![]() ![]() Payment apps are secure but not foolproof Users launched the apps about 1.8 billion times this June, compared to 1.3 billion times in June 2019. Installations of the most popular payment apps, which averaged about 14 million per month before the pandemic, rose to 17 million in April and more than 20 million in May and June, Blacker says. Since stay-at-home orders hit, use of the apps has soared as more commerce shifted online and people needed to send money to friends and family they couldn’t see in person, says Adam Blacker, vice president of insights and global alliances for Apptopia, which tracks mobile application trends. adults used mobile payment apps, according to a NerdWallet survey conducted in January. Payment app adoption is risingĮven before the pandemic, 79% of U.S. A few options, including Apple Pay, Google Pay and PayPal, can be used for both personal and business transactions. Other systems, including Samsung Pay, are meant for business transactions, such as paying a merchant online or at a register. Some let users choose an instant transfer for a small fee. ![]() People can search for each other using email addresses, phone numbers or user names, and money is usually transferred within one to three days. Some payment systems are available via social media, email accounts or other apps.Īpps such as Venmo and Cash App are known as “peer-to-peer” platforms because they’re designed to facilitate transfers among friends and family. They may be downloaded to a phone or other mobile device or accessed online. Mobile payment apps allow people to transfer money to others quickly, often for free. ![]()
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