Make Paying Easier With The 10 Best Payment Apps Of 2018

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Have you ever gone to dinner with a bunch of friends but the restaurant wouldn’t split the check? If you don’t have cash to pay your part of the bill, you might get stuck with the whole bill and promises from friends that they’ll pay you back.

Unfortunately, you’ll rarely get everyone to pay you and even if they do, the payments won’t add up. Thankfully, everyone has smartphones and can easily download to solve this problem.

Here’s what you need to know about payment apps and how they make sending money than ever.

10 best payment apps overview

In-depth look at the 10 best payment apps

Here are ten apps to consider and some highlights of their features.

Google Pay—Best for Android users

  • Compatible with: Android and iOS.
  • Payment limits: You can send up to $9,999 in one transaction or up to $10,000 in seven days. Floridians are limited to $3,000 every 24 hours.
  • Cost to send money: No fees, but doesn’t allow you to use a credit card to send money to friends and family.

Visit Google Pay to learn more.

Apple Pay—Best for Apple users

  • Compatible with: iOS.
  • Payment limits: Up to $3,000 per message and $10,000 in a seven-day period.
  • Cost to send money: 3 percent fee for amounts funded by credit card to friends and family.

Visit Apple Pay to learn more.

Samsung Pay—Best for Samsung devices

  • Compatible with: Select Samsung devices.
  • Payment limits: None (doesn’t allow person to person transfers).
  • Cost to send money: None (doesn’t allow person to person transfers).

Visit Samsung Pay to learn more. 

PayPal—Best for low-fee transactions

  • Compatible with: Android, iOS.
  • Payment limits: No limits on money you can send from your verified account. You can send $60,000 but may be limited to $10,000 in a single transaction.
  • Cost to send money: If with a credit card, debit card or PayPal credit you pay 2.9 percent plus a fixed fee.

Visit PayPal to learn more.

Xoom (A PayPal service)—Best for sending money to other countries

Xoom is unique in that it’s main purpose is to send money to other countries.

  • Compatible with: Android, iOS.
  • Payment limits: Up to $25,000 per transaction. Initial limits are $2,999 in 24 hours, $6,000 in 30 days and $9,999 in 180 days. Can increase limits by giving Xoom more personal information.
  • Cost to send money: Cost varies depending on which country you’re sending money to.

Visit Zoom to learn more. 

Circle Pay—Best for sending money to other countries

Circle Pay allows you to send money to other countries and in foreign currencies.

  • Compatible with: Android, iOS.
  • Payment limits: $400 per seven-day period. Can be raised to $3,000 per seven-day period by providing additional information.
  • Cost to send money: Circle Pay doesn’t charge fees, but your bank may.

Visit Circle Pay to learn more. 

Venmo—Best for sending small amounts of money

  • Compatible with: Android, iOS.
  • Payment limits: $299.99 weekly, but can be raised to $2,999.99 weekly.
  • Cost to send money: $0 if purchasing from authorized merchants, 3 percent if paid by credit card, $0.25 to transfer Venmo balance out of Venmo.

Visit Venmo to learn more. 

Square Cash—Best for sending small amounts of money

  • Compatible with: Android, iOS.
  • Payment limits: Initial limit of $250 per transaction or seven-day period. Limit can be raised up to $2,500 per seven-day period.
  • Cost to send money: 3 percent fee if sending by credit card. The fee is added to the transaction total.

Visit Square Cash to learn more.

Zelle—Best for credit union members

Zelle is unique because it is part of your bank’s or credit union’s app.

  • Compatible with: Depends on bank or credit union’s app.
  • Payment limits: If your bank or credit union doesn’t offer Zelle, your limit is $500 per week. If they do, contact your bank or credit union for limits.
  • Cost to send money: Zelle doesn’t charge fees, but your bank or credit union may.

Visit Zelle to learn more. 

Facebook Messenger—Best for no-fee transactions & Facebook lovers

  • Compatible with: Android, iOS—Users must have a Facebook account.
  • Payment limits: Not disclosed.
  • Cost to send money: No fees, but you can only use a debit card or PayPal account to fund transfers.

Visit Facebook to learn more. 

What are payment apps?

Payment apps allow you to make payments using your phone

These apps can make paying at the store easier if you’re always fumbling through your bag trying to find the right card to pay with. Payment apps generally allow you to link your credit cards or bank accounts to the app. Then, you can make payments directly from the app without having your credit card, debit card or checks present.

Depending on the app you download and your phone, you may be able to pay by tapping your phone at a point of sale rather than swiping a credit card. Other payment apps or phones could allow you to pay by displaying a code that the cashier can scan.

Payment apps allow you to send money to friends and family

The apps generally allow you to send money to an email address or a phone number but other apps let you send money to your friends through social media, too.

It’s important that you look into the details of how payment apps work. Most payment apps allow you to make and receive payments for free if you’re using a bank account or an in app balance. However, if you use a credit card, you may have to pay a fee to send or receive money.

Additionally, apps may charge other fees if you want to move the money out of your app account and into your bank account. Apps may also have limitations as to how much money you can send within a given day, week or month.

Why you should consider using payment apps

They make paying easier

Payment apps can make your life a lot easier. Rather than worrying about carrying around multiple credit cards or other payment methods, you could store them all in a payment app.

They’re good for security

Another nice perk is you don’t have to worry about cancelling a bunch of cards when you lose your wallet or purse. Even if you lose your phone, as long as your phone is properly secured, you shouldn’t have to worry about someone else accessing your payment information.

Payment apps aren’t for everyone

Payment apps are convenient for some people, but a pain for others. Those that struggle with technology may find payment apps more frustrating to use than the traditional payment methods.

If you don’t have a compatible phone, there’s no way to use some payment apps. Thankfully, there are plenty of payment options that don’t involve apps. You can still swipe your credit card, pay by check, through PayPal.com or through your bank’s bill pay service.

When you’re looking for a payment app, you should consider multiple factors. First, you’ll want to make sure the payment app is compatible with your phone. For instance, Apple Pay won’t work on Android devices. You’ll also want to consider how much the app costs to use. Some are free, others may charge fees to send or receive money.

The important features of payment apps

Each payment app has different features to consider. In particular, you should look at:

  • Phone compatibility.
  • Limitations on how much you can send.
  • Costs to send or receive money.

Summary

Payment apps make paying for your purchases, or splitting a bill easier than it’s ever been. These 10 apps offer something for everyone. But be aware that some have fees.

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