For many years the field of technology has been progressing a lot. From writing letters to connecting with family to having a cell phone everything has evolved and so has the payment method.
Earlier, while opening a bank account was a task people used to carry cash everywhere, may it be any small amount or big. But things changed, carrying cash was replaced by an online payments app making it easier for everyone to have money whenever needed without actually having to carry it.
In 1996, The first internet banking application was started in the U.S.A and then, eminent banks such as Citibank and Wells Fargo started to provide this service to their customers in 2001.
There are a lot of payment apps used in the US but among them PayPal, Venmo, Wise and square are the most used ones. Given below are the reasons behind them being the most used.
PayPal: It is one of the best payment options due to its convenient payment options, powerful branding and brand name recognition and robust tools. It is easy to use, offers safe encryption and monitoring and it’s free to pay friends and families. To use it we just need to register our credit card or bank account with a PayPal account and we can easily send or receive money just by tapping.
Venmo: It is mostly used for transferring money instantly in the bank account or debit card, which arrives in about 30 mins for a fee of 1.5% Venmo works with all U.S based banks. We can also add multiple security to our Venmo by enabling two-factor authentication and a PIN.
Wise: It uses the standard exchange rate instead of bank rates. Anyone who needs to transfer money internationally can use Wise. It helps in saving bank exchange rate markups and high foreign transaction fees and we can always pay through our local currency.
Square: It is a payment system developed by Block Inc. Square is a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point of sale system.