In Sheffield and across the UK, more people than ever use mobile payment apps for everyday transactions. In fact, Brits are some of the most digitally savvy spenders in the world, with more than 70% of us regularly using mobile payment apps.
While most of us have payment apps on our phones, not all of these apps are created equal. Some offer a much better online spending experience than others, while some can be surprisingly limited. Here are some of the top factors to consider when deciding on a payment app to use for online spending.
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Security
In a digital landscape where online scams are more common than ever, security should be your number one concern. Only ever choose an app that offers airtight security and full end-to-end encryption. This way, you know that your banking data and transaction activity is fully private and inaccessible to hackers. In addition, you should consider leading payment apps that offer multi-factor authentication, such as PayPal or Revolut.
Processing Returns
Just like in the physical world, sometimes we regret our online purchases. In these cases, it pays to use a payment app that has in-built capabilities for returns processing. If you were to purchase a product from, say, Amazon, and that product was not what you expected, you might want to request a refund. In this case, your refund will be processed much quicker if the refund can be routed through the payment app you used. Not all apps have this function but some, such as Apple Pay, do provide this.
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Eligibility for Perks
When paying for anything online, we all want a freebie when we can get it. However, it is important to note that the type of payment app you use will often determine your eligibility for any perks. For example, apps such as Klarna have deals with retailers that offer discounts specifically for users. Conversely, paid services such as online casinos might only offer perks such as free spins to certain types of app users. For example, this guide to free spins at online casinos explains how some mobile payment apps, such as Skrill and Neteller, are not eligible for this bonus at certain casino platforms.
Generating Receipts
If you plan to generate any business-related expenses online, you will want an app that generates receipts. You might be buying office equipment online, paying for rideshare to a conference, or treating a client to a gift. In these cases, you will need to be able to generate a valid receipt for that expense, so that your HR department can log it as such and provide you with a refund. In this case, it is essential that you choose a mobile payment app that auto-generates valid receipts for each purchase, such as PayPal or Monzo.
In the digital economy, the type of mobile payment app that you use matters. By keeping these crucial factors in mind, you can choose an all-in-one app that offers the greatest degree of access, and the best chance of accessing online perks and freebies.
