Skip Navigation
Edvisors Star Logo
Edvisors Logo
  • Compare Lenders
      • Compare Lenders
      • Best Private Student Loans in March 2023
      • Student Loan Comparison: Federal Loans vs Private Loans
      • Parent PLUS Loans vs Private Student Loans
      • How Does Interest on Student Loans Work?
      • Private Student Loan Cosigner: Everything you Need to Know
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

      • Compare Lenders
      • Best Student Loan Refinance Companies for March 2023
      • Federal Student Loan Repayment Plans
      • Student Loan Forgiveness: How to Get Student Loans Forgiven
      • Repayment Plans for Private Student Loans
      • Parent PLUS Loan Forgiveness
      • View All Articles >
      refinance student loans with college ave get started

      This is an advertisement.

    • Private Student Loans
    • Refinance Student Loans
  • Plan for College
      • Best Job Search Sites
      • Resumes That Get Noticed
      • High Paying Careers
      • STEM Careers
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Measuring Academic Fit: Reach, Match and Safety Schools
      • Need-Blind Admissions
      • How Long is a College Essay
      • When are College Applications Due
      • How to Write a Good College Essay
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Filing the FAFSA 2023-24: A Simple Guide for Students
      • FAFSA Deadlines for 2023-2024
      • FAFSA FAQ - Your FAFSA Questions Answered
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Most Popular Scholarships for College Students in 2023
      • Apply for Free Scholarships for College
      • College Scholarships for Kids
      • Most Prestigious Undergraduate Scholarships
      • Las mejores becas para estudiantes hispanos y latinos
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • How to Pay for College
      • Tuition Payment Plans
      • Pros and Cons: Borrowing From My 401K to Pay for College
      • Paying College Tuition with a Credit Card
      • Best Ways to Pay for College Without Financial Aid
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Financial Aid Disbursement: When and How You Will Get It
      • Should I Pay Off My Student Loans Right Now
      • How to Minimize Student Loan Debt
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

    • Careers
    • College Admissions
    • FAFSA
    • Scholarships
    • Paying for College
    • Student LIFE Blog
  • Student Loans
      • Filing the FAFSA 2023-24: A Simple Guide for Students
      • FAFSA FAQ - Your FAFSA Questions Answered
      • FAFSA Deadlines for 2023-2024
      • FAFSA School Codes
      • FAFSA 2023-2024 Guide & Resources
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

      • Best Private Student Loans in March 2023
      • Student Loan Comparison: Federal Loans vs Private Loans
      • Parent PLUS Loans vs Private Student Loans
      • How Does Interest on Student Loans Work?
      • Private Student Loan Cosigner: Everything you Need to Know
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

      • Filing the FAFSA 2023-24: A Simple Guide for Students
      • FAFSA FAQ - Your FAFSA Questions Answered
      • The complete guide to federal undergraduate student loans
      • What are Federal Parent PLUS Loans and How to Apply?
      • Financial Aid for Graduate School
      • Compare Subsidized and Unsubsidized Student Loans
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

      • Best Student Loan Refinance Companies for March 2023
      • Federal Student Loan Repayment Plans
      • Student Loan Forgiveness: How to Get Student Loans Forgiven
      • Repayment Plans for Private Student Loans
      • Should You Refinance Federal Student Loans?
      • Parent PLUS Loan Forgiveness
      • View All Articles >
      • Sallie Mae Student Loan Review
      • College Ave Student Loan Review
      • SoFi Student Loan Review
      • Ascent Student Loan Review
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

    • FAFSA
    • Private Student Loans
    • Federal Student Loans
    • Repay Student Loans
    • Lender Reviews
  • Credit Cards
      • Petal® 2 Visa® Credit Card Review
      • SoFi Credit Card Review
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Best Credit Cards for 2023
      • Best Cash Back Credit Cards
      • Best 0% Introductory APR Credit Cards
      • Best Secured Credit Cards for 2023
      • Best Balance Transfer Credit Cards
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • How to Build Credit?
      • What Age Can You Get a Credit Card?
      • What is a Secured Credit Card?
      • What is an Unsecured Credit Card?
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

    • Card Reviews
    • Best Credit Cards
    • Credit Card FAQs
  • Money Management
      • Best Budgeting Apps
      • Budgeting Tips
      • Budgeting for Beginners
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Financial Goals
      • How to Save Money as a College Student
      • What is an Emergency Fund
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • How to Pay Off Debt
      • Debt Relief
      • What is a Debt Management Plan
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • How to Check Your Credit Score
      • Best Credit Building Apps
      • What is Credit?
      Self Credit Builder: Build Credit. Build Savings. Build Dreams.

