Electronic and mobile money transfers have continued to grow in popularity in South Africa and beyond. This increasing popularity can be attributed to the convenience and security these platforms offer. Here are some money transfer apps worth remembering.
Venmo is a free mobile digital wallet service owned by Paypal. Venmo is designed to service both individual and business users. You can pay family and friends with Venmo accounts using a phone number or email. Venmo uses encryption technology to help protect payment data and helps customers to pay more securely. Venmo only charges 3% standard fee which applies to credit cards.
Google Pay Send has been developed by Google to allow people to send and receive money from a mobile device or desktop computer at no cost. This app comes in handy for tasks like splitting bills, gifting money and paying rent. To send money, a Google Pay user enters the email address or phone number of the recipient. The recipient must then link that phone number or email address to a bank account in order to access those funds. If the recipient also has a Google Pay account, the funds will post to that account directly.
PayPal is available in more than 200 countries and supports 25 currencies. It’s free to open a PayPal account and buy something using PayPal unless it involves a currency conversion. With just one account, you can shop at millions of merchants around the world, and pay friends back almost anywhere.
Square Cash allows you to transfer money both for personal and business reasons with ease. With about 7 million active users, this service allows users to request and transfer money to another cash account through its app known as Cash App or email. Users can then choose to withdraw the money with its debit Visa card (dubbed as Cash Card) in ATMs or transfer it to any local bank account.
Xoom is a member of the Paypal family. This facility allows you to send money and pay bills for family and friends worldwide. With a growing list of countries where Xoom covers, Xoom allows you to pay using your bank account, debit card or credit card with the recipient having a number of options to choose from.
The apps listed above can be counted on to transfer your money securely and conveniently.