Best Mobile Wallet

Venmo is a popular mobile app with many millennials, with the average user transferring money to friends and family members several times per week. The Venmo is owned and operated by PayPal and has been operational since 2009. The company is growing rapidly and offers their users convenience as well as bank-level security of their financial information.

Receiving funds from another user is free, and money sent via Venmo can easily be transferred into a US Bank account with a few taps. Members may use funds from any linked and confirmed US bank account to send money as well as their debit or credit card.

Plans for the company include the addition of mobile payments at retailers by the end of 2016.

Launched in 2014, Apple Pay was designed to create a unique and secure payment solution for mobile phones and wearables. Apple Pay uses contactless point-of-sale technology called Near-Field-Communication (NFC) coupled with simple but effective Touch ID security features. Apple Pay can be used with the iPhone, iPhone 6 Plus, iPad mini 3, iPad Air 2, and the Apple Watch (when used in conjunction with iPhone). The app is included with iOS systems which will be able to support its use - currently 8.1+.

Use of Apple Pay is exclusive to those with iOS devices, which limits its use. The app offers several security features and is free to use.

PayPal was founded in 1998 as a response to the demand for a fast, safe, and simple solution to making purchases online. Capitalizing on the rapid growth of online auction leader, ebay, PayPal quickly rocketed to the top of online payments between people. Leveraging this partnership with ebay, PayPal continued to grow, acquiring companies and becoming a tool for online shopping. The company has developed solutions for web payments globally. Recently, PayPal and ebay ended their long-term partnership and PayPal is poised to grow in the mobile wallet industry, specifically for smaller mom-and-pop businesses with their mobile app and PayPal Here POS terminals and card readers.

PayPal is lacking in the number of brick-and-mortar retailers at which accept PayPal payments, which hurts their overall rating with the Review Team. According to the company, PayPal will soon be offering contactless payments at existing terminals, which will greatly expand their customer base.

After recently discontinuing the Samsung Wallet, Samsung prepared themselves for the introduction of their new app, Samsung Pay. This app is a leader in the mobile wallet industry for several reasons. The number of locations at which the app may be used to make payments far exceeds that of any other mobile app, since the app is compatible with both near field communications and magnetic secure transmission point of sale terminals - which comprise the vast majority of the existing terminals. Adding to the company’s benefit is the government-mandated program (October, 2015) that all terminals in the US must be upgraded.

The Review Team recommends Samsung Pay as a solid choice in the mobile wallet industry.

Chase QuickPay offered by JPMorgan Chase Bank as a way to send or receive money directly from a Chase account. Using the service is free, and with the company's partnership with other banks via the clearXchange network, customers can easily transfer/send money to those who have accounts at other participating banks (JPMorgan Chase, Bank of America, Capital One, FIrst Bank, and Wells Fargo). Users can expect their funds to arrive within a 1-5 day turnaround time and money can be sent to any person with a valid email address. In order to use Chase QuickPay to send or receive money, one of the parties must be a current customer of Chase with a Chase checking account.

The amount of time required to receive payments with Chase QuickPay varies and the longer end of the window (5 days as per the website) is significantly longer than real-time payments offered by others in the industry. Additionally, this app is limited and is does not contain many features available in a mobile wallet.

The company is headquartered in Richmond, Virginia and has branches throughout the United States. Capital One is one of the largest holder of credit cards account in the country, with both personal and commercial account holders.

Along with several other large banks, Capital One pioneered the digital wallet, backing the ISIS Mobile Wallet in 2012. Support was soon removed, when the application did not perform as was expected. As such, most major bank chains have created their own proprietary mobile wallet app.

Capital One Wallet is the company's brand of mobile wallet and can be used on mobile phones, tablets, or iPod Touch devices. The app allows customers to monitor their spending and to use their Near-Field Communication (NFC) enabled mobile device to make contactless payments at equally-equipped terminals. Cell service is not required to complete a payment, although an internet connection is.

For those who exclusively use their Capital One card, with the possible addition of gift cards, this is a good idea. However, many use multiple cards and this app is not designed for this functionality.

Google wallet was one of the first to introduce a mobile wallet app, with its introduction in September 2011. In spite of this head-start, the app never reached the status which one would expect from Google. The app is available for Google account holders at no charge, and can be found under the “apps” tab in their browser. At one point, the Google Wallet offered tap and pay contactless payments, but this practice has since been discontinued and Google Wallet is primarily used for sending money person-to-person. Users may transfer money to/from their registered and confirmed bank accounts and request a free Google Wallet debit card to use in stores in order to spend their Google Wallet balance.

Google recommends that those interested in a contactless digital wallet use Android Pay. At present, this app is good for sending money, but does not include many of the features which the Review Team uses to rate companies offering a mobile wallet to be recommended as a mobile wallet provider.

Android Pay is the default mobile wallet app for Android users. It comes pre-loaded on many Android phones and is easy to download from the Google Play Store if it is not a pre-loaded app. Being that Android Pay is a part of the Android family, it provides the same support Android users are accustomed to. From their help website, users can request support via live chat, email, or by requesting a phone call. This mobile wallet allows users to make purchases with their phone using their choice of many of their existing credit or debit cards. The card information is as easy to enter into the app as taking a picture. Android Pay is very straightforward and allows users to make purchases at a large number of merchants with a contactless payment app.  

LevelUp is a mobile wallet which is includes a free mobile app for an Apple, Android or Windows smartphone. Once downloaded, the user links their valid credit or debit card to the account so that they can shop at any of the locations at which LevelUp is accepted. During the check-out process, users present a unique QR code, which links to a unique payment token, which is fully encrypted. By so doing, account holders are able to make payments without giving their cards to cashiers. Additionally, customers are able to avoid the risk of RFID hackers which can scan public places for RFID-equipped cards for their fraudulent uses. 

Boost Mobile offers their customers the convenience of a mobile wallet and prepaid debit card with their free mobile app, Boost Mobile Wallet. Boost Mobile Wallet is powered by Wipit and offers basic services as well as an upgraded account, called Mobile Wallet Plus, which includes a reloadable Visa prepaid debit card, Quick Check deposits and Wipit transfers.

Boost Mobile Wallet by Wipit is missing some key security components. Also, the fees for transferring money into one’s account are significant and can quickly add up. Neither Boost Wallet nor Boost Wallet Plus allow customers the freedom of a true mobile wallet app, since the app is primarily focused upon sending money to friends (who must also have the app). Boost Mobile Wallet Plus adds a prepaid Visa card, which is a nice feature, but does not allow point of service electronic payment with a mobile device, as do the leading mobile wallet providers.