The whole world lives in the age of advanced technologies and witnessing the constant growth of digitalization. Today most people can not imagine their daily life without internet connectivity. Social networks are used for connecting with friends and family.
Similarly, the tendency of making an online payment through a P2P Payment App instead of on-hand cash is also booming. People are not carrying cash at all and pay for everything by mobile apps.
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Security remains a key provision with Peer-to-Peer money transfer apps, ensuring that users’ money exchanges are highly protected through multiple feature combinations to keep them safe. It also comprises strong encryption among devices.
Here is a list of the best and most widely used P2P Payment Apps that streamlines money transfer. So have a look.
Table of Contents
1. PayPal
PayPal is an online payment service provider that enables effortless money transfers, eCommerce, or any online shopping. Users can pay their peers through their linked bank account, credit card/debit card, or PayPal balance/credit. It is the most secure app to exchange money for your loved ones.
PayPal lets the users send and request funds by searching for users by their username/phone/email. The app is fully-incorporated with different online retailer checkout pages. Its mobile application is highly user-friendly, and it is very easy to set up a PayPal account. PayPal is the best if users are looking for versatility.
iOS App Ratings: 4.8 out of 5 Stars
Android App Ratings: 4.4 out of 5 Stars
2. Venmo
Venmo, owned by PayPal, is one of the best payment apps. Users can manage their money, pay in stores, pay in apps and online, do business, as well as buy crypto for as little as $1. Also, users can request money from others through Venmo.
Venmo charges a 3% fee on credit card payments. A credit card issuer may also charge a fee but sending funds via debit card/bank account is free of cost. If a user wants to use the Venmo platform frequently, he can apply for a Venmo Debit Card and also receive rewards with the Venmo Credit Card.
iOS App Ratings: 4.9 out of 5 Stars
Android App Ratings: 4.2 out of 5 Stars
3. Zelle
Zelle is a great way to send funds to friends and family members. The company partners with multiple U.S. banks and credit unions. It makes it easy to send money to others, even if they have a different bank. While using Zelle, users can send money to others using their phone number or email.
As Zelle uses money sent through bank accounts, there are no fees to send or receive money. If users have already enrolled with Zelle, users do not need to take any further action. The fund will move directly within minutes into the bank account linked with the user profile. A drawback is the sender and receiver need U.S. savings to account to use this platform, so it is not a good option to spend money on an international level.
iOS App Ratings: 4.8 out of 5 Stars
Android App Ratings: 4.3 out of 5 Stars
4. Xoom
Xoom is the quick, secure, and trustworthy way to exchange funds with friends and family overseas. The platform offers 24/7 transaction protection and fraud tracking with the trust of PayPal as it is a PayPal Service. Users can leverage competitive prices and zero transaction charges for all the contacts. Additionally, users can access PayPal’s wallet on the Xoom.
Users of Xoom get updates for the upfront delivery time along with real-time monitoring. Users can have different ways to send things like bank deposits, cash pickup, and mobile wallet transfers. Sending money to loved ones is very easy and direct as they do not need to have a PayPal/Xoom account.
iOS App Ratings: 4.8 out of 5 Stars
Android App Ratings: 4.7 out of 5 Stars
5. Cash App
A cash app is an easiest and most secure way to invest money and send funds as it safeguards all the payments and investments with a passcode and Touch/FaceID. Users can also pause sending on the cash card with one tap if they misplace it and leverage secure storage of all the information.
Cash App is a safe, fast, and free P2P Payment App that enables users to send and receive funds instantly, buy/sell/deposit/withdraw bitcoin and track its price, as well as get started by buying as little as $1 of BTC. Users can buy/sell stocks commission-free, receive a free custom visa debit card, get their paycheck up to two days early, and get instant discounts with a cash boost. Users can leverage instant saving with no waiting and no points.
iOS App Ratings: 4.7 out of 5 Stars
Android App Ratings: 4.6 out of 5 Stars
6. Remitly
Remitly is the international money transfer app trusted by millions for sending money to family and friends. Senders can send money with minimal fees whereas recipients can receive it without any charges. Users can get the exact time and date when the money gets received by the recipients.
Send money safely to 100+ countries worldwide along with convenient delivery options, cash pick-up locations, mobile wallets or via home delivery, and direct money sending to trusted banks. The app also offers two-factor authentication and a secure server with data encryption.
iOS App Ratings: 4.9 out of 5 Stars
Android App Ratings: 4.8 out of 5 Stars
7. Google Pay
Google Pay is a user-friendly and secure app that helps users to manage their funds giving them a precise view of their spending and savings. Users can send & receive money rapidly and contactless. Users can connect with their favorite businesses and find new ones. Even while shopping on any of the eCommerce websites and apps, Google Pay helps to checkout quickly and securely.
Users can manage their money and all the transactions within the app by receiving weekly summaries. The app offers rewards to the users who can use them instantly along with Google’s authentication for each payment and encrypted card.
iOS App Ratings: 4.7 out of 5 Stars
Android App Ratings: 4.0 out of 5 Stars
8. Western Union
Western Union is one of the oldest financial companies that offer instant money transfer to a bank account, digital wallet, credit/debit card, or any particular location for a cash advance pickup. The P2P platform enables fund transfer to over 200 countries and regions.
The users can also monitor their money transfers in real-time by providing their Money Transfer Control Number (MTCN) on the app/website . The platform offers higher security with the app access by facilitating the Touch/FaceID login. The app users can see live currency exchange rates for global currencies.
iOS App Ratings: 4.8 out of 5 Stars
Android App Ratings: 4.5 out of 5 Stars
Summing Up
Peer-to-peer mobile payment apps make paying for your purchases or splitting a bill very effortless than it’s ever been.
The above-mentioned apps offer something for everyone but some of them ask for fees. However, in most cases, you can send money on the go without any fees. So, assess each one of them perfectly and choose as per your preferences.