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.

  1. 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.

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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.

  1. 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.

  1. 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.

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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.

  1. 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.

  1. 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.

  1. 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.

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  1. 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.

  1. 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.

  1. 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.

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  1. 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.

  1. 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.

Tags: Mobile AppMobile Payments

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FAQs

What are digital payments apps? ›

Mobile digital payment apps enable users to transfer funds to an individual or company via a mobile device, including smartphones and tablets.
...
Mobile payment apps
  • Cash App.
  • Venmo.
  • PayPal.
  • Zelle.
  • Google Pay.

What is the most popular digital payment app? ›

Apple Pay is the most popular mobile payments service in the US, with 43.9 million people having used it at least once. Starbucks is surprisingly second, with 31.2 million people using it in the US, more than Google Play.

What are examples of digital payments? ›

From a consumer's perspective, that means any transaction that doesn't need a physical credit card, debit card, prepaid card, or cheque. Mobile phone and online bank transfers, mobile wallet payments, in-app payments, online payments, QR code payments, and every other electronic payment qualify as a digital payment.

Who is the world leader in digital payments? ›

India leading the world in Digital Payments.

What are some 4 payment apps? ›

Compare the Best Buy Now, Pay Later Apps
CompanyNumber of InstallmentsLate Fees
Affirm Best OverallVariesNone
Sezzle Best for Flexible Payment Plans4None
Afterpay Best for Students4$8
Splitit Best for No Credit Check3 to 24None
3 more rows

Which is the No 1 payment app? ›

Top UPI Apps in India Statistics (Dec 21)
S NoUPI Application NameVolume (Mn)
1PhonePe2,077.60
2Google Pay1,587.43
3Paytm Payments Bank App706.37
4Cred10.36
54 more rows
10 Jan 2022

What is the best digital payment company? ›

PayPal is one of the pioneers in digital payment and connects consumers and merchants in over 200 markets. As of Q2 2022, the company has 429 million active merchants and consumer accounts, total payment volume worth USD 340 billion, and payment transactions of USD 5.5 billion.

What is the most used payment system? ›

Although cash still comes out as one of the top payment methods, the report also notes that more than half of payments (57%) were made with payment cards, such as debit, credit, and prepaid.

How many digital payment methods are there? ›

#9: Mobile Banking

Digital payment methods, such as IMPS, NEFT, RTGS, IMPS, investments, bank statements, bill payments, etc., are available on a single platform in mobile banking apps. Banks themselves encourage customers to go digital as it makes processes easier for them too.

What are the types of digital payment system? ›

Digital Payment Methods
  • Banking Cards.
  • USSD.
  • AEPS.
  • UPI.
  • Mobile Wallets.
  • Banks Pre-paid Cards.
  • Point of Sale.
  • Internet Banking.

Which country is No 1 in digital payment? ›

India, which is driving the global digital economy, has already clocked about 70 billion digital payment transactions in 2022—the highest in the world. This is a sharp increase from the corresponding figure of 44 billion in 2021, according to data collation portal Statista.

Which payment app is used all over the world? ›

PayPal. Founded in 1998, PayPal is among the world's first online payments companies and has established has a strong global presence over the years.

Who is the biggest payment processor? ›

Purchase volume of secondary credit card transactions in 2020
Processing companyTransaction volume (in billions of dollars)3
Bank of America$90.55
Elavon$51.13
Global Payments$12.44
Wells Fargo$43.47
8 more rows

What are the top 3 paid apps? ›

App App NameCategory Category
1MinecraftGames / Arcade
2Bloons TD 6Games / Strategy
3Geometry DashGames / Arcade
4Grand Theft Auto: San AndreasGames / Action
46 more rows

What are the 3 payment methods? ›

Payment Options
  • Cash.
  • Checks.
  • Debit cards.
  • Credit cards.
  • Mobile payments.
  • Electronic bank transfers.
9 Oct 2022

What is the safest payment app? ›

PayPal is our pick for best overall payment app. It offers a user-friendly interface, strong security, and there are no fees for sending money to family and friends.

Which card app is best? ›

Square ranks number one on our lists of best free iPhone credit card readers and best mobile credit card readers. In the Apple App store, it has a 4.8 rating out of 5 based on over 318,000 reviews. For Android, it has 4.3 stars and more than 145,000 reviews.

