Small Payments Apps – Your Digital Wallet
Digital wallets make paying for goods and services as easy as clicking a button. Just look for the Apple Pay, Google Pay, or PayPal logo when checking out online or in-store.
Small businesses want an integrated POS system that makes accepting payments easy for their staff and customers. Wise offers a complete money transfer app that lets you send and receive global payments at the real mid-market rate and holds 50+ currencies. 1. Apple Pay
Apple Pay is a digital wallet from the tech giant of the same name that lets users leave physical cards at home. It’s available on iPhone, Apple Watch, iPad, and Mac devices and lets users add credit and debit cards to their Wallet app. Then, they can use those cards to pay for purchases at in-store, online, and in-app stores that support Apple Pay.
Using Apple Pay is simple for shoppers: They add their card details to Wallet, and when they’re ready to make a purchase, they double-click the phone’s side button or use Touch ID or Face ID to authenticate the transaction. Then, the device uses a unique Device Account Number (DPAN) and a dynamic security code to process the payment, so the actual card numbers are never transmitted to merchants or stored on the device or Apple servers.
Many of the largest retailers in the United States—including Best Buy, Kohl’s, Costco, Sprouts, CVS, and Target—accept Apple Pay. A full list is available on Apple’s website.
If you integrate Apple Pay into your business apps, you can offer a seamless checkout experience that keeps customers on your site or in your app and reduces the likelihood they’ll abandon their carts. Plus, because Apple Pay payments are secure, consumers are more likely to trust your brand.
Apple introduced a feature called Tap to Pay in February 2022 that turns supported iPhones into mobile point of sale terminals. You can use the iPhone’s camera to scan a credit or debit card, and the system will verify most cards in just seconds. However, some cards require a phone call, app download, or email to be added and verified. 2. Google Pay
Originally launched as Google Wallet in 2013, Google Pay has evolved into a multifaceted payment app. Beyond allowing users to make online purchases and contactless payments, the mobile payment app integrates ticket bookings, bill payments, loyalty cards, and transit systems in one seamless platform. Its fusion with public transportation networks exemplifies its lifestyle-centric approach, providing commuters with a single interface for managing their entire daily schedule.
To ensure security, Google Pay uses tokenisation to protect customer data. This means actual credit or debit card details are not shared with retailers, instead a virtual account number is given to the merchant to process the transaction. Additionally, a screen lock is required to authenticate transactions, ensuring that sensitive data cannot be accessed by others using the same device. Users can also monitor activity and track spending by viewing their full transaction history on the Google Pay app.
Another important feature of Google Pay is the ability to transfer money between users in proximity, a handy option when sharing a meal with friends or splitting expenses. For businesses, this is useful as it eliminates the need to exchange personal bank accounts or transfer funds between currencies.
Aside from facilitating digital transactions, Google Pay also keeps track of outgoing and incoming payments as well as invoices, making bookkeeping easier for business owners. However, it can take up to three to five days for funds from a Google Pay payment to appear in a business bank account, depending on the type of payment method used.
The basic revenue model of Google Pay is based on SIM operator commissions for mobile recharges. Additional income sources include advertising and product offers on the Google Pay app. Crypto rewards and cashback may also prove to be lucrative in the future, as they could boost user engagement with Google Pay and the broader cryptocurrency ecosystem. 3. PayPal
PayPal is the world's leading payments system. It offers consumers and small businesses a variety of payment solutions, including mobile app and web checkout, Apple Pay and Google Pay, as well as other banking and POS tools.
A personal PayPal account is free and can be linked to a bank account, debit card or credit card to use for online purchases. You can also send money to friends and family. To do this, you can enter the recipient's name or email address or scan a QR code for a quick start. If you choose to send money to a friend that doesn't have a PayPal account, the person will be able to claim the funds by opening a free PayPal account online or through the mobile app.소액결제 현금화
You can also add a Buy Now button to your website or blog to allow customers to pay for your goods and services with a few clicks. This solution will help you increase conversion and revenue while providing a secure and convenient checkout experience for your customers. PayPal's mobile app allows you to track transactions and customer activity in real time, as well as view your payment history, all from a single dashboard.
PayPal's business accounts are designed to help you manage all your business's online and in-person purchases with a central hub. They offer a number of business-specific features such as a virtual terminal to make payments on the go, buyer protection to cover your purchases against fraud and other losses, and a unified dashboard that connects your other accounting software. You can also use the PayPal Here app to accept credit cards in-person, without the need for a physical point of sale terminal. 4. Venmo
This popular app adds social media elements to money transfers. Users can add friends and browse through a feed that shows payments between them, with options to share a note or emoji with each transaction. The feed is public by default, but users can change the setting to make payments viewable only to their friends or on a transaction-by-transaction basis. The app also offers privacy settings and payment caps.
Adding a friend on Venmo is as simple as entering their name and phone number. The app then syncs with the user’s address book, searching for any associated PayPal or Venmo accounts held by that contact. When a user wants to send or receive funds, they can either use their debit card or link their bank account to the app for direct deposits.
Like PayPal, Venmo lets you transfer funds instantly to your friend or recipient. Once the money is in your account, it can be used to make a purchase at a merchant (or, with PayPal, a traditional online or physical store) or stored in your account for future use, or moved into your linked bank account.
Both the app and website are super easy to navigate and use, and the interface is clean and intuitive. It’s also fast, which is a huge bonus for busy people.
When setting up an account, users are required to provide their legal first and last name, desired username, profile picture and a form of ID. This can be a driver’s license, U.S. passport or state-issued identification card. Venmo also reports transactions over $600 to the IRS on behalf of its users, supplying them with an IRS form 1099-K. 5. Samsung Pay
Samsung Pay works a little differently than other mobile wallets. Instead of requiring a phone to be unlocked or powered on for a payment, you can make payments even with your phone off and in sleep mode. This makes it easier to use in the middle of a meeting or while you’re shopping at a store.
The Samsung Pay app is pre-installed on most phones from the company, and it can be used with a wide range of terminals and card readers. You can also link multiple cards and loyalty programs, so it’s easy to keep track of your purchases and rewards. The service can even be used for fast checkouts online, allowing users to authorize payments using their fingerprint or other authentication methods.
To get started with Samsung Pay, just add your credit or debit card into the app. You’ll need to verify the card with a code or by following the instructions on-screen (which can vary by bank and card provider). You can then make payments with your phone, just like you would with any other contactless transaction.
One thing to note about Samsung Pay is that it doesn’t transfer your card information or account number to the merchant or its servers. This keeps your card number private and helps protect you from fraud, and it’s backed by MasterCard’s Zero Liability protection.
While there are several digital wallet apps to choose from, the right one for you comes down to personal preference and needs. For example, if you’re a big user of Venmo or Zelle, then those are good choices as well. However, if you prefer to leave your wallet at home and want something that can be used at more stores, then Samsung Pay is the way to go.