This refers to the means through which persons/entities transfer cash between one another quickly and conveniently. You can use your mobile device to make transactions and payments simply and through them, you can use a digital wallet to link your credit card or bank account. Therefore the choice of which app to use depends on your preferences which are the ease of use, required maximum, and minimum transfer amounts, app security features, and transaction speed, among others. Common apps include;
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PayPal
This is the biggest and most synonymous app with money transfers It offers the handiest business tools and safety features as evidenced by the platform’s use of 100 currencies in over 200 world markets and a successful track record backed up by 286 million active users worldwide.
The company was founded in 1998 by Peter Thiel and Max Levchin as Confinity (changed to PayPal two years later upon merging with Elon Musk’s X company) to provide low-cost email-based digital payments for consumers. It was a hit given the fact that payments from retail sites like eBay were made via checks/ money orders via the US Postal service causing delays…and this is the void PayPal ably filled. In 2002, it was sold for $1.5 billion for which Musk cashed out and in 2014 was once again a singly trading company, PayPal.
How it works
Some of its features include, a PayPal debit cash card, instant transfer, the ability to share PayPal.me a link for quick payment options, invoice creation, a high daily transaction limit, and sophisticated encryption. To access these, download the app via iOS, Android, and windows and fill in your credentials to get started.
World remit
This is one of the most popular and reliable transfer apps and is backed by its ability to transact over 90 currencies in over 150 countries, showing support to a variety of payment methods.
It’s popular for its speed, low fees, lack of hidden costs, and best exchange rates. It’s flexible enough to allow for money sending through cash pickups, mobile money, bank transfers, and airtime top-up….all features enticing for a potential user.
To use, download the iOS or Android versions and sign up and to send money, select the destination country and fill in recipient details. Upon sending, they’ll be notified by mail/SMS.
Cash app
This is one of the most successful payment services worldwide founded as Square Cash in 2013 by then Twitter CEO Jack Dorsey under the basic concept of making payments directly through email. Allows for fund transfer to bank accounts and peer-to-peer payments by phone and is also known for its low fees.
Thanks to its innovative features like bitcoin exchange, Cash App card, and boost, credit card payments, no minimum balance for account opening, and encrypted payments, it has grown to about 24million active users worldwide, a figure that rises 60% each year, despite competition from Venmo and PayPal.
How it works
It’s available as a free app on both Android and iOS and also supports phone number functionality. Upon signing up, users create a personal unique $Cashtag and avail a link to their bank account. To send money, enter your recipient’s phone number/$Cashtag after which a confirmation mail/text will be sent. They then choose how they wish to complete the transfer – the same procedure to request payment.
Other popular apps to look out for include; Payoneer, Venmo, Azimo, Meta pay, Zelle, Apple Pay, and Western Union.