Apple Pay Cash will boost interest in financial apps later this fall. We look at some apps to solve money troubles.
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 start-ups to big banks want to smack a financial app on all those mobile wallets.
“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 Tuesday. 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% 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:
1) Want someone to help you think about your finances when you’re busy?
Some apps — such as Wela — offer advice when it comes to how to pay off debt or save for retirement. Sign up for the free app and you’ve got a robo-adviser named Benjamin.
The Benjamin bot gives customized answers based on your financial picture after aggregating information from more than 13,000 financial institutions.
Matt Reiner, CEO for Wela, said consumers in their 20s and 30s are trying to do a lot at their age and want to know how much they can spend guilt-free, while saving toward bigger goals.
“They’re looking for a silver bullet to change their situation,” Reiner said.
The ever-popular Mint.com has an app on how to track how you’re spending your money and how to…