Rather than simply being a nifty alternative to using a credit card, mobile payment platforms are now an essential part of the financial infrastructure that allows us to live our daily lives. There are now thought to be close to one billion people worldwide who use mobile payments on a daily basis, transferring close to a trillion dollars every single day.
Mobile payment platforms are now commonly used to pay bills, buy groceries, cover transport costs, and even for real-money entertainment such as online casinos. While mobile payment solutions are commonplace, there is also a lot of competition, with hundreds of apps all vying for supremacy in an increasingly crowded market.
If you want to cut through the noise and find the best platform for you, read on to find out the very best mobile payment platforms of 2020.
1. Apple Pay
There are a lot of reasons why Apple Pay is one of the premier mobile solutions available today. For one, it is one of the smoothest and most-user friendly apps on the market. Users can make payments in a microsecond via Touch ID, or they can simply ask Siri to make any kind of payment for them. The only area where Apply Pay falls down is accessibility, given that it is not available for Android users.
Originally founded back in 2003, Boku has captured a significant niche in the market thanks to a system that allows users to pay for a wide variety of services using only their mobile phone number, with the charge simply being added to their monthly phone bill. It is this model that has allowed Boku to thrive within certain sectors but particularly within the online casino sector. With gamblers increasingly looking for straightforward platforms where you can use your phone to make wagers on slots, poker, and roulette games Boku has distinguished itself as a market leader.
Zelle may be a money transfer app, rather than an all-purpose payment solution, but it definitely deserves a top spot on this list. The beauty of Zelle is that you can send money to anyone, anywhere, using only their email address. The recipient does not need to have the Zelle app, meaning there are no limits on who you can send to. Zelle’s popularity has grown to the extent where many major banks and credit unions now recommend it as a transfer service, in part due to its stellar security credentials.
Venmo has rapidly emerged as an app that is not only taking on rival payment solutions but also banks. With Venmo, you can use the app and an accompanying Venmo Card (which you can receive in the mail for free) to shop at millions of retailers worldwide. You can also use it to send money to anyone and withdraw cash from an ATM (however, cash withdrawals do incur a $2.50 fee). Its ease of use and a huge variety of spending options make Venmo a true leader within this rapidly-growing industry.
If you’re looking for smarter ways to save, spend, and send money in 2020, these are the mobile platforms that will help you do it.