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Part 3 – Consumers’ and Retailers’ Guide to Mobile Payments: Mobile Funds Transfer Applications

 

This is part three of a four-part series. Missed the previous posts? Check out Part 1 -Consumers’ and Retailers’ Guide to Mobile Payments and Part 2 – Consumers’ and Retailers’ Guide to Mobile Payments: Mobile Wallets before you read on.

Mobile funds transfer applications have been on the market for several years and are widely used. Mobile funds transfer apps allow users to send or receive money from their bank accounts or credit/debit cards online or with their mobile device. These apps continue to grow in popularity and are increasing their capabilities to include mobile wallets and other convenient payment features. Here’s a list of some of the most popular mobile funds transfer applications on the market today.

Google Wallet*

  • Devices: Apple and Google devices and computers.
  • Software: Download the Google Wallet app and link your bank account and credit and/or debit cards.
  • Capabilities: Transfer money using an electronic funds transfer (EFT) to/from your bank account or credit/debit card using the mobile app or email.
  • How it works: Send money to, or request money from, a person using the mobile app or email. The transferred funds go directly from the sender’s bank account or credit/debit card into the recipient’s account.
  • Where it works: Anywhere you have internet access. You can transfer funds to anyone with an email address or cell phone number.

*Note: Google Wallet is no longer a mobile wallet (mobile wallet capability by Google is now Android Pay). Google Wallet now only has mobile transfer capabilities as described above.

PayPal

  • Devices: Apple, Google or Microsoft mobile devices and computers.
  • Software: Download the PayPal app and add your bank, credit and/or debit card information.
  • Capabilities: Make payments using your mobile device and transfer money using an electronic funds transfer (EFT) to/from your bank account.
  • How it works: Send or receive money directly to/from a bank account or credit/debit card using the mobile app or PayPal website. Senders can issue funds to any recipient with an email or mobile number.
  • Where it works: Anywhere you have internet access. You can transfer funds to anyone with an email address.

Popmoney

  • Devices: Apple, Google or Microsoft mobile devices and computers.
  • Software: Download the Popmoney app and link it to your bank account. You can also use Popmoney from your email account.
  • Capabilities: Transfer money using an electronic funds transfer (EFT) to/from a bank account using the mobile app or email.
  • How it works: Send money to, or request money from, a person or group using the mobile app or email. The transferred funds go directly from the sender’s bank account into the recipient’s.
  • Where it works: Popmoney has partnered with hundreds of banks, including Revere Bank.

Are you a business owner? Look for our next post on mobile payment acceptance technology for merchants coming later this month.

 

This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging to this organization are provided for information only. No endorsement is implied.

 

 

 

 

 

 

 

 

 

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