      Sponsored Ad

      • Investing for Beginners
      • Best Investment Apps
      • Understanding the Stock Market
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • What is Risk Management
      • How to Prevent Identity Theft
      • What is Insurance
      Info compromised in a breach? Don't compromise on identity theft protection.

      Sponsored Ad

    • Budgeting
    • Saving
    • Debt Management
    • Credit
    • Investing
    • Risk Management
Search Box Form
School Search Form
Advertisement Disclosure
Advertisement Disclosure
×

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

×
Get Your Free Guide to Filing the FAFSA Today!

Thank you for your interest in Edvisors' 2020-2021 Guide to Filing the FAFSA.

Please complete the form below to access your free copy.

Thank you! Click here to download your free FAFSA Guide.

I am a:

×
College knowledge starts here!

Enter your email below to receive your Student Loan Handbook from Edvisors.

Please check your email for the Student Loan Handbook.

After Navigation
Home Money Management Budgeting Your Guide to Using Payment Apps
  • Contents
  • Understanding a Mobile Payment App
  • The Evolution of Smartphone Payment Apps
  • Enjoying the Convenience and Ease of Use
  • Keeping Your Financial Security
  • Protecting Your Privacy
  • Using Your Mobile App to Transfer Funds
  • Taking Advantage of Mobile Wallets
  • Utilizing QR codes
  • Choosing PayPal
  • Using Venmo
  • Appreciating Google Pay
  • Utilizing Apple Pay
  • Establishing Zelle as Your Mobile Payment App
  • Ensuring You Have the Proper Information

Your Guide to Using Payment Apps

Penny Redlin
By Penny Redlin
November 22, 2022
Email This Article
Fill out the form below to send a copy of this article to your email.
By clicking "Submit" I have read and agree to the Edvisors' Terms of Use and Privacy Policy. We strongly encourage you to read our Privacy Policy to understand how we use and share your information.
A copy of this article has been sent to your email.

Edvisors rates apps objectively based on features, costs and respective app store ratings and reviews, as well as how an app compares with similar apps within the same category.

Mobile pay is the hottest trend in digital payment methods in today's connected world. Using your mobile phone to make payments has become extremely popular among consumers. A mobile payment app allows you to lead a largely cashless lifestyle. The app connects your payment card to your bank account to make payments online and physically uses the device you usually carry with you - your cellular phone. Here you will find essential information that will inform and guide you through every process.

Understanding a Mobile Payment App

Often referred to as mobile money or mobile wallet, a mobile payment service is any of a variety of payment services conducted over a mobile device and regulated by a financial institution. It allows you to pay for various services and goods on a mobile device using a payment app instead of cash, checks, or credit cards. Mobile payment apps can help ease the payment process. When making a purchase, you can open the app and scan the barcode on the product. You can also take a picture of the product; the app will recognize the item and allow you to pay for the entire order.

The Evolution of Smartphone Payment Apps

Throughout history, humans have relied on a payment system to trade goods and services. Livestock, animal skins, and crafts were all bartering tools. Over time it evolved into gold, the gold-backed dollar, the paper dollar, credit cards, and most recently, electronic payments. Fueled by the evolution of eCommerce, the rise of smartphone payment apps has similarly evolved from a brick-and-mortar-driven industry to a primarily digital one.

Enjoying the Convenience and Ease of Use

Consumers, especially millennials, want to be able to pay quickly, with no hassle. According to Statista, 46% of millennials prefer mobile payments over traditional ones. Paying for items with mobile apps has never been easier, thanks to the availability of a wide range of mobile payment apps and better payment terminal infrastructure. You no longer have to carry multiple credit cards or other payment methods like cash or checks, which mitigates the risk of your items being lost or stolen.

