By the year 2024, some estimates predict that less than 9% of all Point of Sale (POS) transactions will be conducted using cash in North America. As a direct consequence of this, we are currently in the midst of a revolution in the field of digital payments, with mobile software leading the charge. Since their introduction into the market almost a decade ago, the mobile applications for smartphones that are now more commonly referred to as cash apps have become the method of choice for many individuals when it comes to the transfer of money.
There are millions of people using PayPal, Zelle, Venmo, and the app aptly named Cash App, which are all at the forefront of this movement. They are financial platforms that offer services similar to banking as well as debit cards through their partnerships with various banks. In addition, in addition to their function as a tool for the transfer of funds, these apps come packed with a variety of useful features. Below, we will walk you through ten of their applications and explain why they might be the best option for you when it comes to transferring money.
1) Take part in peer-to-peer financial dealings
Naturally, the primary reason that software in this category of mobile apps was created was so that its users could send and receive money from friends and family, which is why this category of mobile apps is called the “payments” category. The fact that peer-to-peer payments made through these apps are completely free is one of the many advantages of using them. The software company makes their money by providing additional services, so they typically do not charge any fees for using the software.
2) Make Money Off of Other People’s Referrals
Affiliate marketing is a lucrative business these days, and for cash apps to quickly grow their user bases, most of them offer bonuses to users who refer their friends and other people they know to sign up with one of these services and send money through it to others. Both Venmo and Cash App’s referral systems offer a bonus of $5 for each referred user who is able to make a payment that is eligible and fulfills a set of additional requirements. It is important to keep in mind that cash apps will typically cap the number of eligible referral bonuses at ten.
3) Participate in the Bitcoin Trading Market
Even though the vast majority of mobile payment software does not support peer-to-peer crypto transfers, many of these platforms do enable users to buy, sell, and store cryptocurrencies within their app wallets. This feature is only accessible to users whose accounts have been verified, and the exchange rates and transaction fees that apply to each app crypto purchase are different. In addition, if you buy digital coins with your debit card or bank account, your financial institution may charge you additional fees.
4) Trade Stocks
Although most people think of Robinhood and eToro when they think of mobile stock trading, cash apps began offering this option to residents of the United States around 2018/2019. Users will be able to invest small amounts through fractional share purchases, and there will be no commission charged for trading. This is the feature that will be most beneficial to beginning investors.
5) Compute Taxes
In 2022, the United States of America implemented a new tax requirement that mandated the taxable status of all income received from cash apps that exceeded $600. Payment processing services provided by a third party are now obligated to give their customers the relevant tax documentation. Some developers have gone the extra mile by incorporating user-friendly features that enable tax calculations and the free filing of returns directly within the app itself.
6) Gambling and Casinos on the Internet
Every year that goes by, online gambling on games of chance similar to those found in casinos becomes a more well-liked pastime among people everywhere. The most reputable online gaming platforms are known for providing their virtual customers with a wide variety of payment methods to choose from. These platforms house interactive gaming products. Recently, software for conducting financial transactions via mobile devices has entered the fray. Today, anyone can find a high-quality cash app casino or two with the assistance of Google and a little bit of searching.
7) Do Your Shopping on the Internet
Venmo can be used to make payments at online stores such as Amazon, Target, and Walmart. In general, the majority of high-end retail brands that have an online presence will make an effort to offer at least one mobile cash payment option. By a significant margin, the most preferred choice in the United States is Venmo.
8) You Can Put It to Use to Buy Things in-Store
Many retailers, including Walmart, Target, Poshmark, Foot Locker, and Forever 21, have started accepting cash app transfers as the contactless payment craze continues its march toward becoming the standard. Nothing can stop this trend from becoming the norm. Some of them make use of QR codes, while others will only accept purchases made with cash app cards. Additionally, food delivery services such as Grubhub and Uber Eats have caught up and now accept Venmo and Cash App payments.
9) Get Tips
This next one is a hidden treasure. Users are able to receive gratuity through the use of QR code transfers with Venmo, PayPal, and Cash App all of which have incorporated a tipping feature into their respective apps. Anyone who wants to send a tip to another party only needs to use their app’s built-in scanner to read the presented QR code, and the transaction will be completed without further action on their part.
10) If you’re having trouble organizing a raffle, use a cash app for assistance
To begin, this does not apply to all states in the United States because each one has its own set of laws regarding raffles. For instance, gambling is against the law in the states of Utah, Hawaii, and Alabama. You shouldn’t have any trouble accepting Cash App or Venmo payments for raffle reservations or tickets in states where those payment methods are legal.