What are “cash apps” and What are the Benefits?

Now receiving and sending money is extremely easy, just by pressing a button you can already carry out the transaction using your mobile phone. In the market, there are countless applications (“cash apps”) that are responsible for electronically transferring money from one account to another.

Although many institutions already have their own applications to perform various actions with their personal accounts, cash apps tend to be more intuitive and easier to use when you have to carry out many types of transactions.

Are these apps really worth using? Here I explain what are the advantages of “cash apps” and how you can use them effectively.

Sending money electronically
In order to send money to another account or person, what you must do is link a debit or credit card to the application and allow it access to your bank account. In this way, the application will be able to withdraw money from your account and deposit it in another. So after linking your card, you can enter the amount of money you want to send and select a contact or person to deposit the money in your account.

If the person you are sending the money to does not have the app, they will receive a text message or email and will be asked to enter their bank account or debit card information in order to deposit the money. On the other hand, if you have the application you can withdraw and deposit the money in your linked bank account or keep the money in the application for future transactions.

The maximum amount you can send
On the other hand, most cash apps do not allow you to send or transfer less than $ 1 and generally have a limit on the amount of money you can send or transfer weekly.

Cash apps have become very popular as they are a convenient and easy way to send money. Also, they are completely free. Similarly, many applications like Cash App offer discounts in restaurants and stores when you pay with the application.

On the other hand, in terms of security, most “cash apps” use the user’s fingerprint, facial recognition or a password to lock and secure account information. In the same way, they use a data encryption system so that the information is secured.

Some of the most popular applications are:

1. Cash App
   With Cash App, you can transfer money to another bank account or debit card. The application is free to send and receive money. If you want to use a credit card you will have to pay a fee. On the other hand, you would have to pay a 1% fee for instant withdrawals. You can download Cash App in the App Store and in Google Play.
2. Venmo
   Venmo allows you to send and receive money for free, although instant transfers usually have a fee. Shipping with your debit card is free, but if you use a credit card, there is a 0.03% fee on the transaction. Generally, if you have money added to your Venmo account, the transfer could take up to a day. The Venmo app is available on the App Store and on Google Play.