Mobile payment solutions like Apple Pay and Google Pay have seen a resurgence in usage, in part driven by the changing shopping behaviours of consumers following the COVID-19 pandemic.
As a growing number of shoppers headed online to order product, more were using contactless and online payment options such as PayPal to check out their purchases.
App Annie’s latest overview of the top 10 US fintech apps shows that mobile payments may be here to stay.
Some of these apps have been introduced to make the transfer of payments between friends and other users easier, such as the Cash App. The app created by Square said it counted 24 million monthly active users back in December 2019, up from 15 million the previous year.
By June 2020, it had added another 6 million and announced a revenue growth of 361% to $1.2 billion thanks in part to the pandemic.
Other peer-to-peer money transfer apps such as Venom and Zelle also scored high for downloads.
Government benefit apps like Fresh EBT and ebtEDGE were among the top 10 downloaded apps for the second quarter, App Annie revealed.
Fresh EBT lets food-stamp recipients check the balance of their EBT card which is used by the US government to access benefits. The app aims to make it easier to make cash transfers for people in financial need.
Meanwhile, Facebook appears to be sharpening its strategy for digital payments. The social network recently established a Facebook Financial unit that will oversee Facebook Pay – a platform that lets users share money with friends and family and make purchases more easily through all its sister apps like Instagram and Messenger.