Payment apps are some of the most convenient ways with which you can send money using the phone in your pocket. Making payments or navigating the online payment process has never been easier, thanks to the myriad of apps on iOS and Android.
In this article, we’ll discuss some of the best payment applications to use in 2024.
- Things to Consider When Choosing a Payment App
- 5 Best Online Payment Apps for 2024
- Apple Wallet
- Google Pay
- Venmo
- PayPal
- Cash App
Things to Consider When Choosing a Payment App
There are a few things you need to consider when choosing a mobile payment application. These are:
- Availability & Currencies: This is arguably one of the biggest factors you need to consider when choosing a payment solution. Check where the app can be used and the currencies it supports. If you’re someone who travels a lot and uses different currencies, make sure the app you select supports them.
- Security & Reliability: The security of the app is extremely important to ensure customer data is protected with features like encryption, fraud detection, and two-factor authentication. The app should be reliable as well, with things like a smooth interface and refined user experience.
- Integration & Support: There's no point in using a payment application if it can't even integrate with other payment services, social media, or commerce platforms. Make sure the app you choose can integrate with other finance services to improve the customer experience. Also, ensure that the service provides troubleshooting and great customer support.
- Transfers & Fees: There are going to be some fees when you transfer money using an app, including service charges, transaction fees, and other hidden charges. Make sure to check them first, before you decide to download the app and create an account. All payment services have a transfer limit, which is the maximum amount of money that can be sent. Higher limits mean more flexibility.
While there are a lot of factors that make a good payment app, there are other factors as well. Things like the user base, internet connection as well and the business model. Some of the factors can be out of your control, but you can still ensure that you always have the best experience by using a reliable internet, such as the one offered by Xfinity for the smoothest experience.
5 Best Online Payment Apps for 2024
There are a lot of payment apps out in the wild for you to use, but only a few are worth your attention. Here are some of them.
1. Apple Wallet
Available for: Web, iOS
| Pros | Cons |
| Painless Setup for iOS Users | Available for Only Apple Users |
| More Secure Than Physical Cards | Not Widely Available |
| Information Stays Private | Transactions Aren’t Synced |
| The Service Itself Is Free |
If you already use an iPhone, you don't have to do anything to get Apple Wallet, the app is already installed on your phone. What we like about using Apple Wallet the most is that it combines mobile payment with other digital wallet features like storing tickets, licenses, public transit cards, and even hotel keys.
The app is simple, effective, and easy to use. Apple Pay is available for iPhone 6 and later models. To use it, you will need to set up FaceID, TouchID, or a passcode. To add a card, all you have to do is take a picture of it and enter its security details.
Apple adds an additional layer of security by replacing your real information with anonymized tokens. This means that when you use Apply Wallet to make a payment, the merchant will only see the anonymous data.
The biggest issue we noted during our testing is that not everyone has an Apple device. Which means that a lot of people won’t be able to use Apple Wallet to make or receive payments.
2.Google Pay
Available for: Web, Android
| Pros | Cons |
| Can Use NFC for Payments | Lacks Buyer Protection |
| Full Interfaces for Web, and Android | Privacy Concerns |
| Creates New Virtual Cards for Security | Doesn’t Work With Voice Assistants |
| Allows Adding Loyalty Cards and Gift Cards |
Google Pay or Gpay is a great payment solution to get if you’re already deeply rooted in the Google or Android ecosystem. The service is highly versatile and allows for NFC payments, as well as storing gift cards, event tickets, and loyalty programs.
This mobile payment app also has Wallet integration that allows you to make peer-to-peer payments as well as in-store payments. While Apple Pay is only available for devices in the Apple ecosystem. Google Wallet is essentially a direct response to it on Android.
Paying with Google Pay is simple. Either your phone should be unlocked or you need to verify your identity using the biometrics.
Our experience with Google Pay was smooth like butter. We tried using it in our local supermarket multiple times and found that we needed to hold the phone to the terminal till a checkmark appeared.
Paying friends with Google Pay is just as smooth. The maximum single transaction amount is $2,000, whereas the daily total transaction limit is at $2,500.
3.Venmo
Available for: Web, Android, and iOS
| Pros | Cons |
| Convenient and Quick P2P Payments | No International Transactions |
| Free Payments From Debit Card or Bank Account | Can’t Cancel Payments |
| Offers Debit and Credit Card | There Are Some Scams on the App |
| Buying Popular Cryptocurrencies |
Venmo is a mobile payments app that's known for being fast and easy to use. It also uses a peer-to-peer system that works very well on both Android and iPhones. The app can be used to make free payments to millions of participating merchants across the U.S.
When you first download the app, you will be prompted to link your debit or credit card, or a checking account. Venmo essentially acts as a middleman whenever you make a peer-to-peer transaction. All your transactions can be seen by anyone. However, you can change the setting to “Private” or “Friends Only”.
Money can be sent easily by clicking on the request or pay button and then entering the other person’s username, phone number, or email.
The services require their users to be at least 18 years old. However, teenagers between the ages of 13 to 17 can open a Teen Account which is essentially a child account that’s linked to a parent account.
We loved using the app during testing since it seems like almost everyone has Venmo, which makes transactions a breeze.
4.PayPal
Available for: Web, Android, and iOS
| Pros | Cons |
| Credit Card Points Can Be Cashed | Business Transactions Have Fees |
| Easy Money Transfer to Friends | Chances of Account Being Frozen |
| Buy Now, Pay Later Features | Some Services Are Upsold |
| Can Buy and Sell Cryptocurrency |
PayPal is arguably one of the biggest names in online payment apps. It’s one of the best services currently that allows you to send money. Whether it’s making larger payments to companies or just sending some petty cash to family.
PayPal has also added an option to make payments in-store. But in our experience, they aren't as smooth as the ones offered by Google Pay and Apple Pay. However, it's great to use if you're someone who does a lot of online shopping.
This online payment service is a multi-platform that is convenient and easy to use as well as accepted universally. Peer-to-peer payments and online shopping through PayPal don’t have any charges. Transferring from a linked bank also doesn’t have any charges. But using the Instant Transfer feature using a linked card will have a transfer fee.
One downside of the service is some of the fees, which can be unnecessarily complicated to understand. Overall, PayPal is a no-brainer when making payments online.
5.Cash App
Available for: Web, Android, and iOS
| Pros | Cons |
| Simple and Intuitive User Interface | Debit Card Needed for Online Payments |
| Allows You to Buy Stocks and Bitcoin | Low Payment Limits |
| Tools for Tax Filing | Non-insured Deposits |
| Deposit Money Into Bank Account |
Cash App has a lot of useful features that allow you to make payments with ease and buy things online using your debit card. Not only that, you can also invest in stocks and Bitcoin as well as file your taxes.
As a seller, you also have additional features that allow you to get paid through the app. The App uses the Level 1 Payment Card Industry Data Security Standard (PCI DSS). This means that the app has the highest security level for processing credit card data as well as transactions made by businesses.
For unidentified users, there is a limit of $1,000 for sending and receiving on a 30-day rolling period. You can also make direct deposits, bank transfers, and even recurring deposits. If you're transferring money using a credit card, there is going to be a fee.
Overall, we had an amazing experience with the app during our testing and transfers. Were extremely fast and reliable, making it a great app to have in your finance arsenal.
While the apps in this list are fast and secure, you still need to be on the lookout when using them as there are a lot of scams that use social engineering to steal money. When using a payment app, you must always stay aware of the transactions coming in and going out of your account.
If anything seems out of the ordinary, it's best to simply contact customer service to get your issues fixed as soon as possible.