Pros and Cons of Fast Payment Apps

esmariathomas01May 25, 2022

254 3 minutes read

Pros and Cons

Fast payment apps are apps that allow users to transfer money to the user using an app that accepts it or, visa versa. These types of apps work with the help of an internet connection. Fast payment apps connect with your banks and also allow UPI transactions.

Fast payment apps solve the problem of different currencies. Most of the fast payment apps are free and available in the play store.

Once you filled in all the details required you can use apps whenever and wherever you want. There is a certain limitation to transferring money as per the app and bank regulations.

Are Fast Payment Apps Safe in Use?

Every fast payment app follows all the safety rules. It is even safer than carrying cash. Every transaction required a double-check and a verification code.

It is the fastest way to transfer any certain amount. It is even safer and faster than check. You can lose cash, you can also lose checks but you can never lose money that is safe in your bank. There is no problem with fast payment like it is in check or cash. The Check can get bounced even with a slight mistake.

PayPal

PayPal introduces in 1998. It provides strong security and it is not at all difficult to use. PayPal Credit lets qualifying clients pay for buys more than $99 north of a half year sans interest. iOS and Android; access to more than 200 nations and areas.

Pros

Very popular among individuals as well as businesses.
Very trustworthy app.
The Highest exchange limit is $60,000.
With a feature like PayPal family and friends users can save a lot.

Cons

For business, PayPal charges a certain amount to receive transactions.
PayPal has a right to freeze your account.
Global exchanges can get expensive ($2.99 to $4.99, besides 2.9% of the exchange sum and an extra charge in view of the area)
The fee structure is complex.
Venmo

When you are playing to pay in contribution, Venmo helps to divide. Venmo is part of PayPal but it is very different from PayPal. It has more than 80 million users. It is to transfer friends and family. It provides Double verification before transactions. With help of a QR code, you can connect to the right client account before you send cash.

Pros

Venmo provides an easy way to contribute money.
Can connect as an installment technique to popular apps like Uber, Uber Eats, and Seamless.
Can connect to the Venmo Credit Card to get prizes on approved dealers.

Cons

Charges a 3% handling expense while utilizing connected Mastercard as an installment technique.
Charges a 1% expense for instant cash-out.
Cash App

The Cash app allows the user to buy or sell bitcoin. Cash App does exactly the same thing as Venmo, yet without the social highlights. You can send cash to, or demand from anybody. And it all happens with the help of Cash record. It is also responsible to release the assets drawn from a connected ledger or check card at no fee.

Pros

Cash App is very easy to link a bank account with a debit card.
It offers the user a wallet in which you can transfer a certain amount of money
Free ATM withdrawals assuming you set up a direct store (in any case $2 per withdrawal).
Cash App borrow money feature is available for all eligible users.

Cons

Charges a 3% handling expense while utilizing connected Visa as an installment technique.
Charges a 1.5% expense for moment cash-outs.
Cash App refund process is quite difficult.

To know more information: Pros and Cons of Fast Payment Apps

Zelle

Zelle offers an exceptional method for paying friends or family right from your bank. You can send cash with same-day moves to any other individual with a Zelle account.

Pros

Zelle provides many offers.
Zelle allows you to have a same-day transfer.

Cons

You can only transfer to the one using the same app.
Both users must same bank.

Get more information: Pros and Cons of Fast Payment Apps

Google Pay

Google Pay provides you with tools that help with anything online. Google pay lets the users pay for gas, electricity, and water bill (after registration). It is very easy to use and provides you with double-check security.

Pros

No extra fee in a transaction.
Connect with google platforms like Gmail, etc.
It is easy to use from different platforms like laptops, tablets, smartphones, etc

Cons