If you are like many people, there’s a big chance you make small payments regularly to friends, relatives, and even strangers. Perhaps you need to settle a bill for your BFF, pay back borrowed money, or send some cash for gas over your mom; traditional payment methods can sometimes feel tedious and overwhelming. Imagine driving over to the ATM just to get ten bucks or having to write 20-buck checks every once in a while? Well, this is where peer-to-peer payment services come to your rescue.
Basically, P2P apps allow you to send money instantly to other individuals from the comfort of your favorite hand-held gadget. They are often quicker and more convenient compared to other payment options, especially for smaller transaction amounts. To send money to a specific recipient, all you may have to do is search their phone number, username, or email address. Some of them even allow you to send payments to complete strangers, who can then access the funds using a special computer-generated code.
As anyone would expect, there are more than just a few P2P apps available on the market today. You just have to pick one that suits your convenience and preferences. Read one below to discover some of the most popular P2P payment apps that you might find interesting.
1. Square Cash
If you are familiar with apps like PayPal, Apple Pay, and Venmo, then you should have an idea of what this app should look like. Also known simply as Cash, the Square Cash app comes with dozens of merits as far as P2P transactions are concerned. The app allows you to load money from your credit card or bank account, with the former attracting a small fee of 3%. It is touted by many users as having a simple interface, with easily accessible features for account settings, balances, transaction history, and much more. It will be interesting to discover that you can also buy or sell Bitcoin using the app, not to mention that they are also rolling out a debit card to enable physical purchases and cash advances from the Square Cash account.
2. Venmo App
As mentioned earlier, Venmo has some similarities with Square cash. Using the app, users can send and receive money to and from each other. The PayPal-owned app can be linked to a bank account or credit card, even though users can also load funds into the Venmo account using PayPal. Apart from sending, users can also request money from other users on the platform. The best part is that it is free to open an account. It is also used by millions of users according to the parent company, and you can opt for a Venmo debit card for physical cashless transactions and purchases. The main catch is that transferring funds from Venmo to your bank account attracts a fee of one percent, capped at 20cts to 10 dollars.
3. Google Pay
This is another peer-to-peer app that many people should know by now. It is sort of a digital wallet that allows users to make online purchases and transfer money to others without sweating it. As long as you have a device running on android 5 and higher, you should be good to go. For those using Apple devices, the app can also run on iOS 7 or higher. You just need to visit the respective app stores, download the Google Pay app, set up an account, link your bank account, and start making transactions. The app also has a feature that allows users to split costs for various payments, including bills such as rent, meals, utilities, and everything in-between. The main drawback is that this app is that credit cards are not accepted, and it is only limited to users in the US.
4. Zelle App
Finally, Zelle is also among the most common P2P apps in the US. The Zelle app comes from Zelle, a service with the same name, which most major banks in the country offer. Accounts can be set up by users through the app or their bank accounts.
Sending or requesting money to or from other Zelle users is quite easy. You just need the user’s registered phone number or email address. The app is often praised for transaction speed and compatibility with many banks/credit unions. However, it is limited to US users and doesn’t support credit cards.
We live in a world where time is more than money. Sending and receiving money doesn’t have to involve time wastage and inconveniences. Luckily, one of the apps could help save time and money while adding convenience into your life as far as P2P transactions are concerned.