed into the Square app.
This platform is designed for individuals and businesses to handle mobile phone payments without relying on credit or debit cards. Dwolla is a digital wallet of sorts that works like peer-to-peer payment system and connects to your bank account. Just register on their site via an e-mail address or the Facebook / Twitter account. And after you’ve confirmed the e-mail and connected your accounts start with payments in the easiest way.
You’re allowed to pay and request money transfers via the phone numbers, e-mails, or Dwolla ID. Above all, Spots feature of this application finds for you the merchants that accept Dwolla near your mobile device. However, this app works only in the U.S.
Charges: the recipient pays 25% per transaction and the sender is able to assume this cost.
One of the leaders in its niche, a convenient and nice way to store your digital assets. Simply put, Blockchain is the world’s most popular Bitcoin wallet, simple and safe. Its protection is ensured by a client-side encryption solution of security.
The app works in 140 countries, supports 25 languages, converts over 22 currencies, and deals with approximately 160,000 daily transactions. Blockchain.info provides users with details on recent transactions, mined blocks, charts on the Bitcoin economy, and various statistics for developers. And this wallet helps you discover local businesses that accept Bitcoins.
Wanna make targeted credit card payments on your phone? Well, LevelUp is at your service. The product is oriented on small businesses like restaurant industry. This app shows the customers’ QR codes that you can scan on your phone or smartwatch to process a transaction. Just link your credentials with the LevelUp and go on with easy payments at chosen participating outlet.
Concerning the protection, the application uses all necessary security protocols (like the triple token system and encryption) and users can double up their safety with a PIN lock. Also, LevelUp provides analytics about the customers and their habits, and merchants are able to run loyalty and rewards programs for the clients.
That it, folks! As a bonus, you should also check out one of the recent innovations for mobile transactions – Social P2P application provided by Facebook Messenger
Things you must consider while choosing a mobile payment app include such issues:
Based on these criteria, you would be able to decide which digital wallet is the coolest for you.