By Susan Tompor
Detroit Free Press
WWR Article Summary (tl;dr) About 65 percent of millennials responding to a survey by LendEDU earlier this year indicated that they used a mobile payment app. Many millennials use Venmo now. But what other personal finance apps are out there? Susan Tompor, a personal finance columnist for the Detroit Free Press takes a look.
Detroit Free Press
With many millennials turning to their smartphones to pay up, instead of digging into their wallets for cash, it’s little surprise that everyone from startups to big banks want to smack a financial app on all those mobile wallets.
Splitting the cost for tickets for an upcoming football game or concert is super easy with apps like Venmo, Square Cash and Zelle.
“You risk looking old-fashioned paying with cash or credit cards,” said April Rudin, founder of The Rudin Group, a financial services marketing firm in New York City.
And we’re going to hear more about sending money via smartphone after Apple launched its iOS 11 system. One feature of the new iOS 11 system, which will not be available until later this fall, is that you won’t even need to download a new peer-to-peer payment app. It’s embedded in the software update. The feature called Apple Pay Cash will compete with Venmo, Zelle and others.
The industry calls such ideas “frictionless payments,” Rudin said.
Some studies indicate we spend more when there’s less hassle. Could we save more that way, too?
Already, about 65 percent of millennials responding to a survey by LendEDU earlier this year indicated that they used a mobile payment app. Many millennials use Venmo now.
But what other personal finance apps are out there? Here’s a look:
-Want someone to help you think about your finances when you’re swamped juggling jobs, shopping for a car or even planning a wedding?