Then shoppers can use an EMV chip card or mobile wallets like Google Pay or Apple Pay (that have contactless NFC technology) to pay in-store or at a restaurant without having to present their credit card. Whether running an eCommerce store or a brick-and-mortar, mobile payments provide customers with convenient options that help deliver a seamless purchasing experience. From alarm clocks to GPS tools to exercise apps, we’ve grown to rely on our smartphones for everything under the sun. We even use our mobile devices to make everyday purchases at retail shops, on eCommerce sites, and within apps. The highest-profile example of this is the Apple Card, which offers 2 percent rewards (3 percent for Apple products) and some other nifty options.

Investing, bitcoin purchases, and tax filing are all worthwhile and valuable features to have in a mobile payment app. We’ve tested the top mobile payment apps for your phone, so you can lend friends money, make contactless payments in stores, and shop online with ease. Pay by M-PESA is a service that allows global and domestic merchants to offer Africa’s leading payment method as a payment option at online checkouts.

A fee of about 3 percent comes from the credit card provider when you use that as your payment source. Some cards offer cash-back points (and you may even get bonus points for using mobile payments), so you’ll want to do the math to see which payment method benefits you most. M-PESA is Africa’s most successful mobile money service and the region’s largest fintech platform. M-PESA is the preferred way to make payments across the continent both for the banked and unbanked due to its safety and unmatched convenience. It also provides financial services to millions of people who have mobile phones, but do not have bank accounts, or only have limited access to banking services.

Soon to develop applications were competitors to Apple, companies like Google and Samsung, who released their respective mobile payment apps in the wake of Apple pay’s success. Check for and compare rates of interest before buying smartphones on EMI. Getting a personal loan to pay for the mobile in cash and later making payments in easy EMIs is also a good option to consider. In Kenya and Tanzania, M-KOPA Solar has connected hundreds of thousands of off-grid homes to affordable solar powered electricity for lighting, cooking and charging their mobile phones.

A no-cost EMI or zero percent EMI is an offer that allows you to pay for a product or service in affordable monthly payments with zero interest. In simple terms, it means that you are only paying the total price of the product or service in EMIs with no extra charges. For example, if you buy a smartphone worth ₹ 21,000 at 3-month no cost EMI, you will have to pay ₹ 7,000 each month for the next three months. With some EMI cards, you may not be charged interest on the principal, but there will still be a processing fee. You need to make monthly payments within a certain timeframe until the loan amount is repaid in full.

The Ally online bank, for example, lets you send up to $5,000 per day and $10,000 per month via Zelle. Google Pay lets you send up to $5,000 per week after you verify your identity. Upwork is not affiliated with and does not sponsor or endorse any of the tools or services discussed in this section. With the connected lives, we lead today, cell phones have become more of a necessity.

Many banks have recently adopted technology into their banking apps that allow customers to send money instantly to friends and family members directly from their bank accounts. Mobile payments are also made on site at stores by scanning a barcode on an app on your phone, accepting payments from convenience stores to large, multi-national retailers. The best credit card processing companies have competitive transaction fees, a fast and free application process and a high approval rate. Many of the leading services offer similar functionality, but fees and other costs vary widely.

In parts of the developing world, however, SMS payments are prevalent and widely trusted. Yes, MoneyTap’s credit line allows you to get instant mobile loans to buy a smartphone without the hassles of documentation with a quick and easy loan approval process. Luckily, there are numerous other financial products available these days for purchasing a mobile on loan without credit card.