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4 Money Apps That Will Eliminate Cash

Hannah Genig

On a broad scale, the fintech space is both diversifying and growing quickly both nationally and beyond. The payments space specifically continues to reap new and innovative technology to aid in everyday money management.

Ahead of the Benzinga Global Fintech Awards on Nov. 19 in New York City, the Benzinga events team is showcasing some of the best and most influential companies that continue to dominate the payments space.

Here are four of the top payments applications.

Zelle

Known for its colorful website and branding, this digital payments application allows users to move money within minutes without the fuss of sending checks, cash, money orders, etc.

The company, started in 2017, is partnered with hundreds of banks and credit unions including Ally, Citi and many more.

As opposed to many traditional payments applications, Zelle is most known for working within the corresponding bank application and communicating directly from the recipient’s bank account.

Apple App Store Rating: 4.8
Google Play Rating: 4.3

Square Cash

A company with more to offer than the familiar credit card swiping machines at your favorite coffee shop, Square Inc. (NYSE: SQ) is known for being a simple and straightforward application for money transfer.

Since its inception in 2013, this application is processing over $1 billion in annual peer-to-peer payments, according to the company website. Square Cash also allows for users to receive paychecks through the app and gives instant discounts for certain spending.

Apple App Store Rating: 4.6
Google Play Rating: 3.9

Venmo

Perhaps one of the most reputable of payments applications, Venmo, a company under Paypal Holdings Inc. (NASDAQ: PYPL) has become the go-to choice to pay friends back, request a payment and track spending. All transfers can be made using your debit card, credit card, bank account etc., and the app itself can be used to make payments to companies.

For those who lose track of where their money goes, Venmo retains a history of purchases with the recipient and emoji following the transaction.

As of April, Venmo has 40 million users, representing a growth of 73% year-over-year.

Apple App Store Rating: 4.9
Google Play Rating: 4.5

MoneyLion

An all-in-one finance tool for millenials and those just starting out, MoneyLion retains a strong reputation for helping users in all aspects of financial wellness.

This 5-year-old company strives to build consumers’ credit, optimize money management and offer guidance for investing. According to company data in 2018, over 90% of MoneyLion Plus members are first-time investors and fit within the demographic of consumers with less than $2,000 saved.

Apple App Store Rating: 4.7

Google Play Rating: 4.4

Love learning about payments and other aspects of fintech? Check out our Global Fintech Awards and be sure to vote for the best companies!

Related Links:

Square's Cash App Is Winning Battle With Venmo, Says Nomura

Are We Heading Toward A Cashless Society? The CEO Of Raise Thinks So

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