Top 10 Mobile payment apps
FinTech Magazine looks at the top 10 most popular mobile payment apps, according to Systweak.
10 | Skrill
With a total of 40mn users, Skrill is a popular method of paying with the ability to transfer money to anyone, anywhere via email. The app will store your card details securely and allow instant access to money 24/7. With 40 currencies in 200 countries, Skrill provides convenience with no registration required.
9 | Circle Pay
Available in 29 countries and accepting payments from US dollars, British pounds and the Euro, Circle Pay enables money to be sent in a similar fashion to text messaging, with the ability to set up fingerprint and face identification. With no fees attached when sending money between currencies, the app allows money to be circled around in a chat up to 20 people, enabling users to be paid quicker.
8 | Venmo
Owned by PayPal, Venmo is designed to specifically transfer money to friends. Popular among young people, the app allows users to quickly transfer money to their bank and enables users to connect with friends easily. Venmo can be used to split costs at restaurants, pay shared rent or to share the cost of bills by linking a debit card to send and receive money. According to CNN Business, Venmo sees 10mn monthly active users.
7 | Square Cash
The app allows users to draw funds from a linked bank account via debit card free of charge and offers a range of different methods to send and receive money instantly. Square Cash protects your payment with a pin or fingerprint and is recognised as being fast, free and secure. Although the total number of users haven’t been announced, it was revealed that 7mn used the app in December 2017 alone, according to Recode.
6 | Zelle
With payments being made straight into the receiver’s account, Zelle doesn’t hold money in a digital wallet and allows users to send money without even installing the app. According to TechCrunch, Zelle has around 27mn users and there are no charges to send or receive money. In 2017, it was announced that Zelle was signing up users at a rate of 100,000 consumers per day.
5 | Samsung Pay
Samsung Pay allows the user to earn rewards points and adds all the user’s credit, debit, gift and membership cards together to allow transactions to be made from any location with a credit card reader. According to Statistic, Samsung Pay has around 34mn users with the app recognised as being highly secure through the implementation of Samsung Knox tokenisation. Samsung Knox provides an extra layer of security through the generation of a random set of numbers for each transaction to secure the real card.
4 | Google Pay
Google Pay is a free download from the Play Store and has over 100mn installations, according to Payment Week. Launched by Google to unify Android Pay, Google Wallet and Pay with Google, it recently expanded into Australia, Italy, Spain, Norway, Denmark, Finland and Sweden late last year. The app allows users to pay in apps without entering payment information, pay friends, in-store and on websites.
3 | Apple Pay
This mobile payment app allows users to make secure payment in stores, web and in-app purchases, as well as holding the capabilities to send and receive money from friends and family via Messages. Apple Pay doesn’t store any personal transaction information or the original card number but instead generates a token referred to as Device Account Number (DAN) to secure card details. Although the app only caters to iPhone users, Apple Pay currently has over 252mn users, according to Mac Rumours.
2 | Alipay
Having been developed by Alibaba, Alipay was launched in 2013, but is only available for China-based customers. According to ChinaDaily.com, the app sees over 900mn active users annually with Alipay recognised as being a very popular payment method in China. Available for both Android and iPhone users, Alipay can be used to select local restaurants, receive discounts, pay bills and share information.
1 | PayPal
Topping the list is PayPal with a total of 254mn users during the third quarter of 2018, according to statista.com. Having been acquired by eBay in 2002, the service is considered a leader in the field of online payment apps with a number of retailers use PayPal as an in-store payment or digital wallet top-up method. Accepted in over 200 markets, PayPal provides the easiest and safest way to make payments online.