Keeping Your Financial Security

Unlike physical cards, a mobile payment app uses multiple layers of security to ensure you make a safe payment. For instance, when you make a purchase, the retailer will receive an encrypted number rather than your actual card details. The technology used is called Near-Field Communication (NFC), which uses magnetic field induction that enables short-range wireless communication between devices when they are touched or brought close together. It prevents your information from being accessed by a hacker or stored by merchants.

Protecting Your Privacy

If you are skeptical of payment apps, you're likely worried about confidentiality. It can be a significant drawback of internet-based technological innovations. Mobile payment apps use data encryption and secure servers to protect against unauthorized transactions and personal or financial information access. Understanding the application's security and whether your account information is adequately protected is crucial before trusting a mobile payment platform.

Using Your Mobile App to Transfer Funds

Mobile apps allow you to transfer money between yourself and your contacts, other mobile numbers, and even retailers by using your cell phone. Unlike standard bank transfers, you may not even need the payee's account details. Most banks and credit unions offer mobile payment options using their banking apps. For example, suppose you need to set up automatic student loan payments. In that case, it is a convenient and safe way to handle your money without the hassle of going to your financial institution.

Taking Advantage of Mobile Wallets

A mobile wallet is a digital version of storing various credit cards. You must deposit funds into your mobile wallet to start using it to pay for goods and services. You can add funds through bank transfers or by using your credit card. With mobile wallets, you can buy goods or transfer money with your cell phone using your credit or debit card number or bank account information. Wallet apps usually allow you to input your credit or debit card information into the wallet and set up a PIN or fingerprint for security.

Utilizing QR codes

A QR Code is a two-dimensional code characterized by a pattern of squares arranged on a grid on a white background. Mobile phones can read them using their cameras. QR codes allow customers to pay for merchandise by scanning a merchant's code and navigating to a website or QR code payment app where they can enter their credit card details or use a mobile wallet.

Choosing PayPal

PayPal is an online payment service that provides secure payment methods, allowing individuals and businesses to send and receive money online. In addition to U.S.-based bank accounts, PayPal allows transfers from and to many foreign accounts. Bank transfers are free, although it is essential to note that there is a fee for transferring funds from a credit card or for currency conversions. It serves as a middleman between your bank and you, which keeps your bank information safe.

Using Venmo

Venmo, owned by PayPal, is an app that makes payments, receives money and facilitates transfers to friends and family. PayPal, however, is designed for business transactions rather than personal transactions. The Venmo digital wallet is convenient for students and small businesses to send and receive money. It is easy to use, requires no fees when you send money to friends, and has powerful encryption technology to keep your money safe.

Appreciating Google Pay

Google Pay is an excellent feature already in place when you are a Google account user. The unique aspect of Google Pay is that it integrates with other Google products, notably Gmail. You can use Google Pay to send and receive money using your contacts' name, email or phone number. A great feature is that Google Pay will help you manage expenses for dinner, bills, rent, and more.

Utilizing Apple Pay

Apple Pay allows users to make payments on Twitter, Uber, Airbnb and more. Apple Pay is one of the market's most prominent mobile payment apps, enabling account users to make secure transactions with their smartphones. Apple Pay offers several security features, such as Touch ID and Touch ID with Apple Watch, as well as certain payments through their Secure Element. Apple Pay also integrates with Siri, enabling easy voice-based payments.

Establishing Zelle as Your Mobile Payment App

Zelle is a fast and convenient way to send money straight from your bank account regardless of the other person's financial institution. There is no fee for transferring funds, and the transfers happen on the same day, which, for instance, is ideal for students needing immediate funds from their parents. Zelle is free to use, but it is important to note that it only allows using one bank account at a time, so it will benefit you to ensure you use it with your primary bank account.

Ensuring You Have the Proper Information

The growth in mobile phone users worldwide has resulted in the explosion of mobile payment apps. The benefits of using a mobile payment app include a reduced risk of fraud, reduced fees, and the ability to see transactions in real-time. Be sure to use this valuable information to give you peace of mind while enjoying this innovation's convenience.

