Digital wallets have become the most feasible mode of making payments today. Cash is no more an option even in rural areas. Virtual transfer of money has become the demand for instant payments in 2020’s era. E-wallets or mobile wallets are established by the majority of schools, colleges, shops, hotels, shopping centers, libraries, reservation centers, and so on for quick transfer of cash from one account to the other. Sometimes, your phone number is just enough to proceed with the transactions between two wallets. They act as the third-party wire transfer system integrated with respective bank accounts to facilitate ease and convenience to the customers. For safe, speedy, and high portability features, digital wallets are immensely used by the users these days. Let us understand how beneficial these assets are: · Digital wallets protects users’ banking information, passwords etc. · They facilitate safe transactions without carrying cash. · You can easily lose your credit cards, cash etc, e-wallets cannot be lost. · Passcode or biometric is required to get access to your digital wallet Now, let us discuss the most popular digital wallet apps and the companies that developed them. Apple Pay: Created by Apple INC This facility is available for all iPhone users, where the Apple iOS integrates with Apple Pay. It is a service that is secured with a PIN or Apple’s FaceID or TouchID biometric system. The users can save their credit cards, debit cards, coupons, and online passes in their Apple Pay account to tap-to-pay at millions of retail locations across the world. Apple Pay cash is also included with this account to store money in your phone in a virtual card. You can spend this money through Apple Pay in the stores. It lets you pay or receive payment through a text message. Google Pay: Created by Google LLC Google Pay is tightly integrated with the Android ecosystem and can be used in stores. Google Pay App was also called Android Pay and Pay with Google previously, and the Google Pay Send is the Google Wallet to send and receive money from other people. This app can also be set up to automatically let the incoming money reach your bank account or stay in your Google account. PayPal: Created by PayPal Holdings Inc PayPal is the easiest and convenient means to make mobile payments. It is supported by many security measures to prevent theft. You need to link your PayPal account with your phone and set up a PIN to make a payment. Then, you have to complete a checkout at a related payment terminal. With some payments, PayPal charges a minimal amount of fee, but, it can be used for free to send and receive money. You can create Money Pools with your PayPal account to establish a way for others to pitch in to send you money. The pool page is though left public for all to see and contribute towards it. Venmo: Created by PayPal Holdings Inc Venmo is a leader among the social commerce apps. It is a pay-by-text service that enables people to pay each other using an SMS-based approach. However, it limits to pay a maximum $299 per week until you have verified your identity. The weekly limit rises to $2,999 after verification, with limited 30 transactions per day. The payee receives a text message after making the payment, and they are required to register themselves for retrieving the sent funds. Both the receiver and sender of the company should be US residents. These are top e-wallet management companies that facilitate you the smooth online transfer of funds to any registered user’s account. Apart from these, Square Cash, Zelle, Facebook Messenger, Starbucks, and Samsung Pay, and Cash App are some other options you can try on.
Digital wallets have become the most feasible mode of making payments today. Cash is no more an option even in rural areas. Virtual transfer of money has become the demand for instant payments in 2020’s era. E-wallets or mobile wallets are established by the majority of schools, colleges, shops, hotels, shopping centers, libraries, reservation centers, and so on for quick transfer of cash from one account to the other. Sometimes, your phone number is just enough to proceed with the transactions between two wallets. They act as the third-party wire transfer system integrated with respective bank accounts to facilitate ease and convenience to the customers. For safe, speedy, and high portability features, digital wallets are immensely used by the users these days. Let us understand how beneficial these assets are: · Digital wallets protects users’ banking information, passwords etc. · They facilitate safe transactions without carrying cash. · You can easily lose your credit cards, cash etc, e-wallets cannot be lost. · Passcode or biometric is required to get access to your digital wallet Now, let us discuss the most popular digital wallet apps and the companies that developed them. Apple Pay: Created by Apple INC This facility is available for all iPhone users, where the Apple iOS integrates with Apple Pay. It is a service that is secured with a PIN or Apple’s FaceID or TouchID biometric system. The users can save their credit cards, debit cards, coupons, and online passes in their Apple Pay account to tap-to-pay at millions of retail locations across the world. Apple Pay cash is also included with this account to store money in your phone in a virtual card. You can spend this money through Apple Pay in the stores. It lets you pay or receive payment through a text message. Google Pay: Created by Google LLC Google