Mobile apps have become one of the largest sectors of the digital market since their conception. This can be easily demonstrated by the sheer number of mobile apps that exist around the world. While there’s not an exact figure for the total number of apps in the world, certain statistical organizations have tracked the apps available on popular operating systems like Apple and Android.
With that, they’ve found that there are over 2 million mobile apps on the Apple App Store and over 3 million on the Google Play Store. This massive mobile app market is only continuing to grow, too. As more and more people worldwide gain access to smartphones, more and more mobile apps will be developed and released.
The incredible popularity and swift emergence of mobile apps can also be seen in the way we use them as a society and as individuals. Mobile apps have already become a staple aspect in just about every area of life there is. From dating to time management, to career management, to education and language learning, gaming and entertainment, health and fitness management, and just about everything in between.
Mobile apps are even largely present in the world of finance, and this isn’t demonstrated any better than peer-to-peer money transfer apps like Cash App and Venmo.
Peer to Peer Money Transferring
Peer-to-peer money transferring is a relatively new concept that really only came to fruition a decade or so ago. However, in its short life so far, it has already revolutionized the way that individuals manage their spending money.
Rather than making the waitstaff split the bill seven different ways after a night out at a local restaurant, consumers could suddenly use mobile apps like Cash App to send their fair share of the bill to a single person, who could then put the entire bill on a single card.
This wasn’t the only way that Cash App changed personal money management, either. Roommates no longer had to write a check for their fair share of utilities or go get cash from an ATM. Instead, with Cash App, when it comes time to pay the bills, roommates can just send money to one another from the comfort of their couch with the click of a couple of buttons and without ever even needing to put on pants.
The convenience and ease of sending and receiving money through secure apps in a matter of moments flipped the way that consumers were able to tackle personal finance management on its head.
The Good
As mentioned above, there are some very obvious benefits to the innovations that mobile applications like Cash App and Venmo brought to the world of personal banking. For instance, the ease and convenience of sending and receiving money between friends.
Beyond splitting the bill, though, these applications quickly found other utilities as well. Suddenly, consumers could send service workers in various industries cash tips without actually carrying any cash around.
Additionally, with the help of some rewards programs, consumers have found out how to get free money on Cash App. Okay, the money isn’t actually free because there’s no such thing as free money. That being said, using the Yotta debit card on Cash App immediately gives you a chance to have the entire amount sent reimbursed directly back into your account.
This is a perk that the Yotta debit card offers on every purchase, making it an extremely popular debit card for younger consumers who are savvy enough to take advantage of the rewards program.
The Battle With Venmo
Venmo is undoubtedly CashApps’ number one competitor, as the two business models are nearly identical. Both platforms allow consumers to connect and exchange cash in a matter of moments.
Consumers can also wait a few days to have the funds in the app to be transferred to their bank, or they can pay a small percentage fee in order to have the funds immediately accessible.
As a larger and larger percentage of the consumer market is made up of digital natives, more and more people will gravitate toward the use of apps like Cash App and Venmo without much hesitation at all.
The Future of Cash App
Currently, Cash App is trying to do even more and really go the extra mile. Cash App has set its sights on some banking charters in the state of New York in order to pursue legitimate recognition as a banking institution.
This would allow them to expand their financial services even further and truly offer comprehensive personal banking management.
A few Last Words
Although the saying itself may be slightly retired, we’ve reached a point in society where there quite literally is an app for everything and anything.
If you’re looking to split the bill with friends and want a chance at a full reimbursement, use a Yotta Debit Card with your Cash App account, and see how much cash gets put back into your pocket.
