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Category: Technology

Understanding Payment Apps

Understanding Payment Apps

Posted By Lineweaver Financial Group
September 23, 2021 Category: Blog, Technology, Economy, Commentary, Finance, Portfolio

  With the advent of the pandemic over the last year and a half, more and more people are switching to digital payment apps to help them with banking, payments, and to move money between accounts. These have many advantages, especially in our increasingly touchless world. But which of these are the best to use, and how secure are they?   According to Forester Data, 61% of adults who use the internet transferred money digitally to a friend or family member in 2020, compared to 51% the year before. There are no shortage of these apps available, with offerings from tech companies like Google and Apple, companies that partner with banks like Zelle, and the largest and perhaps most popular companies, Venmo and PayPal.   With so many available, it may be hard to choose one to use and it may be best to use different apps for different situations.   For example, PayPal may be best for large purchases – you can transfer or make a purchase of up to $60,000 in a single transaction. It also provides purchase protection.   For instant transfers, Zelle may be offered alongside your bank’s mobile app. Transfers are instant, but irreversible and there’s no payment protection. It is, however, the only app that doesn’t charge a fee for an instant transfer of funds.   Different apps may make sense for different scenarios, but what about privacy and security? Last year, Venmo found itself in hot water when reporters were abl

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