Welcome to this week's Finance Fridays. Last week we were looking at car finance options and for this week it's all about other types of payment – mobile apps. It seems that cash payments are getting less and less popular and even credit and debit cards are declining in usage. Instead people are turning more to their mobile phones to use as a method of payment. It means no longer worrying about taking your purse or wallet out with or running out of cash. Let's have a look at some of the most popular options.
Apple Pay – Perhaps the best known of the mobile payment apps is Apple Pay. In order to use it you'll need an iPhone 6 or an Apple Watch or for online payments an iPad. Payments are made through Apple Pay by registering your credit, debit or charge card plus also reward cards. In shops you pay through Apple Pay by holding your iPhone or Apple Watch near a contactless card reader with the Apple Pay symbol on and then confirm the payment.
Android Pay – Of course once Apple launched their payment app the main rival mobile operating system, Android, had to move quick to introduce theirs. The current news is that Android Pay will be launching in the UK by the end of March 2016. It is already up and running in the US and from the look of it will work in exactly the same way as Apple Pay where the Android Pay symbol is shown. It is parent company Google's second foray into the mobile payment market after the failed Google Wallet that never even made it to these shores. It seems Android will also face competition later in the year when Samsung plan to launch Samsung Pay in the UK.
PayPal – Since the rise in popularity of eBay the use of Pay Pal has grown and grown. At one stage it was simply used as a way to pay and receive money through your online auction account. Now it is quick and simple way to send money to people using just their registered email address. You can keep your PayPal account financed through payments sent to you and by linking to your bank account and credit cards. Do remember that PayPal payments usually attract a transaction charge so your recipient may not receive the full amount of what you are sending.
Qkr! by MasterCard – At moment the Qkr! app in the UK is designed mainly for restaurant use. Unlike Apple Pay which uses NFC Qkr! requires an internet connection to work. In selected restaurants you can set up a tab which further orders can be added such as drinks, puddings etc. If you're going out in group you can use the app to pay just for your cost of the meal.
Do you use mobile payment apps? Do know of any other mobile payment options?
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