The way we pay has steadily changed over the years. Carrying cash and using plastic cards are becoming an old concept as we shift towards apps and other contactless payment options. Show If you do not remember the ups and downs of contactless payments, here is a refresher. Payment (Money Transfer) AppsLet's talk payment (money transfer) apps... There are many options such as Venmo (by PayPal), Square Cash, Zelle, and Google Pay. Even WhatsApp and (Microsoft's) Skype will let you send and receive money via the app. Have you used any of these yet? All you need is someone's phone number or email address, and sending or receiving money can be done with a click of a button. Do you need to get reimbursed after fronting money for dinner with friends? Send a money request to your friends using one of these apps and get paid instantly. Some apps even divide the bill into equal amounts between the people you request money from. The CaveatsBut with that convenience comes a couple of caveats. Most apps are free, but some require fees for different features they provide. It's important to research any app before downloading it to make sure it does what you need, and that you understand the fees (if any) you may have to pay. Realize that payment apps may defer from money transfer apps and that different charges may apply. With these apps, use of your (linked) bank account or debit card is generally free, however; linking a credit card may cost money even though it may be safer. If you get scammed (see below), you generally have more legal recourse when using a credit card. Impulse buying = money trouble And then there are the social aspect and privacy invasions (read: pay special attention). If you haven't seen the Netflix documentary "The Social Dilemma" on the potential dangers of social media, we highly recommend it! The film dives into the manipulation techniques it claims that social media companies use to addict their users, and the psychology that is leveraged to achieve this end. Add your payment apps to this whole social circus, and we're staring trouble right in its face. These apps make it fun (and addictive) to spend money, which could lead to impulsive purchases. Who would have ever thought that social media handles and spending money would go hand in hand...? Additionally, your app by default is probably set to make transactions and friend lists publicly visible, opening access about your finances to the world. Consider a couple of questions when using these types of apps: Would it bother you that everyone can see what you ate for dinner, and with whom? Or what items you bought where, or from who? Or how much you spent on something? This is private and sensitive info... Tips to Keep Your Money SafeHere are a few tips to keep your money safe:
So, there you have the basic rundown on payment apps. Follow the guidelines above to ensure you are conducting due diligence when using payment apps. I hope this info keeps your apps and money safe. Cheers, Will Which is safer venmo or cash App?Is Cash App safer than Venmo? Not necessarily. Cash App and Venmo are money transfer apps, which are inherently risky since their services involve sending money to other people. But if you stick to sending money to friends and family, you likely won't run into any issues involving scams.
Is Zelle safer than cash App?Zelle lets you instantly transfer money from your bank account to someone else's using their phone number. It can be done via an app or on your bank account online. Is Zelle safe? Zelle is on the safer side as the encryption that protects it is at the same level as your bank.
Is Zelle safer than PayPal?However, while Zelle may appear more secure, applications like Venmo and PayPal are just as secure. All of them use data encryption to protect users against unauthorized transactions and store users' data on servers in secure locations.
What is the safest way to send somebody money?The safest way to send money through the mail is with a money order. This offers more security than cash, as it's only payable to a specific person and can be cancelled and reordered if it is stolen or lost. It's also better protected than a check, as it isn't linked to a bank account.
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