12 Apps That Are Ruling the Digital Payment System (2023)

Picture this. You are at a grocery store, stocking up on the everyday items, and just when you are about to pay at the cash counter, you notice you don’t have enough cash. Embarrassing, right? Well, we’ve all been through such situations. Thanks to the digital revolution, you shouldn’t have to feel compelled to carry cash all the time, and you can pay through your smartphone in a matter of seconds.

Digital payment apps and wallets have emerged as a boon. In fact, if the data are anything to go by, Mobile retail payments are set to grow by approximately$410.5 billionby 2020. In fact, studies have also suggested that payments through apps will fetch approximately$318.8 billionduring this period.

So listed below are some of the best digital apps that have completely taken over the sphere of Fintech.

1. Google Pay

Google Payis a seamless and quick way to make payments digitally. Google Pay allows you to look at in hundreds of different apps without having to divulge your payment information. The app includes Google Pay Send, which offers a peer-to-peer feature, is an alternative to the Google Wallet service.

With Google Pay Send, you can make payment to anyone, and all you require is the recipient’s phone number or email id. When you use this app to pay in stores, rather using your cards, Google Pay sends a specific encrypted number to the merchant.

2. Apple Pay

Apple Pay is a mobile payment app specifically designed for iPhone, iPad and the Apple Watch, which allows you to tap and pay at restaurants and stores with an advanced contactless system.

There are countless stores in the US where you can pay through your phone.

You can also utilize Apple Pay for in-app purchases on iOS by following the process listed down below.

• You can transfer money from your credit or debit card to the Apple Pay account.
• Lock your screen by entering the passcode and touch ID to launch Apple Pay.
• Now utilize the 4-6 character passcode or touch ID to make the payment.

Apple Pay has devised a unique system to protect your card details, so it doesn’t save the payments in the app, thereby making the whole transaction process secure.

The app doesn’t scan or retain your receipts, and it also doesn’t provide the location and other personal detail of the merchant.

3. Paypal

PayPal is one of the most distinguished brands in the sphere of Fintech. Paypal’s mobile app is used by nearly 173 millionpeople across203countries, andit supports 26currencies.

The mobile app of Paypal is extremely simple to use and is compatible with almost all the credit and debit cards issued by different banks. With this app, adding a card is as easy as clicking a picture. You can add your loyalty cards into the Paypal wallet.

With Paypal, transferring cash is also easy. You can send money from your PayPal account or bank account for free, while transacting through debit or credit card may include additional charges.

4. Square Cash

Initially, Square was launched as a hardware add-on, which enabled small businesses to turn an iPad or iPhone into a card reader.

But with time the brand has evolved and have gone beyond the simple POS (point of Sale) systems. So with the Square Cash app, you can send and receive money from your friends, family and acquaintances instantaneously.

Square Cash also lets you share a customized link of your profile with anyone, thus allowing you to receive payments from the browser within the app.

5. Facebook Messenger

Facebook Messenger has evolved to a great extent. Now you can use it for monetary transactions after you include the necessary details of your PayPal account or debit card on the messenger and install the latest version of the app. Once you enter the payment information, you get the option of generating a PIN to offer extra security when you send money the next time. To request money from someone on the app, you just have to open a chat and click the dollar icon.

6. Skrill

This is another excellent app that lets you send money to your acquaintances and friends. You can shop or pay bills and play online, and it even allows you to make payments to various international merchants.

The app also has a secured interface that enables you to store your debit or credit cards and bank details securely. With this payment wallet, you can spend your funds easily and quickly without making your financial details vulnerable to cyber threats.

Another brilliant feature of this app is that you can send or receive money in nearly 40 different currencies across 200 countries. Also using the app will allow you to avail several discount offers and deals.

7. Jaxx

Jaxxis a payment wallet that supports cryptocurrency, and available for download on eight platforms. You can utilize Jaxx to control, retain, and trade a wide varietyblockchain-enabled cryptocurrencies, and this includes Bitcoin Cash, Bitcoin, Litecoin, Ethereum, Ethereum Classic, Zcash, and Dash. The app also comes with dedicated and responsive customer support.

8. Alipay

This app is one of the popular products of the famous Alibaba group. This is one of the most popular digital payment apps with close to 100 million daily transactions and nearly 520 million active consumers. It also consists of a digital wallet, known as the Alipay Wallet, which enables the consumers to make payments directly from their mobile or tablets. It has been launched in 70 markets worldwide and has been utilized by over 80,000 retail stores all across the world.

9. Levelup

LevelUp is a digital payment platform that customers can use for free. After you download the app on your mobile device, you can link your debit or credit card and receive your customized LevelUp code in return. To make the necessary payments, you simply have to get the code scanned through the beneficiary’s mobile devices or scanner.

LevelUp also provides numerous rewards and loyalty programs for businesses like restaurants or hotels and allows the businesses to track detailed analytics, which guides them to customize different types of discounts offers for consumers.

Aside from the free branded app, businesses can also check out a premium version of the app. While the free app utilizes the camera to scan the QR codes, the white label app can use Beacons and NFC to receive payments.

LevelUp also facilitates in-app order ahead and an iOS-specific gift card feature.

10. Qkr

You can adoptQkr to order and make payment for food and drinks, split the bill etc. The Qkr app comes for free, and is extremely convenient to use, and is functional in thousands of locations. You can find the merchants registered with Qkr in nearby locations.

You can also pre-order, pay for food and drinks and collect the items from the dedicated Qkr collection point. Qkr has adopted Masterpass, which is a secure digital wallet solution presented by Mastercard, that’s compatible with Mastercard, Visa, American Express, and Discover Cards.

11. Zelle App

Zelleis an innovative payment app, which requires only an email address or alternatively cell number to pay for any service. You can carry out the entire transaction process with an absolutely secure and faster way.

The app enables you to receive and send money to different people, irrespective of the banks they have an account on. Also, you get the option to carry out the transaction through the app directly, or you can use your bank account to access the app. Money sent through this app typically reflects in the account of a registered recipient within minutes.

12. Venmo

Venmo, a service presented by Paypal,is a simple, and unique app for sending money instantly to your friends and shopping online. Pay your acquaintances and friends with a Venmo account with the money you have in the app, or link your bank account or debit card with the app to send money quickly.

You can include notes alongside the payments using different emoji, and also check out on friends’ stories, and easily track your finances. You can send money from Venmo account balance without any additional charges. However, in case of making payments through credit cards a 3% additional charge is applicable.

So with so many options available, you no longer have to worry about not carrying enough liquid cash with you.

Author Bio: Ava Lee is a marketing analyst who is working for a multinational organization. She has pursued his MBA from Australian National University. She is also working for MyAssignmenthelp.com as an academic expert and provide essay help.