Security: Apple didn't share our information with third-party data firms. Instant Transfers to a debit card charge 1% of the transaction. How it makes money: It can take 1-3 days to transfer funds in Apple Cash to your bank account for free. If your friend uses a Samsung Galaxy or Google Pixel, you're out of luck. Use your debit card with just a touch of your finger or by asking Siri." What it says: "Sending money is as simple as sending a message. Then you can start making payments through Cash via your debit card. Associate your debit card (banking account numbers won't work) with the app (found in the Apple Wallet app, on the home screen) and then you need to add cash to the account. Setting up Apple Cash is more convoluted than others. How it works: First, you'll need an iPhone, iPad or Apple Watch and know that you can send money only to people who also have Apple devices. Numbers: Apple hasn't released any usage stats on the app. What it is: Apple's offer to pay people via iMessages. Our grade: Easy to use, but if you don't have a debit card, you can't use Cash and dealing with customer service is not so smooth, so we give it a B. These services are common in the industry and we choose products that are designed with customer privacy in mind.” Security: Cash sent what it says was "anonymized" information about our test transaction to marketi companies.Ĭomment: The Cash app "sometimes use third-party services to analyze anonymous data about app usage to help us fix bugs, identify app crashes, understand marketing campaigns, and improve the customer experience. Both the iOS and Google Play app stores have many low-rated reviews of Cash by customers frustrated over support issues. Cash sends customers to its Twitter support page or via a support menu in the app that takes you an e-mail option, with the promise of a reply within 24 hours. What it doesn't tell you: Customer service support can be an issue. What it says: Cash is "the easiest way to send money, spend money, save money, and buy cryptocurrency." From the app, you can also invest in stocks or buy and sell Bitcoin. How it works: You need a debit card to link your account to Cash, or Bitcoin, to make payments. One-day payments cost 1.5% of the transaction. What it is: A payment app owned by Square, which many small merchants use to process retail purchases.Ĭost: Free, but when people pay you, it takes 1-3 business days for the money to go into your account. Look out: Venmo scams: How to use a payment app without getting ripped off But because it doesn’t respect the privacy rights of customers and because all transactions are by default sent to public, we give Venmo a D.įine print: Data privacy: Why Venmo sent my personal info – and yours – to Braze Our grade: Venmo is incredibly easy and convenient to use, and many people love it. In our case, it sent our GPS location information and the name of the person we interacted with to data firms Braze, GIF sticker maker Holler.io and anti-fraud company Pinpoint Secure Data Collector.Ĭomment: “Venmo’s publicly available privacy policy and user agreement outline that we may share certain data with third-party service providers who assist us with parts of our business operations and providing services to users.” What it doesn’t tell you: Every time you make a transaction on Venmo, it shares personal information with third-party firms. What it says: “Venmo is designed for payments between friends and people who trust each other." Note: All payments are, by default, set to “public” so that everyone on the Venmo social network can see who you’re paying and what you’re buying unless you change the setting to friends only or private. How it works: Link to your debit or credit card or bank routing and account number and pay friends electronically. Your funds don't get to the account for three days unless you pay a 1% fee to speed it up. What it is: A PayPal-owned “social” network to pay friends.Ĭost: Free to pay individuals, a 3% fee if used with credit cards.
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