Mobile payment apps provide a resource that has positive and negative effects within society. Some of the benefits include quick/easy transactions, not having to carry cash, and general convenience. However, security risks and technology barriers are still limiting issues with these apps.
One of the biggest factors contributing to the rise of mobile payment apps was COVID-19.
“The coronavirus pandemic has also helped to make contactless ‘everything’ more compelling, so being able to use our smartphones or smartwatches for mobile banking and payments is as appealing as ever,” expresses “CNN Underscored.”
According to a 2022 survey by “Consumer Reports”, “Well over half of Americans use the payment tools.”
There are a plethora of apps out there to fuel the trend, some of which dominate the market more than others. Some examples include Apple Pay, Google Pay, and CashApp among others.
To determine which app is the best, there are a lot of things to consider. User interface, setup process, and overall security are important variables.
“Apple likes to make the complex simple, and easy for everyone to do, and their mobile payment offering, Apple Pay is true to that philosophy. There is no app to download, and it works on iPhones, and can be used for online purchases on Macs,” expressed “Techradar.”
Since Apple Pay is exclusive to Apple products, Google Pay is the alternative when it comes to anything Android.
“It claims to be more secure than using a traditional credit card as the card number is not directly sent, and protected via multi-layer security encryption,” “Techaradar” said.
One inconvenience when it comes to Google Pay is the requirement of an additional app, Google Pay Send, to directly transfer money to others.
“With Cash App, which is owned by Block (formerly Square, Inc.), you set up a username that your friends can use to find you when sending or demanding funds. You do not need to know their phone number or email address. Cash App is limited to debit cards only for direct access. It also uses Plaid for connecting to your bank account, which we think adds another layer of security issues,” states “CNN Underscored.”
CashApp has become more popular with teens and younger people due to marketing strategies aimed towards those groups. Another lesser-known app is Samsung Pay, which only works on Samsung devices.
“It is basically a stripped-down version of Google Pay, using the same banking backends. It requires your mobile number to complete its setup, and in our testing we found it didn’t support several of the debit cards we owned,” says “CNN Underscored.”
One of the biggest competitors in the payment app market is Venmo, which has seen exponential growth in the last few years.
“Venmo has evolved from a social payment app to a one-stop shop for consumers and businesses to receive money, make purchases and even buy cryptocurrency. Venmo launched in 2009 and was purchased by PayPal in 2013. Venmo currently has over 83 million users,” writes “Forbes.”
An issue that plagues each of the apps to varying extents is user security.
“Users can lose money if they accidentally pay the wrong person, mistype a dollar amount or succumb to a fraud or a scam that tricked them into making a payment,” states “The New York Times.”
It is important to take your time and use common sense whenever you might send payment to someone you do not know.
In an ever-growing world surrounded by technology, mobile payment will continue to become more widespread. In the end, it’s always best to do research and weigh the pros and cons of each app respectively.
The Tiger Times 
Posted on March 21, 2023 by thetigertime01
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