Do you remember when you went out with your friends and the check comes? If there were more than five of you, god forbid…trying to figure out everyone’s share of the bill and then collecting was a nightmare. Maybe, one friend is rifling her purse and produces her $15 share via dollar bills and a handful of coins; maybe your friend needs to goto the ATM at 1 a.m.; worst, friends often forgot to repay you and you didn’t want to look like a cheapskate so you never asked. Thanks to technology, sharing a bill with friends is very painless, requiring only the touch of a few buttons on an app.
Whether you’re ready or not, the use of cold hard cash is declining and being replaced by payment apps and online means (also known as “P2” for Peer to Peer). According to researchers at the Federal Reserve Bank in San Francisco, only 26% of consumer monthly payments were by cash in 2018; this represents a decline of 33% from 2015. EMarketer, a research company has predicted that the volume of money transfers through mobile phones in 2019 will be about $211Billion which is a 26% increase from 2018. So, fellow Cocktail Chatterers, perhaps it’s time to ditch those beautiful Coach wallets in favor of digital wallets.
Digital Wallet: What are these magical apps that seem to create money out of thin air? There are three major players in the digital wallet sphere; their primary function is to send and receive money between individuals on your mobile phone: (1) Venmo, (2) Zelle, and (3) Cash App.
Read on to see whether you want to use Venmo, Zelle, or Cash App.