ORLANDO, Fla. (Ivanhoe Newswire) -- Digital wallets and peer-to-peer payment apps allow users to pay one another back without the need for cash or checks. Bank of America's 2017 Trends in Consumer Mobility Report shows that peer-to-peer mobile payments are becoming mainstream, especially among younger Americans. Below you'll see just how easy splitting the tab can be.
Whether you owe a friend money for lunch, or you need to send rent money to your roommate, the easier it is to transfer money, the better. There are many apps that make this process quick and simple. Do you use your smartphone to pay your friends back?
Venmo is a popular app that allows you to send money to friends and family with money you have in the app. Or you can link your bank account or debit card. In order to get your funds, you must transfer them from the app to your bank account. If you have an iPhone, you can pay someone through a text message. Apple's iOS 11 allows you to send money fast using Touch ID with Apple Pay. Google Wallet allows you to send and receive money through the wallet app, via Gmail, or on the web at Google.com. Paypal.me is one of the few apps that allows you to send money to people in other countries. The fees applied to that vary; however, sending money to someone in the same country is free. Other easy to use peer-to-peer payment apps include Facebook Messenger, Zelle, and Square Cash. Splitting the tab is just a tap away!
Before you decide to jump on board, consider the fact that you are sharing your bank account or credit or debit card information with a third party. However, many of these apps do take security measures by using encryption technology and giving you the ability to create a pin.
Contributors to this news report include: Katie Campbell, Producer; Roque Correa, Videographer and Editor.