Make Your Life Easier With These Peer-To-Peer Payment Apps
So, you’re having dinner with friends. Your share comes to $20, and you didn’t bring any cash. It may be time for you to join the world of Peer-to-Peer payments. With a click, a swipe or a tap, money magically transfers from your account to your friend’s. Voila! Millennials have driven this new trend and companies are jumping on the Peer-to-Peer payment bandwagon. You’ll want to select the platform which most of your friends use. No sense getting an app no one in your social circle is using. But stay tuned – more companies will follow this Millennial money transfer trend! And, for those of you who’ve voted in at least 6 Presidential Elections, options exist … and it’s never too late to learn!
Scroll down to see a rundown of the most common apps used.
PayPal grew in popularity thanks in large part to Ebay. When you won an auction, you were automatically directed to PayPal to make your payment. It’s grown from its humble beginnings and is now used to settle bills, pay for purchases, send money to family and friends – nearly anything. Since PayPal did away with debit cards, you no longer have instant access. You will need to transfer from your PayPal Wallet to your bank account. While the receipt of cash is instantaneous, your access to funds may not be. Prepare to wait about 24 hours to use your money.
Venmo is the brainchild of Braintree Payments and PayPal. This app is available for iOS and Android phones. Splitting a dinner check, paying rent, buying on Craig’s List – it’s easily handled through your Venmo. But, beware! Consumer reports are increasingly negative about Venmo’s ability to resolve problems. There’s no number to contact Venmo for assistance and it’s easy for a buyer to cancel the transaction – even after you’ve been notified that they’ve made the transfer. Unfortunately, you’ll realize that long after the Craig’s List item you “sold” is in another’s hands. If your transactions are all with people you know and trust, nothing beats Venmo’s fast, easy and free service. This is undoubtedly the most popular peer to peer payment platform on mobile phones.
Square Cash was introduced in 2013 as the fastest, easiest way to pay anyone. Since its inception, Square Cash has processed more than one billion dollars in peer-to-peer payments. With a debit card, you can make an instant payment to any Square Cash user. No wait, no risk, the funds are verified and immediately available. The introduction of $CashTag has upped Square Cash’s game, and retailers are getting in on the action. Square Cash even offers a free debit card allowing you to use your funds anytime, anywhere. New changes to Square Cash have modernized it, making it a must from street fair vendors to food cart owners. To grow its base, Square Cash offers $5 fee for referring a friend.
Many banks have broadened traditional banking services to include peer to peer payment options. They’ve set up free services that will let you send money to someone regardless of where the recipient banks. With your bank’s mobile app or website, a few clicks will send money to your friend’s account. Bank of America and Wells Fargo have initiated these options, and you can expect that most banks will have similar offerings within the next year or two. It’s an added feature for the older generation who’ve grown up with banking institutions, brick & mortar buildings and didn’t “surf the web” until their late teens or early twenties. Old habits die hard! But, as traditional institutions compete for the Millennial market, they need these types of services.
Owned by Ant Financial, this network has more than 350,000 locations in over 200 countries. You’re sure to find a location close to you, and although you’ll pay a fee for this service, it’s one of the quickest, safest ways to send money and there’s a live person to help you. Internationally, nothing beats the speed of MoneyGram. If you don’t have a bank account, this may be your only option when dealing with cash. When you locate a MoneyGram retailer, you complete a quick form, hand the clerk the cash and bam! Your money is on to its recipient in a flash. If you didn’t grow up with mobile technology, having a person who can answer your questions will make your life oh-so-much easier!