What are third party payment apps? ›

Many small businesses often use third-party payment processors such as PayPal, CashApp, or Venmo to facilitate a frictionless payment experience for goods and services that can be made right from a customer's smartphone.

Which are five as of payment system? ›

This includes debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking and e-commerce payment systems.

Which 3 payment types can be used as an autopay method? ›

You can authorize an automatic bill payment to be made using your debit card, credit card, checking account, savings account or money market account.

What the most common online payment systems? ›

10 Online Payment Methods to Consider
  • Paypal. Paypal is one of the biggest and most familiar of all the online payment options. ...
  • Amazon Pay. ...
  • Google Pay. ...
  • American Express. ...
  • Apple Pay. ...
  • Stripe. ...
  • Square. ...
  • Visa Checkout.
16 Jan 2019

Which country is fully cashless? ›

In 2023, Sweden is proudly becoming the first cashless nation in the world, with an economy that goes 100 percent digital.

Who owns Cash app? ›

Cash App is a peer-to-peer (P2P) payment service owned by Block, Inc.

Who is PayPal competitor? ›

Popular alternatives to PayPal include Venmo, Apple Pay, Stripe, and Skrill.

Which is the best payment gateway in the world? ›

  • Opayo. ...
  • Braintree. ...
  • Stripe. ...
  • Amazon Pay. ...
  • Ayden. ...
  • 2Checkout. ...
  • Authorize.net. Authorize.net, founded in 1996, is a highly customisable solution for businesses looking for an international payment gateway. ...
  • GoCardless. GoCardless offers cross-border, direct account-to-account bank payments in over 30 countries.

Is PayPal a digital payment? ›

PayPal is a popular digital payment services platform that handles transactions worldwide. The company is best known for collecting money and handling various financial transactions. The company allows you to collect money to exchange goods and provides payment services to merchants.

What is digital payment and how does it work? ›

A digital payment transaction can happen both on the internet and in person to the payee. For example, if a buyer pays via UPI on an e-commerce website or buys from his local grocer and pays him through UPI while purchasing at the store, both are digital payment transactions.

How does a digital payment platform work? ›

You simply add a card to the digital wallet, and you can wave the phone over the card reader. The great thing for a business is that these digital payment methods use NFC technology, which most card readers already recognise. So, you can offer this payment method without any system upgrade.

How do digital payment apps make money? ›

Commission via Bill Payments: The app enables users to pay their various bills such as water, electricity, insurance, loan repayment, DTH recharge, etc. For every payment that they make through the app, G-Pay gets a commission from the service provider.

Is Apple pay a digital payment? ›

Apple Pay. Apple Pay is the easy, secure way to pay in stores or online. Pay for a ride, a pizza, or even a new sofa — with just a touch or a glance. And checking out in stores is safer than using physical cards since you don't have to touch any buttons or exchange cash.

Which is best digital wallet? ›

Top 8 digital wallet companies
  1. Apple Pay. Apple Pay is similar to Google Pay, but is only available on iOS devices, including iPad, iPhone and Apple Watch. ...
  2. Cash App. ...
  3. Dwolla. ...
  4. Google Pay. ...
  5. PayPal. ...
  6. Samsung Wallet. ...
  7. Venmo. ...
  8. Zelle.
13 Jul 2022

Is Visa a digital payment? ›

Visa provides a complete set of digital solutions to empower you to upgrade your operations to accept chip cards and NFC payments. You'll be able to deliver these new consumer payment options while providing the best experiences and easiest checkouts.

What are different types of digital payment methods? ›

Digital Payment Methods
  • Banking Cards.
  • USSD.
  • AEPS.
  • UPI.
  • Mobile Wallets.
  • Banks Pre-paid Cards.
  • Point of Sale.
  • Internet Banking.

Which country use most digital payment? ›

Which country has most number of digital payments? India is the leading country with 25.5 billion real-time payment transactions.

What apps make money fast? ›

Overview of the 20 Best Money Making Apps

Google Opinion Rewards: Get paid by answering surveys. iPoll: Similar to above, get paid by taking surveys. Swagbucks: Rewards points for shopping online, browsing the web, answering surveys, and watching entertaining videos. Acorns: Puts your money to work by investing it.

Who is the owner of Google Pay? ›

Google Pay (also known as GPay) is a mobile payments application developed by Google.

Can free apps make you money? ›

Free apps are monetized through various means, including advertising, in-app purchases, sponsorship, and affiliate marketing.

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