Money-Sending Tools and Apps Growing in Popularity
As money-sending tools increase in popularity, ranging from Apple Pay to Venmo, many very important questions arise. One of which being, ‘would you trust your personal bank information to be used in these apps?’ Even Facebook is looking to get into the money-sending tool arena.
These apps promise to make paying a friend for your share of dinner or checking out at the grocery store quick and easy, all while removing the need to carry around your wallet. With an increasing number of retailers accepting these digital forms of payment, the concept is certainly intriguing, especially for business owners.
Currently, there is a great deal of instability on the money-sending tool realm. Smaller companies such as Venmo are facing recent push back on security concerns and a severe lack of customer support. While larger companies such as Apple are suffering from hiccups of their own.
While these apps are growing among a younger age group it will certainly be interesting to see how these money-sending tools adapt and work to appeal to a larger audience. Everything from vending machines to restaurants and grocery stores are accepting apps, like Apple Pay. We will have to wait and see which company is able win over a loyal customer base for their app.
Are you on-board with money-sending tools and apps? As a business owner, have you considered the impact apps, such as Apple Pay, will have on your business?