You may be charged between 2.5–3% for credit card processing fees when using some payment apps. These fees vary based on the type, amount, and location of the transaction. Some payment apps may charge fees to receive money quicker than the standard time, currency exchange and processing fees, and credit card fees. Some payment apps are completely free, while others have free aspects like receiving money or sending money between friends and family. It’s a quick and convenient way to send and receive money and pay for things online and in stores. You don’t need to have your wallet physically with you, and some apps can even be used internationally. You link your bank account information and credit cards to the app, and it securely stores it so you can use it to send and receive money directly on the app. It’s like having a digital wallet with you on your phone.Ī payment app works like a digital wallet. People tend not to carry as much cash nowadays, so a payment app can be a quick way to reimburse a friend for a concert ticket, help a family member out with a bill, or even pay for something at a store without having your wallet with you. Depends on the transactionĪ payment app is a tool to pay for goods and services and send money to vendors, friends, and family.
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