Gone are the days of fumbling through wallets, counting coins, and handing over crumpled banknotes. With numerous mobile wallets and payment apps available, sending and receiving money can be a quick, convenient process.
But before downloading a digital wallet, it’s important to understand the pros and cons of e-wallets and consider any fees, terms and conditions involved. These may vary depending on the payment app provider.
Not sure where to start? You could consider asking yourself these three questions:
Are you looking to seamlessly manage your money, set up recurring payments, leverage a digital wallet, or even send money internationally?
Are you looking for a convenient way to send money to friends and family, or do you frequently complete transactions with businesses or merchants?
When choosing an app, it's also essential to think about how often you plan to use it. For instance, do you expect to send or receive money daily, or will you use it occasionally, such as when splitting expenses or paying for a group gift?
Mobile payment apps can offer a range of potential benefits, from simplified transactions to convenient payment options. Here are some examples of what payment apps and e-wallets can offer:
It’s important to remember that there are potential drawbacks, too. One of the biggest watchouts of payment apps? Potential fees. This will normally vary depending on the payment app provider.
While many payment apps offer free basic services such as sending and receiving money, there are instances where fees may apply. For example, if users link their payment app to a credit card, they may be subject to transaction fees. Additionally, some payment apps charge fees for expedited transfers, international transactions, or converting currencies.
Learn about the PayPal App here.
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