Over the years, significant changes have been witnessed in the ways through which payments are made, by businesses and individual users.
With technology becoming an integral part of payment systems, it has now become much easier to make payments for almost everything you need, instantly and at a click. Whether it is utility bills, groceries, e-commerce, subscription charges, there seems to be no exception. Payment applications have managed to make life a lot easier for users who earlier used to struggle with multiple bill payments, lots of paperwork and a manual need to actually direct banks to transfer money for particular purposes. Moreover, they have ushered in a new era of “cash-less” payments wherein the users are freed from the responsibility of carrying cash all the time.
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Payment Applications: The future is all about digital transactions
A payment application is an application that you can download on your mobile phone or even on your tablet or laptop, it can be used to make payments for just about anything. You can link it to your bank account by verifying your details, and you can be assured that this data would be kept confidential as these payment apps are designed on secure infrastructures and platforms. As these payment apps allow you to make payments quickly, securely, and conveniently, they have become extremely popular and have emerged as the future of online payments.
10 Global Payment Apps That Are Widely Popular Today
Since a lot of people are looking to go digital and want to minimize the use of paper currency or credit/debit cards, many companies have developed payment apps, which have gradually become extremely popular and are now being widely used.
Here are ten global payment apps that are transforming instant payments: –
- Apple Pay: Apple Pay was introduced by Apple Inc. and can be downloaded on most Apple devices, including iPhone, iPad, MacBook, and Apple Watch. It has made making cashless payments much easier since it does not require Apple-specific contactless payment terminals, and is available in a number of countries such as the United States, the United Kingdom, China, the UAE, Saudi Arabia, Hong Kong, Australia, etc. Apple Pay supports payment in a local currency as well as in foreign currencies. It is possible to make payments of up to the US $3000 in a single transaction with a maximum of up to the US $10,000 within a period of 7 days.
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- PayPal: PayPal Holdings Inc. is an American company established in the year 1998, which provides online payment services all over the world. Vendors, commercial establishments, individual users, auction sites, etc. can all use this payment app. It is compatible with both Android as well as iOS, and once you sign up for it, you can send up to $10,000 in a single transaction through your verified account. Users having an active PayPal account can accept payments in multiple currencies, but in the event that there is a need for currency conversion, PayPal charges a small fee. Money received in PayPal can be transferred to a bank account as well.
- Venmo: Venmo is another very fpopular payment app, which is owned by PayPal but unlike PayPal, which is a global payments service, Venmo is available for users residing in the United States only, i.e., the user transferring the money and the user receiving it should be residing in the USA itself. This app is compatible with Android OS as well as iOS, and users can make maximum payments of up to $ 2,999.99 in a week. Users first need to add money to the Venmo balance, which is then used for making the transaction.
- PayTm: This is an Indian payment app which is headquartered in Noida and was founded in August 2010. PayTm is available in about 11 languages and can be used for paying bills, booking tickets for movies, events, flights, trains, etc., mobile recharges, etc. along with in-store payments such as at grocery stores, educational institutions, pharmacies through the means of a Paytm QR code. Users can make payments through the balance in their Paytm wallet or directly from their bank account using the UPI facility.
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- Google Pay: Formerly known as Pay with Google and Android Pay, the payment app from Google was named “Google Pay” in the year 2018. It was developed by Google to power in-app, and tap-to-pay purchases on mobile devices, which can be either Android or iOS, but is very convenient for Android users. This app is available to users almost all over the world but with different payment limits. With the help of Google Pay, users can make payment for their utility bills along with making payment for various purchases and transferring money to other users.
- BHIM UPI: – Bharat Interface for Money is a unified payment interface that allows users in India to make cashless payments through their bank account. Users need to link their bank account with the BHIM UPI app once, and thereafter they need to verify each transaction with their unique UPI passcode/PIN. BHIM UPI can be used to make payments for utility bills, e-commerce transactions, as well as for transferring money to the bank account of other users. Users can also receive payment from other users merely by sharing their UPI ID.
- Cash App: Formerly known as Square Cash, Cash App was developed by Square, Inc. in 2015 and allows its users to transfer money to others through the means of its payment app. It was initially developed to facilitate business-related payments but is now used otherwise as well. The payment app is linked to the bank account of the users, and thereafter they can send money to anyone with an account. Much like PayPal and other payment apps, there is a feature to hold money in a wallet, and it is also possible to transfer money directly from the linked bank account.
- MobiKwik: Founded in 2008, MobiKwik is an Indian company that provides a mobile device-based payment system. Users can add money to their wallets and make transfers to bank accounts as well as make payments for their bills. In the year 2013, the Reserve Bank of India authorized the use of MobiKwik wallet, and since 2016, the company also began extending small loans to its users. Also, in the year 2016, the company introduced MobiKwik Lite for those living in areas with poor internet connectivity.
- Amazon Pay: Amazon, in 2007, introduced Amazon Pay for its users so that they can make payments for purchases made using their Amazon account as well as on other merchant websites. This payment app is available in many different countries, including India, Belgium, Germany, the United Kingdom, the United States, etc. Users can store money in their Amazon Pay wallet for making the transactions as well as link it to their bank account for making payments directly.
- Facebook Messenger: One interesting payment app is Facebook Messenger, which allows its users to transfer money to their friends simply by providing their debit card information. The payment information is kept secure and confidential, and the recipient simply sees the amount, name, and profile photo. Once the payment is made, it will show up in the bank within a period of 5 days.
There are a number of payment apps that are available today that aim to make the process of making online payments easier, quicker, and simpler. With the rapid pace with which smartphone users and internet connectivity are improving, it would not be an exaggeration to state that the future of cashless payments lies within the innovations of these payment apps.