 

Get this article in your inbox.
Email This Article

Related Content

How to Budget: Budgeting Tips for College Students
By Ainsley Rindfleisch
11/04/2022
Budgeting allows you to see and track your outgoing expenses from incoming expenses. A budget helps you to manage and master the money you have by allocating it to specific categories.
Read More
10 Budgeting Tips for College Students
By Ainsley Rindfleisch
11/09/2022
Learn how to manage yourself financially while working towards reaching your financial goals with these 10 useful tips to help you make the most of a student budget. 
Read More
Printed monthly budget on table with calculator and notepad all ready for review
Budgeting for Beginners
By Penny Redlin
10/05/2022
Budgeting is an important aspect of money management and is a critical tool for obtaining financial security. A good budget helps you achieve solid financial footing for the present and the future.
Read More
How to Budget: Budgeting Tips for College Students
By Ainsley Rindfleisch
11/04/2022
Budgeting allows you to see and track your outgoing expenses from incoming expenses. A budget helps you to manage and master the money you have by allocating it to specific categories.
Read More
10 Budgeting Tips for College Students
By Ainsley Rindfleisch
11/09/2022
Learn how to manage yourself financially while working towards reaching your financial goals with these 10 useful tips to help you make the most of a student budget. 
Read More
Printed monthly budget on table with calculator and notepad all ready for review
Budgeting for Beginners
By Penny Redlin
10/05/2022
Budgeting is an important aspect of money management and is a critical tool for obtaining financial security. A good budget helps you achieve solid financial footing for the present and the future.
Read More
Could You Be Saving More?
Subscribe to Edvisors' Student LIFE Newsletter to receive up-to-date financial aid information and advice, explore scholarship opportunities, loan repayment options, and learn expert strategies on how to plan and pay for college.
Newsletter Form
By clicking "Subscribe" I have read and agree to the Edvisors' Terms of Use and Privacy Policy. We strongly encourage you to read our Privacy Policy to understand how we use and share your information.
Thank you for subscribing to our newsletter.
We care about your privacy

This website uses cookies to offer you the most relevant marketing and targeted advertisements.  These cookies can collect information to personalize your experience and in some states are considered a sale of your personal information. You may exercise your right to opt out by clicking on deny cookies.  If you opt out, we or our partners will not be able to provide you with personalized ads and we will not provide your personal information to any third parties.   Please accept cookies for the optimal experience.  You can withdraw or modify your consent for non-essential cookies at any time by visiting Cookie Preference page.

Ask the Edvisor
Blog
Contact Us
Edvisors in the News
Link to Us
Newsletter
Partners
Press
Student Aid FAQ
Testimonials
Tools and Calculators
About Edvisors
Video Resources
Financial Terms Glossary
Accessibility Statement
Sitemap
Disclaimer
Notice of Collection
Interest-Based Ads
Cookie Settings
Privacy
Terms of Use
Your Opt-out Rights
Your Privacy Choices Privacy Options

Better Business Bureau logo

Edvisors provides expert advice on planning and paying for college. On Edvisors.com easily compare student loan lenders, learn how to apply for financial aid, and discover scholarships. Learn about federal and private student loans for students and parents, how and when to apply to college, and more!

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

Copyright © 1998-2023 by Edvisors Network, Inc. All rights reserved.

All other trademarks and service marks displayed on Edvisors Network, Inc. websites are the property of their respective owners.

Edvisors Network, Inc. 350 S. Rampart Blvd, Suite 200, Las Vegas, NV 89145

Copyright © 2023 by Edvisors.com. All rights reserved.

×
You Got In - Now How Do You Pay for It?

Get the money you need from leading lenders

1 Pick Your College
2 View Your Options
3 Click to Apply
Exit Modal

PrivateStudentLoans.com recommends you consider all financial aid alternatives including grants, scholarships and federal loans (Federal Stafford, Federal Parent PLUS, Federal Grad PLUS) prior to applying for private student loans.