According to Globe News Wire, the P2P payments market size is predicted to reach $8078.81 billion by 2030, which proves the rise in popularity over recent years. Money transfer services provide a cheaper method of sending payments domestically and internationally. The highest quality apps will come packed with encryption and other security features to keep your money secure. With this in mind, let’s take a look at five quality money transfer apps.
Notorious billionaire playboy Elon Musk created PayPal back in 1998, and it’s become a staple when it comes to sending money securely online. When it comes to domestic transfers, PayPal is a great solution because it’s free. However, if you’re sending funds overseas, you will need to pay fees and it can be expensive if you’re paying over $500. PayPal can be downloaded across all devices, which only adds to its dominance.
Ria Transfer App
Ria has more years on PayPal, established as a store in New York City back in 1987. Over the years, Ria money has grown considerably and is now recognized as the leading international money transfer app payment platform. If you choose Ria, you will find that all transactions are transparent, which means you don’t need to worry about facing hidden charges.
Mark Zuckerberg has gathered together his entities and bunched them together under the Meta umbrella. During this process, Meta has entered the world of cryptocurrency and money transfers. For anyone using WhatsApp, Instagram, or Facebook Messenger, you will have access to Meta Pay. You can only use it to send small funds, but it will work for sending money abroad. All you need to do is add a card to the platform, and it can be used to buy products and make payments.
Square is an incredible payment system, but their child project Cash App is better when it comes to making international payments. The reason for this is that it’s no thrills layout and has cheaper rates. After all, with only the option to “get paid” or “make payment” on the app, there’s not much opportunity to go wrong. However, you should double-check target account information because there are no payment reverse features – once it’s sent it’s gone.
Venmo has been around for some time now and is arguably the most well-known money transfer app in The States. This app acts like a digital wallet, which means you can store funds there if you’d rather not send out your bank details. However, you need to keep in mind that it only works if you’re making payments domestically in the US. If you use Venmo and you’re in a different country, you will need to access your account while using a VPN set within America.
Money transfer apps have become a staple within consumerism and between family and friends. The popularity has grown to the point that there are too many choices out there. Before making your decision, you will need to weigh up your needs.