5 Top Peer-to-Peer Payment Apps to Use in 2020


It’s one thing to pay a friend for coffee, shared food bills on a travel trip, or send his share of cell phone bills to his parents, transfer funds to friends and family.

That’s what appears as a daily task for most of us. If you don’t remember the idea of ​​hitting the ATM every time or finding your cheque book, you need to pay some money if you want to use the mobile payment app service.

Mobile wallet apps with rewards platform further allow to send money to others – often by finding username, phone number or email address.

Here five top peer-to-peer payment apps that are going to facilitate users’ transaction in 2020.


1. Google Pay

Google Pay is a digital wallet app that enables you to initiate consumptions and transfer money digitally. It will enable retailers to pay for products or services if they have a near field-of-communication reader near the point of sale. If you want to use Google Pay, you just need to download the app.

The users just need to sign up with their Google account. Then they need to add their banking details including their bank account number, their location, email and their phone number. After confirming the bank accounts the users can search out their peers on the same platform.

Then they can chat with their peers, share gifts as well as funds. The users can earn scratch cards which might add up money to their bank account or simply a couple of other services.


  • You can use it at many retailers. Google Pay is not only suitable for P2P transfers. It can also be useful for everyday online shopping.
  • The users can transfer funds within a few clicks.
  • They can get rewards by sharing the app with their peers and networks through WhatsApp, Facebook Messenger and other platforms. The reward will be directly added to their bank account.
  • You can have a history of fund transfer and thus, making it easier for future payments.
  • It is supported by Android as well as Apple hand devices.


  • The only disadvantage of this digital wallet is that you cannot make a payment by linking your credit card. The users must enter their banking accounts or debit card for making payment.       

2. Paypal Pay

PayPal was one of the prominent players when it comes to online fund transfer. It is helping communities and e-commerce traders to facilitate their online purchase and payment integration. PayPal has also opened its door to the digital wallet by introducing a peer-to-peer payment app.

The PayPal Pay users have to download its app and have to integrate their bank account for transferring funds.

It even offers P2P credit, P2P money for transferring funds for its registered and regular users. The users can use their email, user name and phone number for sending the money to their peers.


  • It enables users to sell or buy anything by integrating it to many retailers to sign out pages.
  •  It has a high transfer limit as the users can transfer up to 1,000 USD to 59,000 USD – but limited to 9,000 USD within in just one transfer. Although the funds may vary depending on your country and spending habits. 
  • There are several modes of payment that the users can use for fund transfer. Users can send money with debit cards, credit cards, bank accounts, PayPal balances and even with credit offered by PayPal. It is a personal line of credit offered by the company and it can be used to transfer funds to your peers.


  • There are fees for using a credit card, debit card, or PayPal credit to transfer funds. The only freeway is to send money through a linked bank account or PayPal balance. All other options charge approximately 3% of the transaction fee.
  • The user also has to pay the interest rate for using PayPal credit which is similar to the credit card interest rate.
  • Transferring from your bank account to your PayPal account may take some time. PayPal also charges 1% of the amount if you want to cash out your funds immediately from the wallet.           

3. Venmo

It is a mobile wallet app that enables users to transfer payment to each other by adding their bank account, credit card and debit card. It also offers its users cash balance for transferring money to the registered users.

It is quite different when compared to other peer-to-peer payment apps, as the users can synchronize their account with their bank accounts and credit cards for making payment.

It also facilitates the users to create a request for their payment, making it the number one app for fund transfer.


  • It nearly had 40 million users across the world, which makes it the most popular way to send and receive money online.
  • It enables users to use a debit card for making a purchase and transferring funds. It also offers cash backs for making payment for a purchase at specific retailers. This cashback can be used as their balance for making further payments.


  • There are fees for sending money by credit card. Venmo charges a total transfer of 3% for sending money via credit card.
  • Venmo charges an instant cash-out transfer to your bank account. There is a 1% fee with a minimum of 25 cents and a maximum for instant fund transfer. Otherwise, you will have to wait for one to three business days to get free money.        

4. Zelle

Zelle is a service offered by most of the major banks in the US and enables users to send money to other Zelle users through their bank account or Zelle app. After setting up a Zelle account through your bank or Zelle app, users can send or request money by entering a registered email address or another Zelle user’s phone number. If the recipient does not have a Zelle account, they must install it to send or receive money.

Also Read about: Roadrunner email support


  • Money transfers to other registered Zelle users occur within minutes. If the recipient is not registered in the jail, they must register before receiving the funds.
  • Fast, direct money transfer between different banks and credit unions is Zelle’s most significant advantage.
  • Unlike some other wallet apps, its transfers payment directly to your bank account, so you don’t have to wait for it to exit a third-party application.


  •  You cannot connect to a credit card to pay others. Other digital wallet payment applications enable users to link credit cards for payments that do not have enough money in your bank account or application account. But it can be helpful
  •  This service usually requires a smartphone. If it is available through your bank, you can generally use your bank’s desktop login gin to send money. 
  • You cannot send money to international bank accounts. It only works in domestic banks.

Final call!

To facilitate your users with the latest mobile wallet solution, you need to find out the company who has a prominent portfolio in wallet app development.