Millennials are shifting more into digital payment methods, and it is likely that most retail sales will become e-commerce transactions in the near future. However, even the younger generations are overwhelmed by the number of money transfer apps they can download. Luckily, here is a quick list of some of the best apps that will be most convenient for every millennial’s lifestyle. For some of the best advice in terms of finances and investments, take a look at AvantPay.
Venmo is potentially the most popular app used by millennials, and probably for good reason. Venmo offers social features that make it easy for its users to split bills, which is why it is trendy amongst young people who share dorms, houses, etc. Some businesses are starting to accept Venmo as a payment method. However, Venmo is more ideal for small transfers, while other payment services like AvantPay are better for larger ones.
If your main priority is to have instant deposits, then Cash App is the way to go. Cash App used to be called Square Cash, and it is mostly used for small businesses to have a payment processing platform. You can link your account to a debit card, then you can use the app to instantly send and receive funds. Personal accounts are free to use, but business accounts are subject to a 3% fee.
TransferWise is an excellent payment option for P2P transactions. It offers many services, and its main selling point is that it offers good mid-market rates. Another huge benefit of this app is that it is fairly transparent with its fees; you do not have to worry about hidden costs because you will see everything upfront. Plus, it is good for international transfers; TransferWise is available in about 59 countries.
Are you a freelancer looking for ways to easily get payments from your clients? Or are you simply an online shopper who wants a payment method that is usually accepted by most merchants? PayPal is your best bet. It is easy to download, sign up for, and use. Plus, linking your cards or your bank account is a fairly easy process.
However, the fees of PayPal can vary. Sending cash to friends and family will cost you nothing, but merchants and shoppers will need to pay fees. Additionally, transferring funds to your bank accounts and cards will vary on how much you send and how fast you want the transfer to be.
Another way to send money instantly is Zelle. Zelle works by transferring money from one bank account into another bank account immediately, which is great if you want to make transfers between different banks without waiting for days. Zelle has tons of participating US bank accounts, making it convenient for most users to use whenever they want to make a fast bank transfer.
If you are overwhelmed by how many apps you have to download, do not worry. You can choose one or two of the money apps available above, but any mentioned on the list are great for millennials to use in their day-to-day lives.