Pay is tightly integrated with the Android ecosystem and can be used in stores. Google Pay App was also called Android Pay and Pay with Google previously, and the Google Pay Send is the Google Wallet to send and receive money from other people. This app can also be set up to automatically let the incoming money reach your bank account or stay in your Google account. PayPal: Created by PayPal Holdings Inc PayPal is the easiest and convenient means to make mobile payments. It is supported by many security measures to prevent theft. You need to link your PayPal account with your phone and set up a PIN to make a payment. Then, you have to complete a checkout at a related payment terminal. With some payments, PayPal charges a minimal amount of fee, but, it can be used for free to send and receive money. You can create Money Pools with your PayPal account to establish a way for others to pitch in to send you money. The pool page is though left public for all to see and contribute towards it. Venmo: Created by PayPal Holdings Inc Venmo is a leader among the social commerce apps. It is a pay-by-text service that enables people to pay each other using an SMS-based approach. However, it limits to pay a maximum $299 per week until you have verified your identity. The weekly limit rises to $2,999 after verification, with limited 30 transactions per day. The payee receives a text message after making the payment, and they are required to register themselves for retrieving the sent funds. Both the receiver and sender of the company should be US residents. These are top e-wallet management companies that facilitate you the smooth online transfer of funds to any registered user’s account. Apart from these, Square Cash, Zelle, Facebook Messenger, Starbucks, and Samsung Pay, and Cash App are some other options you can try on.
Digital wallets have become the most feasible mode of making payments today. Cash is no more an option even in rural areas. Virtual transfer of money has become the demand for instant payments in 2020’s era.
E-wallets or mobile wallets are established by the majority of schools, colleges, shops, hotels, shopping centers, libraries, reservation centers, and so on for quick transfer of cash from one account to the other. Sometimes, your phone number is just enough to proceed with the transactions between two wallets. They act as the third-party wire transfer system integrated with respective bank accounts to facilitate ease and convenience to the customers. For safe, speedy, and high portability features, digital wallets are immensely used by the users these days.
Let us understand how beneficial these assets are:
· Digital wallets protects users’ banking information, passwords etc.
· They facilitate safe transactions without carrying cash.
· You can easily lose your credit cards, cash etc, e-wallets cannot be lost.
· Passcode or biometric is required to get access to your digital wallet
Now, let us discuss the most popular digital wallet apps and the companies that developed them.
Apple Pay: Created by Apple INC
This facility is available for all iPhone users, where the Apple iOS integrates with Apple Pay. It is a service that is secured with a PIN or Apple’s FaceID or TouchID biometric system. The users can save their credit cards, debit cards, coupons, and online passes in their Apple Pay account to tap-to-pay at millions of retail locations across the world. Apple Pay cash is also included with this account to store money in your phone in a virtual card. You can spend this money through Apple Pay in the stores. It lets you pay or receive payment through a text message.
Google Pay: Created by Google LLC
Google Pay is tightly integrated with the Android ecosystem and can be used in stores. Google Pay App was also called Android Pay and Pay with Google previously, and the Google Pay Send is the Google Wallet to send and receive money from other people. This app can also be set up to automatically let the incoming money reach your bank account or stay in your Google account.
PayPal: Created by PayPal Holdings Inc
PayPal is the easiest and convenient means to make mobile payments. It is supported by many security measures to prevent theft. You need to link your PayPal account with your phone and set up a PIN to make a payment. Then, you have to complete a checkout at a related payment terminal. With some payments, PayPal charges a minimal amount of fee, but, it can be used for free to send and receive money. You can create Money Pools with your PayPal account to establish a way for others to pitch in to send you money. The pool page is though left public for all to see and contribute towards it.
Venmo: Created by PayPal Holdings Inc
Venmo is a leader among the social commerce apps. It is a pay-by-text service that enables people to pay each other using an SMS-based approach. However, it limits to pay a maximum $299 per week until you have verified your identity. The weekly limit rises to $2,999 after verification, with limited 30 transactions per day. The payee receives a text message after making the payment, and they are required to register themselves for retrieving the sent funds. Both the receiver and sender of the company should be US residents.
These are top e-wallet management companies that facilitate you the smooth online transfer of funds to any registered user’s account. Apart from these, Square Cash, Zelle, Facebook Messenger, Starbucks, and Samsung Pay, and Cash App are some other options you can try on.
