| Type | Features | Caveat emptor | Getting started |
|---|---|---|---|
| Digital/Mobile wallets—including Apple Pay, Google Pay, PayPal, and Samsung Pay. |
- Credit and debit card information is kept in a virtual wallet that can be used in-store, online, and even to exchange funds among other users. - Boarding passes, e-tickets, membership cards, and other digital documents can often be securely stored (though PayPal doesn't allow this). |
- If you lose access to your phone or smartwatch, you'll need your physical card to make in-store purchases. - Most devices support only their own wallets. - Few in-store terminals accept PayPal. |
- Mobile wallets come preinstalled with most smartphones. You'll be prompted to sign in, set up additional authentication, and add your cards. - For PayPal, you can go online or download the app to create an account and security passkey and add your cards. |
| Online payment processors—including Amazon Pay and Shop Pay. | - Payment, shipping, and other information can be saved for seamless online checkout. |
- Security involves two-factor but not biometric authentication. - Shop Pay is available only at outlets that use the Shopify platform. |
- Log in to Amazon Pay using your Amazon credentials to use payment and address information already stored there. - Sign up for Shop Pay with your email and phone number, then save your address and cards for easy checkout. |
| Peer-to-peer payment apps—including Cash App, Venmo, and Zelle®. | - Money can be securely transferred between individual bank accounts—and, in the case of Cash App and Venmo, those of participating vendors. |
- You may not be able to recover funds sent in error. - Each app has limits on the dollar amount you can send within a given time frame. |
- Download the Cash App or Venmo apps, create an account, then link your checking account. - Sign up for Zelle through your participating bank's app. |
Disclosure Title
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Disclosure
Charles Schwab using information from Amazon, Apple, Cash App, Google, PayPal, Samsung, Shop Pay, Venmo, and Zelle.