Do you still carry cash around in your wallet? Who does?
10 years ago you would probably pay your friend that $10 with a nice crisp note out of your bulky wallet. But these days sending money virtually between family and friends is much easier than ever before thanks to technology.
Read on to find out why mobile payment apps are becoming increasingly popular. We’ve outlined 5 reasons why.
1. Getting Rewarded for Your Choices
Mobile payment apps have become one of the easiest ways to spend, save, bank, and even invest your money in this technological age. In becoming so, most of these apps even reward their loyal customers with points, coupons, discounts, and cashback. You could even find yourself a free money code if you know where to look.
2. Free to Use
The best part of using digital cash apps is that nearly all of these mobile payment apps are free to use. As the payment space gets more competitive, payment apps are making it even easier for individuals to sign up, register, and use their services. The more, the merrier!
Usually, person-to-person or account-to-account payments are free within these apps. Although, some platforms may charge users who wish to send money internationally or above certain regulatory limits. However, for these minimal charges, these apps might even be faster to transfer funds than your usual slow banks.
3. Extremely User-Friendly Experience
Mobile payments apps have perfected the way that they engage and allow their customers to transact. Most apps have fine-tuned their platforms to give their users the best experience they possibly can.
Analytical visual dashboards that showcase reports, figures, and diagrams allow users to stay on top of their ‘banking’ experience. These apps offer some sort of report-generating system, either at a weekly, monthly, or annual expense/spending report. This allows you as a user to track just how much you are spending and where exactly your money is flowing.
4. Paying in Stores and on Platforms
Payment apps offer you the option to pay not only your friends but in-store as well. This would make your shopping much easier (trust me). Who needs to reach the cashier with a handful of things and then rummage around their wallets to find the right amount of cash you need? Not you!
Not only can you use them for your retail shopping, but on most online platforms as well. Nearly all major e-commerce/shopping platforms have integrated several options for completing your payments.
5. Security Features
All payment apps and services employ anonymized tokens, which are encrypted representations of your debit/credit card number. It is much safer than handing over your actual plastic card because the actual number is not being transferred.
Most of these apps also use fraud detection technology to protect you, blocking your payments, transactions, or accounts until they have been verified. However, it is always good to be on the lookout for these services for getting transaction requests for money from those you do not know. It is always good to be extra vigilant especially when it comes to your money.
More people now are using smartphones for mobile banking and spending money in greater numbers than ever before. A few years ago, most people preferred to shop and bank on their laptops or computers; now, smartphones are at the center of our financial lives.
Cash is gradually giving way to safe payments on mobile devices all across the world. These are just some of the reasons why you should also be using mobile payment apps now!