The age of mobile wallets and cash apps

Mar 28, 2021 | Industry News

Digitally transferring money is now essential. Friends pay each other back digitally instead of with cash. Facebook messenger can integrate with PayPal so buyers from Facebook Marketplace can pay for their purchases digitally. More and more small businesses are finding the need to give their customers more options to pay. Cash and checks are becoming harder to find in the hands of millennials and generation z. Mobile wallets like Apple Pay, Google Pay, and Samsung Pay, and cash apps like Venmo, PayPal, and Cash App, are becoming the new essential method of payment.

According to a recent report, there was $6.1 billion worth of transactions from mobile wallets alone in 2019. This is expected to reach $13.98 billion by 2022. That means the mobile wallet market should double in the next two years.

Mobile only banking is also beginning to trend and is projected to reach high popularity with generation z.

These figures demonstrate how important it is for your business to move bill paying online via a website or mobile app. With the pandemic, being able to pay bills without physically going anywhere is even more important. 

More and more businesses are making it easy for customers to pay online for services. From contractors to dentists, businesses let clients and customers pay invoices from their website or mobile app. This makes things more convenient for your customers or clients and you at the same time. By placing a Pay Invoice button on your website or app users can simply click and pay their bill. 

Paying online is also something organizations and nonprofits should consider. Making it easy for people to donate. PayPal and Donor Box make it easy for organizations to place donate widgets on your website or mobile app. With preset suggested amounts, like $5 $10 $15 etc. Or let the user decide how much they wish to donate. Put a Donate Button in the header or in the menu of your app to give your users access to donate easily and on their time. 

If your business is considering an online payment system for your customers or clients, please get in touch with Grandapps today! We can help you integrate most payment portals with your website or mobile app.