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Do we say yes to mobile wallets

, October 13, 2014, 0 Comments

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It’s time to pay your dues. Do you still go to the ATM machine to draw cash and pay your friends? Or bring out that old cheque book to pay what you owe them? With mobile technology, life just got even simpler. We now have plenty of apps that takes care of money transfers without the hassle of going to banks, ATM’s, tearing out pages off cheque books etc.

Before we look into some of the options, let’s see if it makes sense to use a money transfer app in the first place.

The Good

• Money can be transferred at any time/place instantly.
• Cuts the hassle of remembering to take cash or your cheque book the next time you meet your friend
• Some providers let you make these transfers for free.
• You don’t have to worry about money getting stolen or losing your cheque somewhere.
• There is no more trying to haggle over who would pay the bill as it’s easy to just pay your share to your friend even if you’re not the one keeping the card.

The Bad

• Possibility of having your account hacked.
• Some providers make it cumbersome by charging a fee or have both parties consent to transactions.

Who are these providers?

One of the more money transfer services to date, Paypal has been the preferred company for online transactions like purchases and money transfers internationally. It is free to send money from banks within the US. They do however, charge a 2.9% fee for sending from a debit/credit card. All you need to do is create an account with Paypal and have your bank account linked to Paypal for convenience. Payments are made instantly if made to another paypal account and can take unto 7 business days to reflect if sending to another bank account.

Google Wallet
A great app for Google users to make instant payments. All you need is to use this service is be signed on as a Google wallet user. Google Wallet is free if you send from your existing Google Wallet balance and a charge of 2.9% is applied when sent from debit/credit card. The only catch is you can send money only to Google Wallet users. Google also imposes a transaction limit of $10000. Check this one out if you’re already using Google Wallet for purchases. Google Wallet is currently available on desktops in the following countries – Google Wallet

Square Cash
This app is one to lookout for especially if you’re the one who uses mobile transfers at the bare minimum. Square Cash can be only be used if both you and the receiving party is registered to it. There is a $250 per week limit for a basic account and a $2500 per week for upgraded accounts. Square Cash is expanding but currently is available to 50 United States, Canada and Japan.

How secure is my mobile wallet?

With mobile technology, we’re practically eliminating the need to carry a wallet in your pocket. Mobile Wallet companies are amping up security to ensure mobile threats are far lesser than the physical threat of losing your phone altogether. Strong passwords/PINs and utilizing all security features offered by these companies ensures maximum security. Keep your mobile phone safe and your mobile wallet stays safe.