Lee recommends reviewing an app’s security, fraud and privacy policies before installing. If you’re doing business with a merchant you don’t know, use a payment app built for such transactions, such as PayPal, which offers dispute resolution and purchase protection. “If you use (a peer-to-peer app) to buy those great-priced tickets off of Craigslist, and you never get those tickets, you’re out the money,” Stokes says. Many peer-to-peer systems specifically warn people not to pay individuals or businesses they don’t know, Stokes says. Payment apps usually protect you against unauthorized transactions, but not necessarily against other fraud - and that can be true even if you link to a debit or credit card that otherwise would offer such protections. “The only thing I can do is plead for that person to be ethical and send the money back to me,” Stokes says. If you change your mind, have a problem or make a mistake - input the wrong email address or phone number, for instance - you’re usually at the mercy of the recipient. adults incorrectly believe that they could reverse a payment made through a peer-to-peer platform, according to an AARP survey conducted in November. Many people assume their payment apps offer protections similar to those of credit or debit cards, but that may not be the case, says Kathy Stokes, director of fraud prevention programs for AARP.įor example, about half of U.S. PAYMENT APPS ARE SECURE BUT NOT FOOLPROOF Users launched the apps about 1.8 billion times this June, compared to 1.3 billion times in June 2019. Installations of the most popular payment apps, which averaged about 14 million per month before the pandemic, rose to 17 million in April and more than 20 million in May and June, Blacker says. Since stay-at-home orders hit, use of the apps has soared as more commerce shifted online and people needed to send money to friends and family they couldn’t see in person, says Adam Blacker, vice president of insights and global alliances for Apptopia, which tracks mobile application trends. adults used mobile payment apps, according to a NerdWallet survey conducted in January. A few options, including Apple Pay, Google Pay and PayPal, can be used for both personal and business transactions.Įven before the pandemic, 79% of U.S. Other systems, including Samsung Pay, are meant for business transactions, such as paying a merchant online or at a register. Some let users choose an instant transfer for a small fee. People can search for each other using email addresses, phone numbers or user names, and money is usually transferred within one to three days. Some payment systems are available via social media, email accounts or other apps.Īpps such as Venmo and Cash App are known as “peer-to-peer” platforms because they’re designed to facilitate transfers among friends and family. They may be downloaded to a phone or other mobile device or accessed online. Mobile payment apps allow people to transfer money to others quickly, often for free.
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