The digital age is upon us and items like paper tickets, money and coupons are slowly becoming obsolete. Digital wallets are becoming more and more common, with built-in apps as well as available apps on almost every smartphone. If you’re looking for a mobile wallet that fits your lifestyle, consider these popular options.
Growing in popularity, Venmo has become a well-known mobile wallet app among Millennials. According to Sheila Olson, contributor at Investopedia, the app was developed by two students at the University of Pennsylvania in an effort to find an easier way to send money to one another after they both lost their wallets. The students, frequent users of their smartphones, decided to create an app that enables their phones to transfer money to one another. With Venmo, you can transfer money to someone with their phone number, email address or another form of communication. The app is completely free for debit card users and the service has more than 10 million users.
The Cash App, developed by Square Inc., is a mobile wallet that allows you to transfer and spend money directly from the app. Not only can you pay your friends and family back through the app, but you can also deposit that money directly into your bank account. Deposits go through within one business day. But here’s where the Cash App differs from Venmo: money in the Cash App isn’t just for transferring from person to person. If you’d like, you can request a debit card from Cash App. They’ll send the card directly to your door with the balance from your account, and you can spend it anywhere just like you would with a normal card.
If you have an iPhone, there is already a mobile wallet built into your device. Passbook, also known as an Apple Wallet, is compatible with apps throughout the app store to manage everything from your bank accounts, gift cards and coupons to concert tickets and airline boarding passes. Apple has designated a section of the App Store to Passbook-compatible apps. According to Randy Nelson, a contributor at NBC News, you can use apps from retailers like Target, Walgreens and major airlines from inside Passbook.
Unlike many other mobile wallet apps, Gyft has one specific specialty: gift cards. Olson reports that with this app, you can redeem and manage your gift cards from the convenience of a singular app. There are more than 300 retailers working with Gyft, making it easy to manage all of your gift cards in one place. In addition to managing your own gift cards, Gyft allows you to purchase, send and receive gift cards. Instead of sending someone a gift card in the mail, with the risk that it will get lost, you can purchase it and send it to them from inside the app.
Mobile wallets are prominent in today’s world and these apps are some of the most popular. Your money is at the touch of a button with these digital wallets and you’ll never have to worry about losing cash again.