The Most Reliable Mobile Payment Apps That Will Help Keep Your Money Safe
Payments, much like everything else in the modern world, have gone digital. Recent studies have shown that in 2023 the overall volume of transactions made through digital means will be a little less than a whopping nine and a half Trillion USD. And even though not all of these transactions happened through mobile payment apps, and include money transferred through other digital means like e-wallets and online banking, these apps are one of the major phenomena driving this boom.
In the U.S. alone mobile payment apps made up an astonishing 37 percent of all payments made through digital means. And worldwide these apps account for the transfer of well over a Trillion Dollars.
This explosive increase in the usage of these apps does force one’s curiosity about why so many people, and not just in the U.S., are dumping traditional methods of payment of choosing to place their trust in these novel apps.
FACTORS LEADING TO THE INCREASED ADOPTION OF PAYMENT APPS
Well, here is our attempt at trying to assuage this curiosity.
ADVANTAGES OVER THE TRADITIONAL BANKING SYSTEM
For starters, these apps are easier to use. And offer a lot of conveniences that the traditional banking system, and even cash payments, lacked. There is a lot less paperwork involved. Moreover, the sign-up process is very streamlined.
In most cases, these apps also charge much lower fees when compared to the huge chunks of money demanded by banks in the form of debit and credit card fees.
And yes, these apps are much faster. While traditional modes of bank transfers took weeks to clear large payments, leading to inconveniences, especially for smaller businesses, these apps clear sums quicker. These apps offer a pace that is the demand of our times.
THE DEVELOPING WORLD HAS JUMPED ON THESE APPS
Contrary to popular belief the adoption of these digital payment apps in the developing world is much higher as compared to their percolation in the developed world. And it is telling that out of the top three adopters of these apps, two are Asian nations, with China occupying the top spot while India is third. The U.S. represents the developed nations in the top three list by occupying the number two spot.
The reason is simple enough, the developing world did not have wide credit and debit card usage and the banking system was not well entrenched at the time of the technological revolution. So, the jump to cashless payments happened directly through digital payment apps and not credit or debit cards.
TRANSNATIONAL PAYMENTS AND A ONE-WINDOW SOLUTION
In today’s highly interconnected and globalized world vendors need to make payments across the globe. And even though the services economy is global in scale most banks are national or regional. So, an important factor driving the growth of these apps is their global scale. These apps allow vendors and service providers from all corners of the world to send and receive payments without having to find and open accounts in the select few banks that operate worldwide.
And the adoption of these apps by developing nations has accelerated this trend even more.
IN-BUILT INTEGRATION INTO APP STORES
Digital payment apps like Google Pay and Apple Pay are well integrated into their own app stores. So, instead of having to add additional methods of payments users can top up their app store pay wallets and directly receive and make payments through the app stores. No bank or other traditional method of payment can hope to compete with this feature.
AN ESSENTIAL PRE-REQUISITE
Now, that we have discussed why using mobile payment apps is an amazing idea, let’s talk about which ones are the most secure and reliable. But before that, we must point out one important thing.
You cannot use online payment methods without actually being online. So, before using any of these apps make sure that you have to get your internet connection from a reliable and secure internet service provider like Spectrum. Because no matter how secure these apps are, they can’t help you if your network gets hacked. So, keep your end secure.
THE MOST RELIABLE AND SECURE MOBILE PAYMENT APPS RANKED
Without further ado let’s delve into our rankings.
1. PAYPAL
For those of you who have ever made an online payment, PayPal topping the list will not come as much of a surprise. The app is not only the most dominant player in the U.S. market but also one of the most trusted methods of payment worldwide, barring China.
The app’s top-notch security and ease of use are enough to help it top this list. Moreover, the app is totally free for individual users, though business accounts have to pay somewhat hefty fees.
And lastly, the app has also started giving out lines of credit to businesses, which is helping a lot of SMEs grow.
2. WISE
Another important player in the global market, Wise is famous for helping Americans pay vendors in their own local currencies. And the best part, the app exchanges currencies based on floating rates instead of bank rates, which tend to be higher.
The app, much like PayPal is fairly easy to use, offers instant alerts and notifications, and has a killer payment tracking feature.
Though critics have pointed out that Wise is not the most secure of payment apps no major data leakages or hacks have taken place to this day.
3. ALIPAY
Founded and owned by the e-commerce giant AliExpress, Ali Pay is the most used mobile payment app in China. Its interface, much like its American counterpart is fairly simple to use, and despite the Sino-phobic attacks on its legitimacy the app is very secure.
The app also offers credit lines to e-commerce customers, though limits are much lower when compared to American counterparts.
All in all, Ali Pay is an amazing option for American businesses looking to break into the Chinese market.
4. GOOGLE PAY
The app which is owned by the U.S. tech giant is one of the safest ways, worldwide, to transfer payments online. And even though the app has struggled to gain traction in the U.S. market it is the most used platform in India, a behemoth tech economy.
And yes, it goes without saying that Google Pay’s integration into the app store makes it the safest and the most convenient option for in-app purchases and app developers.
WRAP UP
Digital payment apps are all set to take over a giant chunk of the online payment market worldwide, and in some countries, they have already succeeded. The ease of use, transnational scope, security, and lower fees offered by these apps make them an attractive alternative to traditional banks.
And people with an eye on the future know that these apps will soon disrupt legacy banks worldwide.
REFERENCES
https://www.investopedia.com/best-payment-apps-5180406
https://www.statista.com/outlook/dmo/fintech/digital-payments/worldwide
https://www.pcmag.com/reviews/google-pay
https://global.alipay.com/docs/ac/creditpayinstallment/intro
