When we live technology driven-lives, everything can be easily managed with our smartphones. Our restaurant bills and point of sale payments are going cashless, and we are stressing more on digital payments rather than credit card payments. On the other note, Fintech companies providing high-end security with some of the most intuitive features for making digital payments solutions through mobile apps. 

According to Statista, digital payment was the most popular mode of payments in 2019 with more than 59% of digital transactions, and it also clarifies the rising trend of peer-to-peer payment app. So, the days are gone for carrying cash and credit card, and you also don’t need any account in the city you visit. You can make payments from the comfort of your mobile phones, as you know how extensively mobile phones are used these days. 

Here’s what you need to know about digital wallet solution and how they will make sending money more comfortable than ever.

Here are Top 10 digital payment apps of 2020

1. Google Pay

 Ruling as the best mobile payment app in 2020 for Android users, Google pay offers intuitive user interface, user-friendly features and attractive offers for every user. No matter you are checking out on an eCommerce store, or recharge your phone, you can execute countless transactions with Google Pay.  Built for Android users, it is expected to reach 100 million active users until the end of 2020. With Google Pay, the users can transfer money to their peer in just a few clicks. 

2. Apple Pay

With more than 227 million active users, Apple Pay is the top of the list for the best digital payment apps in 2020. Unlike Google Pay, which does not allow the users to send money to their peers with credit card mode of payment, Apple Pay lets the users’ transfer fund to their friends and family with a credit card at the fee of 3% of the transferred amount.  Apple Pay has a lot to offer to its users as it is compatible with iOS and enables the users to send up to $3000 per message and up to $10,000 in a week. You can check out its intrinsic features and unmatched user experience. 

3. PayPal

Unlike Apple Pay, the best thing about PayPal is that you can transfer the money to your family and friends with the credit card without any charge. But it still charges some extra percentage of fees to send money from a credit card or convert currencies.  The funds available or you can say the balance available in your PayPal account is automatically converted into your national currency and automatically credited to your linked bank account. International payments are not so much more comfortable than ever with PayPal. 

4. Venmo

This is the second-best digital payment app which is owned by PayPal. This mobile payment app is specially designed for users who are very active on smartphones and prefer to transfer money from the same. Due to the flexibility and convenience, it is quite popular in Gen X and Gen Z.  The attractive features of this app are that it automatically splits the bills between the friends. No matter it is the smallest bill amount or sharing a rented room or sharing your grocery bill, Venmo can do it all. 

5. Square Cash

Gone are the days, when money transfer needs four to five working days to reflect the amount in your bank account. The company kicked off its venture into the domain by converting the iPhone or iPad into a card reader for the small and medium scale businesses. As the company grows, it also introduced the money transferring options to its users. The users of these payment services can have their own ‘cashtag’ and can be able to receive money through this cashtag instantly. 

6. Zelle

It is another option to transfer money on the go for digital money transfer software. You need to have a bank account in one of the associated banks including Bank of America, Citi, US Bank, Capital One, Chase and Well Fargo. If offers same-day transfer to any users having the account with the listed participating bank. You need to ensure that you have a primary account with the bank. You need to authenticate your mobile number associated with the bank. 

7. Paytm

It is one of the digital money transfer solutions created for businesses and customers based on QR codes. To get started with the Paytm app, you need to add your credit or debit card. You need to scan the code for making the payment or transferring funds instantly. To build a customer base, the company’s also offering loyalty programs and incentives. You can also earn referral rewards for introducing it to your peers. It also provides tailor-made offers. 

8. Facebook Messenger

It is already a hit amongst many groups. Facebook has made its presence in mobile payment app services by integrating payment services with the messenger. However, you need to be 18 years old to use this service or for transferring money. And if you are eligible for voting, you need to add your credit card or debit card information with your Facebook account. You can even add a pin to secure your account. 

9. Samsung Pay

Samsung was the first to introduce contactless payment. It unleashes the opportunity to convert smartphones into the card reader. This feature makes it different from other service providers. It is a fast and straightforward way of transferring money, and it can be managed on the web and in the app as well. You don’t have to enter the card detail information in the app, all you need is to contact your credit card with the Samsung Pay app. 

10. Amazon Pay

The eCommerce giant has made a significant impact by announcing Amazon Pay for its online shoppers. Amazon Pay is based on UPI, which is a unique identification number for every user. The UPI, which is a unified personal identity number, lets the users initiate the payment between the bank and the users. Here, instead of IFSC code, the virtual payment address is used like yourname@bankname. 

Final words

Thus, these are the best mobile payments asp that come handy while making instant mobile payments or money transfer. It would help if you learned to take advantage of fintech technologies along with digital wallet app development to get fruitful results in your business.

Author Bio 

Nikunj Gundaniya, Product manager Digipay.guru, one of the leading Digital payment solutions, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.