There is no argument that mobile banking is a convenient way to manage money on the go. According to Chase’s Digital Banking Attitudes study, 99% of American Millennials and Gen Z members use them as their payment method. With Gen X and Boomers being less receptive to mobile banking apps, boasting a usage rate of 86.5% and 69.5%, respectively.
For the few people who have never heard of cash apps, they are mobile payment services that facilitate cashless money transfers from one party to another. The most famous such apps are Venmo, PayPal, Zelle, Google Pay, Amazon Pay, Apple Pay, and the appropriately titled Cash App. The benefits of using these include that they facilitate quick payments, have low fees, and supply cashback rewards.
Hence, thanks to these and other positives regarding using cash apps, multiple industries have chosen to accept them as a viable payment method. Here are ten examples.
1. Streaming Services
In 2018, Hulu announced it would become the first streaming service to accept Venmo. Today, Netflix lets Android device owners pay with Google Pay. Cash App users can set up the service as a debit card on the platform, which also accepts PayPal and Venmo. Since the global streaming market should continue expanding at a rate of 21.3% until 2030, expect virtually all services providing video content to allow cash apps soon.
2. General Retailers
Over the past two years, on account of the COVID-19 pandemic, the world saw a spike in contactless payments. Consequently, stores like Walmart and Kohl’s began accepting card payments linked to mobile transaction services. And the same goes for famous e-commerce websites like Amazon and Wayfair. At some general retailers, customers can pay via their app, but in most cases, they have to use a debit-like card issued by their preferred service.
3. Brand Sports Outlets
Connecting to the subheading above, Dick’s Sporting Goods, Under Armour, Adidas, North Face, Nike, Foot Locker, and many others have joined the cash app craze. So, paying for a pair of sports shoes or a comfy jacket with a cash app service (or its card) is an option in most top-brand stores nowadays.
4. Food Delivery Services
In 2015, Americans spent $8.7 billion on food deliveries. Five years later, this figure surpassed $26 billion. Expectations are now that by 2029, this number will reach $320 billion. Companies like GrubHub, GoldBelly, DoorDash, UberEats and others accept cash apps. But they only allow a select few. For example, UberEats lets customers pay through Venmo but not with Cash App.
It is worth noting that Starbucks was the first-ever food-and-drink chain to permit mobile payments. Currently, multiple chains have followed in Starbucks’ footsteps, on the same path of diversifying their way of accepting payments. Some popular restaurants that accept cash app cards are McDonald’s, Wendy’s, Dominoes, KFC, and Katz Deli.
6. Online Gambling Platforms
Online gambling is one of the most rapidly growing industries, set to pull in annual revenues of $158 billion by 2028. It includes multiple segments, such as casino gaming, sports betting, lotteries, poker, eSports wagering, and more. Over the past two years, multiple offshore US-facing gambling platforms have expanded their cashier tabs to include Cash App. In general, online casinos and sportsbooks accept various money transaction options. These include bank transfers, e-wallets, cryptos, prepaid solutions, and now, the number of gambling sites that accept cash app payments is ever-growing.
You can buy medicine using Venmo, Google Pay, PayPal, and other cash apps. Two years ago, CVS Pharmacy stated that it would be the first national medicine retailer to offer touch-free payments through Venmo and PayPal, with customers using only QR codes to pay at the chain’s 8,200 retail locations across North America.
8. Tele-Health Services
HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. That is a federal law that exists to protect sensitive patient info. While services like Cash App, Venmo, and PayPal are not HIPAA compliant, they do not have to be in many lawyers’ eyes. Accordingly, it should not come as a shock that many psychiatrists post-2020 have billed their patients via cash apps for Zoom sessions.
9. Car Insurance
Two of America’s best-known auto insurance companies, Esurance and Geico, and many others, allow US residents to buy car insurance through cash apps. Geico, which has a 14% market share and offers average annual premiums of $1,917, lets its customer pool pay for insurance bills in several flexible ways, including using Venmo, Apple Pay, and Zelle.
10. Stock Markets
Remote stock market trading has become a hot fad recently, and cash apps were early to the race, with Block’s Cash App (formerly Square) adding stock trading support in 2019 and other similar software quickly following suit.
This article was written in collaboration with legit iGaming analysts.
Originally posted 2022-06-19 01:28:17.