The best payment apps make it easy to make purchases, send money to friends and family, pay rent, and split costs with a group, such restaurant tabs and tips. Due to how easy it is to send money using these best fast payment apps, many consumers also appear to prefer digital payments over more traditional ones.
Venmo may be one of the top quick payment apps and most widely used peer-to-peer payment networks, but it isn’t the only choice. In actuality, there are more options than ever before for sending money immediately. We’ll examine the top seven mobile payment applications for transactions.
A Detailed Look into the Top Mobile Applications for Quicker Payments
The features and user interfaces of all of the finest fast payment applications listed below make it easy for users to send money and complete transactions online. To help you choose the best mobile payment app for you, we’ve compared their compatibility, pay limitations, and costs below.
7 Best Instant Payment Apps for This Year
1. Cash App
Cash App is one of the best instant payment apps. Cash App allows you to send and receive money via $Cashtag, phone number or QR code.
Compatibility/Pay Limits/Fees
•Compatibility: You can download Cash App for iOS from the App Store or Android from Google Play.
•Pay Limits: You can send up to $250 every 7 days and receive up to $1,000 during any 30-day period. However, limit increases are possible for verified accounts.
•Fees: Cash App doesn’t charge any fees for most payments and transactions, except ATM withdrawals. In addition, Instant Deposits are also subject to a 0.5% to 1.75% fee in exchange for instant delivery.
Pros And Cons of Cash App
•Pros: You can access banking services via Cash App, including paychecks, tax returns and early access to direct deposits.
•Cons: Cash App has low initial pay limits before verifying your account.
2. Google Pay
Another best instant payment apps to choose for your online payments is google pay. Google Pay is Google’s digital wallet and payment system. You can send money to individuals or even groups to split expenses, but you can’t send peer-to-peer payments from your credit card — only your bank account, debit card or your Google Pay balance.
Compatibility/Pay Limits/Fees
•Compatibility: You can use Google Pay on both Android and iOS.
•Pay Limits: Verified accounts can send up to $5,000 during a seven-day period. Unverified accounts can only send up to $500, with a total lifetime limit of $5,000.
•Fees: Google doesn’t charge any fees to send or receive money with Google Pay. However, there’s a fee of 1.5% if you transfer out to a debit card.
Pros And Cons of Google Pay
•Pros: You can earn rewards when using Google Pay to activate special offers from businesses.
•Cons: Initially, there are low pay limits before verifying your account.
3. PayPal
Undoubtedly, one of the best instant payment apps. PayPal’s app lets you send or receive money directly to and from friends and family. But if you’re planning to use your credit card to send money, be prepared for high fees.
Compatibility/Pay Limits/Fees
•Compatibility: You can download PayPal for Android or iOS.
•Pay Limits: If your account is not verified, you can send a one-time payment of $4,000. If your account is verified, you can send up to $60,000 in a single transaction. There are other limits for instant transfers to debit cards.
•Fees: There are no fees for sending money from your PayPal balance or bank accounts. However, there’s a 2.90% fee plus a fixed fee for sending money via credit card.
Pros And Cons of PayPal
•Pros: You can set up a special PayPal. Me link to share with friends for them to pay you.
•The app offers very high pay limits for verified accounts.
•Cons: There are high fees for sending money from credit cards. The fee structure is confusing.
4. Western Union
As a digital payment platform, western union, another best mobile payment app. Western Union lets you send money to friends and family in more than 200 countries worldwide.
Compatibility/Pay Limits/Fees
•Compatibility: The app is available for Android and iOS.
•Pay Limits: The maximum send amount is $500 per day per card account.
•Fees: Fees depend on the transaction type, amount, currency, country of origin and recipient country.
Pros And Cons of Western Union
•Pros: You can send cash digitally directly to the recipient or send it to an agent for cash pickup.
•You can even track your transfer and get notified when it is delivered.
•Cons: The app has low pay limits for sending money online.
•Fees are high.
5. Xoom
Xoom is a user-friendly payment app offered by PayPal that lets you send money to friends and family, whether in the U.S. or other countries.
Compatibility/Pay Limits/Fees
•Compatibility: Xoom is available for both Android and iOS.
•Pay Limits: It depends on what country you are sending money from, what country you are sending money to and your account level. You can increase your limits by providing more account verification. Initial limits are $2,999 every 24 hours.
•Fees: There may be fees depending on the transaction type, payment method, currency, country of origin and recipient country.
Pros And Cons of Xoom
Pros: The service offers a money-back guarantee to give you peace of mind that only your designated recipient will receive your money.
Cons: The international fee structure can be unclear and confusing.
6. Zelle
Zelle is a U.S.-based best instant payments service integrated with hundreds of bank and credit union mobile apps around the country.
Compatibility/Pay Limits/Fees
•Compatibility: Zelle works with hundreds of banks and credit unions around the country.
•Pay Limits: Pay limits depend on your bank. If your bank doesn’t support Zelle, you can send up to $500 per week.
•Fees: Zelle doesn’t charge any fees to send or receive money.
Pros And Cons of Zelle
•Pros: You don’t need to download a separate app or create a new account to use Zelle. Instead, just log in to your supported banking app, pick who you want to pay and send the money.
•Cons: Each bank sets its own pay limits with Zelle.
• May not be available in all banks.
7. Venmo
Finally, Venmo is considered one of the best instant payment apps for financial transactions. Venmo is a payment app that lets you send payments and split expenses with a group. You can also send payments to businesses with the app.
Compatibility/Pay Limits/ Fees
•Compatibility: Venmo is available for Android and iOS.
• Pay Limits: Unverified accounts can send up to $299.99 per week. Verified accounts can send up to $60,000 per week.
•Fees: Venmo doesn’t charge a fee for sending or receiving money via balance, bank or debit card. However, there’s a 3% fee for sending money via credit card.
Pros And Cons of Venmo
•Pros: Venmo offers high weekly pay limits.
•Cons: You must be physically located in the U.S. to use Venmo.
Key Questions to Ask Yourself When Choosing the Best Mobile Payment Apps
Consider some of these questions you might ask before choosing your payment app. The payment apps listed above have many of the same features. Which one’s best for you comes down to how you want to use it. Below are some questions to ask yourself as you evaluate the options:
•Do you need to send money internationally?
•Do you need to send large amounts of money?
•Do you want a separate app and account login?
•Will you make purchases, or are you just planning on sending money?
Once you’ve answered these questions, the right payment app for you will probably become apparent.
