Do you remember those five euros you owe from the last round of rods? And what about the taxi fare that your colleagues paid for because you didn’t have cash? Common expenses generate debtssmall amounts of money that we entrust to friends, relatives or acquaintances with the commitment to pay them off as soon as possible: dinners, trips, birthday gifts, renting the flat…
The time has come to settle accounts
Until a few days ago, either you forgot forever or you looked for cash to return the amount owed in person, but the impact of and of generation Z In traditional banking, the rise of mobile money has triggered, in addition to the appearance of new services that simplify the exchange of money on a small scale, among others, mobile payments between individuals.
of mobile payments inPerson to payments peer to peer
That there is is indisputable proof that we are no longer able to imagine life without smartphones. They are the engine of connections and have revolutionized the way we consume, work, interact and manage money.
With a simple touch on the screen we control finances, order transfers and receipts or parking.
The financial entities were reluctant but in the end they did not hesitate to follow in the footsteps of the technological giants. They developed their own applications but they also searched partnerships with major platforms to facilitate purchases and transactions between users.
- Payments inPerson in stores, restaurants and supermarkets by bringing the phone closer to the POS
- Payments peer to peer or payments between equals, between acquaintances: mobile payments between individuals in real time with a single click.
What are mobile payments between individuals and how do they work?
From the outset they are another alternative to traditional banking. A convenient and instant solution to send, receive and request money from our contactswithout cash involved or visits to the bank, a formula to make transfers of money between friends, co-workers and family no need to know your bank account number.
Mobile payment applications between individuals they work like a wallet or virtual intermediary connected directly to a bank card or a current account to facilitate personal income and collections from the mobile. A practical way to return the money that they lent us before they ask us or to claim payment for an order pending reimbursement.
PayPal, new mobile payment service between individuals
The global platform for secure payments over the Internet has just presented in Spain its new personal payment service. It is free and allows send, receive and claim money without commissions or limited amount.
Users can operate from their mobile (application available at google play and in AppleStore) or through the website. If you already have your own account, you only have to choose an option and press.
To send money, for example, they must indicate the recipient’s email or mobile number, enter an amount, select the currency and accept the operation. If the money is issued from Spain, the shipment is free. If it is issued from abroad, it will depend on the regulations in force in the country of origin.
In the words of the general director of PayPal in Spain and Portugal, Raimundo Sala, the system “it is fast, easy, instant, free and allows the creation of a common fund”.
A very popular option among friends, family or co-workers when planning an event. Through the common fund PayPal offers the possibility of creating a pot and raising the necessary money for any celebration. The event is created, the participants are selected, the amount that each must pay is set and a deadline is set.
Twyp, an idea of ING Direct for mobile payments between individuals
Despite being a Dutch bank application, anyone resident in Spain with a bank account, whether or not they are an ING Direct customer, can download it (at google play and in the AppleStore) to send or receive money.
It works like a virtual wallet. Each user has an associated digital account that must be recharged in order to make mobile payments between individuals registered in the application. The balance must always be positive and the payments received can be accumulated in the digital wallet or transferred at any time, within a day, to a bank account.
One of the peculiarities of this application is that includes a chat to speed up transactions, and even request payment from several contacts at the same time, although it does not allow you to create groups. Each user has a maximum balance of 1,000 euros, a limit that also affects mobile payments between individuals and transfers to own account. They can never exceed 1,000 euros per year.
Bizum, a mobile payment service between individuals integrated into your bank’s app
It is proof that banks also know how to agree. Works like a mobile payment application between individuals based on the app of each bank that has joined the project, almost 30 firms including BBVA, Santander, Caixabank, Bankia, Sabadell, Abanca…
The clients of each entity have to enter their bank and activate the application to start transfer money from account to account, no wallet, no chat, no fees. The only thing the user needs is to know the recipient’s phone number to make the payment or payment instantly.
It is designed to make small mobile payments between active individuals in the app. The amounts transferred can range between 50 cents and 500 euros per operationwith a maximum amount of 1,000 euros received per customer in 24 hours and a maximum of 40 operations per day.
Appatxas, mobile payments between individuals of Kutxabank
Available in google play and in app store, this free application is an idea of Kutxabank for online banking customers of the entity based in Bilbao. A limited option because registration is limited but users can include any contact in their phone book in their plans and invite them to share the expenses.
they just have to create an event (an escape, a gift), assign an amount of money in concept of expense, decide who they want to share it with and ask the app to calculate How much should each of the guests pay?. Kutxabank customers will be able to pay directly from (1,500 euros per operation and day) while those who are not will receive a notice with the account number of the creator of the plan so that they can deposit their share.
Verse, a European solution for mobile payments between individuals
Although it is not going through its best moment after the departure of its founders from the management team, it reached the mobile payment market between individuals with a firm step, the support of several investment groups and three million-dollar financing rounds in just two years.
But at the moment the results do not accompany this free app (on Google Play and the Apple Store) that facilitates the transfer of money between users of any bank through a virtual boat linked to your bank card.
Just enter the amount and press the desired option: send or request. The user selects a contact from his phonebook or enters a mobile phone and confirms the operation. If you want customize payment you can add a message before ordering the transaction.
It has no commissions, offers a limit of 1,000 euros per year and within two days transfers the balance to your bank account. And yes, Verse offers the possibility of defining an event, creating a group to share the expenses and even dividing an account when it is time to pay it among several.
Circle, the blockchain protocol at the service of mobile payments between individuals
Another example of an independent application, open to users of any bank. Offers shipments abroad without exchange rates (euros, pounds, dollars, bitcoins) no commissionsto friends who don’t even have the app installed.
can be downloaded free in google play and in the app store. It requires setting up an account and linking it to a card or bank account in order to generate a fund with which to start trading. From there it allows you to request money, send it to our contacts, withdraw part of the available balance or enter it back into the original account.
it is used just like an instant messaging application, in fact, integrates an internal chat that works as such. Connect users, transfer money directly with the recipient’s phone number or email and show off using the , for secure and easy mobile payments between individuals.
What will be the future of personal mobile payments?
for now, none is perfect or final. Mobile payment applications between individuals will again introduce changes, to consider new functions and complementary services in order to improve the user experience. For now they are free, but Will they manage to keep the cost zero?, Will you accept unlimited transfers and operations?, Can we withdraw and dispose of the money instantly?
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