With the rapid advancement of technology, Canadians find that financial transactions can be done with just a swipe of their finger. The future is here, and it has changed how we earn money and spend our leisure time. To explore this new world, we have taken a look at fin-tech apps – what they do and where they rank in Canada.
1. Google Pay
Google released Google Payback in 2015 to allow users to make purchases on their phones without entering credit card information. It works by scanning your phone’s camera to verify your identity before making an online purchase. This app is available on both Android and iOS devices.
2. Apple Pay
Apple Pay allows you to pay for things quickly and easily through your iPhone or iPad. You simply hold up your device near a contactless terminal (like those found at grocery stores) and tap “Buy Now” to complete the transaction.
3. PayPal
PayPal is one of the most popular payment processing platforms in the world. Users can send and receive payments to each other directly from their bank accounts. They also offer a service called Venmo, which allows individuals to send money to friends and family members while avoiding fees.
4. Square Cash
Square Cash offers its users the ability to accept payments by connecting their bank accounts and transferring funds to them instantly. Square does not charge any fees for these transfers. Square makes revenue through interest earned on customer deposits.
5. Stripe
Stripe is another payment platform that connects to your bank account and allows you to process payments. Stripe does not take a fee from customers but will charge a percentage when companies run promotions or offer coupons.
6. Zelle
Zelle is similar to Venmo because it allows users to send money to others. However, it charges a flat rate of $0.15 per transaction.
7. Cash App
Cash App bills itself as being the simplest way to get paid. All you need to use this app is a bank account. Once connected, you can request payments sent straight to your bank account. There is no minimum amount requirement.
Facebook launched its own payments system by allowing people to send money via Facebook Messenger. Just like Venmo, there is no charge to send money to someone who uses the service.
8. Facebook Messenger Payments
9. Dwolla
Dwolla is a digital currency that can send money across borders. It is a global company and operates within the United States, Europe, Australia, Brazil, Singapore, Japan, China, and South Korea.
Dil Bole Oberoi
