Best Mobile Payment Apps in 2022: Make Your Smartphone a Wallet

It is estimated that almost 68% of the world's population owns a mobile phone, but only a quarter have proper bank accounts. To increase these individuals' financial activities, companies are creating mobile payment apps that can be used for receiving, paying money, borrowing, and lending money.

Mobile payment apps allow you to pay for your purchase using your phone and or to split a bill easier than it's ever been.

These payment apps are replacing the way people use money. With these mobile wallets, people do not have to carry money with them every time or go to the bank to withdraw a huge sum of money. These hassles are decreasing with the help of mobile payment wallets.

It eases the process of sending money to these wallets from your bank or vice versa and pays the shops, individuals, or companies.

More than ever, these wallets are needed in today’s time of COVID19 to decrease the spread of the virus through physical currency exchange. Moreso, with the business closing physically and shifting to online shopping, mobile wallets can bring a smooth experience to online ordering.

The Following Are the Top Five Mobile Payment Apps That You Should Be Using in 2022.

1. PayPal – Best for low-fee transactions

Paypal payment app

Paypal is the very first digital wallet that captured the market. It started its operation in 1998 and was the preferred wallet for eBay transactions. Over time, the masses got widely accepted for their money payments due to their low fees per transaction. It is one of the dominant mobile and digital apps for online payments locally and internationally as well.

Paypal works in two hundred countries and can transfer money in twenty-five different currencies. Paypal only covers such a vast network of countries, and that is unmatched by any other digital app.

The best feature of Paypal is that it has versatile use. You can send money to an individual, or you can even pay to international or national retailers, brands, and stores as well.

In addition to that, there is no monthly limit for sending or receiving money. That makes it easy for retailers to use this as a preferred source of receiving money. It also offers the best security to its customers, which increases their reliability.

How to use the PayPal app:

  • Download the PayPal app the app or play store
  • Signup or login into your account.
  • Add your bank account, debit, or credit card.
  • You can also manage all the ways you send, spend, and receive money at a glance.

2. Venmo – Best for sending small amounts of money

Venmo payment apps

The second-best mobile payment app on this list is Venmo. This digital wallet has incorporated the social element into cash exchange. Venmo is famous for a person-to-person money transfers. It became so popular in 2013 that Paypal felt the need to acquire it, and now it works as a subsidiary to Paypal. However, it serves a different purpose than Paypal.

With Venmo, you can link your Facebook account and use it. By attaching Facebook to Venmo, you will easily send or receive money to your Facebook friends.  

Best mobile payment apps

The best thing about Venmo digital app is that the payment options are very flexible. You have the option to pay with debit, credit, or even with your bank account. In addition to that, you can save Venmo balance and make easy transfers whenever you want.

Similarly, you can transfer that Venmo balance to your bank account whenever you want. The smooth experience of money transfer on Venmo makes it the best digital app for a person-to-person money transfer.

How to use the Venmo app:

  • Download the app from the App Store or Google Play store
  • Sign up or log in with your email
  • link and verify a bank account.
  • Make and Share Payments.
  • The Venmo app comes with a MasterCard, so you can withdraw money using this card or when transferring money back to your bank account. 
  • You can even make payments using Siri and iMessage.

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 3. Google Pay – Best for Android users

 Google Pay

The third app on our mobile payment app list is Google pay. It is popularly known as GPAY. Google launched it in the year 2018 to combine Android Pay, Pay with Google, and Google Wallet. GPAY has made it quite easy to pay through the web, and it makes sure that your financial data is safe with Google.

With GPAY, you can pay your bills, exchange money, do online shopping. The options are unlimited. Furthermore, you can also see the balance of your all account that you added to your Google Pay account. This feature helps you a lot to see how much money you have in your financial accounts.      

If you have a Gmail account, then you are already allowed to make a Google pay account. You would only need to add your payment method in your Gmail, and you would be good to make transactions online through your mobile or tablet with Google. There are no fees for sending or receiving money with Google Pay.

How to use the Google Pay app:

  • Download Google Pay from the apps store – Android or iOS.
  • Sign up or sign in to your Google Account
  • link your cards to Google Pay wallet
  • If you want to use Google Pay in stores, check to see if your phone has NFC.

4. WeChat Pay– The leading payment solution in China

WeChat Pay

Wechat is a widely used mobile payment app in China. It was launched in the year 2011, and since then it has captured the market in China. China has the largest population in the world, so this app is considered the widely used app in Asia.

To use this app, you need to link your bank card to the app for transferring and paying money. This app is available on Android as well as IOS based mobile phones.  

WeChat Pay allows users to enter visa and master cards as well as cards from major Chinese banks. This app is a one-stop app for every Chinese because it offers a messaging platform with other things. Consequently, you can pay as an in-app purchase, even when you buy from a brick-and-mortar store.  

How to use WeChat Pay app: 

  • Download the app from the play or app store.
  • Register on the application.
  • Customers need to link their bank cards to the app.
  • For an in-app and web-based transaction, first, select the payment platform as your preferred payment method, then confirm the purchase before every payment.
  • After payment confirmation, the application will redirect the user to the website or app.
  • Please note that these steps only work for WeChat users in China. Users outside China must provide a valid means of ID and a photo before registration can begin. 

5.  Zelle – Best for credit union members

Zelle payment app

The last mobile payment app that makes our top five payment app is Zelle. Zelle is the best online payment platform for Android and iOS smartphones. It has huge growth in the affiliated financial institutions.

If your bank is not affiliated with Zelle, you would have a $500 limit per week for money transfer. If your bank is affiliated with Zelle, then you would have a different limit.

This app has seen fast growth in recent years, but it ranks low in security elements. In 2018, the New York Times stated that this app has low security as suggested by the customers’ feedback.

Even with its low security, the app has many useful functions; that's why it's added as the fifth app in this list. Additionally, it is worth the mention as many financial experts have reviewed Zelle, and that is a reassuring point to the potential consumer of Zelle.

Zelle charges no fees for sending or receiving money. However, it does suggest you check with your bank or credit union to find out if they charge fees for such transactions.

How to use Zelle Pay app:

  • Download the app from play or app store or
  • Zelle is the mobile banking app of our partners if you already have your banking app on your phone.
  • Once you enroll, all you need to send money with Zelle is the preferred email address or mobile number of the trusted recipient.
  • Enter the amount you want to send. If your recipient is already enrolled with Zelle, the money will go directly into their bank account, typically in minutes.
  • Your recipient will get a notification explaining how to receive the money simply and quickly.

Final Thought

These are some of the best mobile payment apps for smartphone users because they make payments easier than before. With these mobile payment apps, you can transfer money throughout the world.  Since we are moving towards a cashless society, these payment apps are going to be our best tools.

Furthermore, mobile payment apps help make it easier and more secure than ever before to shop and send money to family and friends.

Most of these mobile payment apps are secure and easy to use.

Are you using any mobile payment apps? Let me know in the comment section!

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Michael launched Wealth of Geeks to make personal finance fun. He has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, and save for retirement. Michael is passionate about personal finance, side hustles, and all things geeky.