Best P2P Apps
The Best P2P Apps That Can Replace Your Wallet
It used to be that if you wanted to go in with your coworkers on pizza, buy a gift with another person, or pay for goods at a market you needed to carry cash. In the past, people would take their paychecks to the bank in person, deposit a percentage of their check for savings, and keep the rest of the cash out for paying bills and making purchases. However, the introduction of direct deposit changed all of that. Now, people have their paychecks directly placed in their checking account and use that account to pay their bills and make purchases-there is no longer a need to go to the bank. And, because there is no longer a need to go to the bank it has become very inconvenient to carry cash.
Enter person to person (P2P) payment apps. P2P apps eliminate the need for a person to carry cash because they offer the ability to move money directly from one account (yours) to another account (the person you are paying). These apps work without writing a check, carrying a card, or any real process. Instead, they simply exist inside an app and work at the touch of a button.
If you are new to the idea of P2P apps, then you might be overwhelmed by the number of choices available to you. That’s why we have created a round-up of the best P2P apps that can replace your wallet.
PayPal Unless you live under a rock it is likely you have heard of PayPal. PayPal was developed in 1998 as a site for online transactions between businesses. In 2002, PayPal was acquired by the ever popular eBay to make their customer’s transactions quicker and more secure. Today, PayPal is a leading P2P app that allows people to send funds to their friends, save for big investments, and can even be linked to direct deposits from a bank account. Of all the payment apps, PayPal is the most diverse and widely accepted by online retailers.
Apple Pay Apple pay is the Apple version of a P2P app and is only accessible from an iOs device or online. This payment app can store multiple payment methods and allows users to securely make purchases online and in-store. If you are an Apple Pay user you will find there are many retailers who can take a payment through Apple Pay via your phone without you ever reaching for your wallet.
Google Pay Much like Apple Pay, Google Play is the Android version of a P2P app. Google Pay can also store multiple payment methods, be used for online transactions, and be used for making purchases in store.
Venmo It was never expected that paying friends for splitting dinner or costs on a trip would be a social thing, but here we are! Much like PayPal, Venmo allows users to send payments directly to another person’s account at the touch of a button. However, Venmo also has a social aspect that allows you to follow your friends’ actions, see their payment comments, and converse about specific transactions.
If you are looking to shed your wallet soon, we highly recommend choosing one of these popular P2P apps and getting familiar! And, if you have used other P2P Apps like these and love them, let us know!