4 payment apps storming the digital payments sector in 2022
By Edlyn Cardoza
The impact of COVID-19 has resulted in deeper digital engagement by the financial sector. COVID-19 has reinforced the trend of digital adoption in retail commerce and payments across demographics and payment types.
Mobile apps offering contactless payments have become the new norm since the introduction of Near Field Communication, turning individual smartphones into an alternative medium of payment. Mobile apps deliver on the promise of digital wallets; they are also expanding and transforming the manner we pay for everyday things. These excel for large transactions and small transactions that can apply to everyday items.
However, just like mediums for contactless payments, mobile payment apps can be used for sending money to friends or family or paying traders directly. Here are 4 payment apps storming digital payment in 2022.
Initially built to take the pain out of peer-to-peer payments, Cash App has gone from a simple product with a single purpose to a dynamic app, bringing a better way to send, spend, invest, and save to our millions of monthly active users. With a mission to redefine the world’s relationship with money by making it more relatable, instantly available, and universally accessible, you can receive paychecks up to 2 days early at Cash App. Plus, ATM withdrawals are free when you have at least $300 coming in each month. Cash App also provides the platform to invest in stocks and bitcoin.
PayPal believes that now is the time to democratize financial services so that moving and managing money is a right for all citizens, not just the affluent. This purpose drives them, and they uphold their cultural values of collaboration, innovation, wellness and inclusion as their guide for making decisions and conducting business every day. PayPal is headquartered in San Jose, California, and its international headquarters is located in Singapore.
Venmo works to build a payment experience that’s simple, delightful and connected. Since their founding in 2009, they have quickly grown from an idea hatched by two college roommates who wanted a better way to pay each other back to the go-to digital wallet that’s known and loved by millions. What started as a simple SMS platform to send and receive money has evolved into a social payments app allowing people to pay, split and share their experiences.
Zelle is a great way to send money to friends and family, even if they bank somewhere different than you do. That means it’s super easy to pitch in or get paid back for all sorts of things like the neighbourhood block party or getting paid back for covering the cost of a vacation rental for a group of friends. Zelle is already in many banking apps, so look for it in yours today.
IBSi Daily News Analysis
May 20, 2022
European Commission launches public consultation on PDS2Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage