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  • Writer's pictureAustin Jones

Why SoshWallet Is The Best New Payments App

If you look at the app stores, depending on your geography and device type - You'll see a number of different payments apps. There's plenty of actively used payments apps on the market today. In this article we're going to break down the other top payment apps and how they compare to SoshWallet.

PayPal -

Ah, PayPal the seasoned veteran of the payments apps world. It's history dates back to the beginnings of the internet in the 90's. PayPal was actually a merger between some different world wide web era fintech companies, including founders like Elon Musk. It's still around today because of it's consistency in security and handling payments with ease. Many people are even opting in to just using PayPal over a traditional bank to store their money. PayPal integrates with all major banks. While it's an industry leader and will always serve the niche for individuals private holdings and peer to peer transactions. It falls short of serving the group banking niche that SoshWallet provides. SoshWallet has the tools which allow entire groups of people to donate to the same account, with transparent visible access for everyone to see how the funds are being spent.

Venmo -

Venmo has been around for over ten years and it's name alone has become synonymous with "send me." Venmo me this or Venmo me that, it's really just been a way for friends to make splitting bills at dinner or subtle one time transactions. It's all peer to peer focused but keeps it down to the individual scale. Venmo is great, until you start dealing with groups. That's where SoshWallet comes in! SoshWallet's app allows groups on any size scale to bank together. Instead of a Venmo story being shared with your network about expenditures, your group maintains it's privacy on expenditures to just the group. SoshWallet is the ultimate tool for group banking!

Cashapp -

Cashapp has been around for almost ten years. It's brand identity is "we're a financial platform, not a bank!" It lives up to that by not only being a payments platform but also a financial diversification tool. It allows users to not only send payments but invest their funds into assets. Cashapp allows users to purchase stocks and cryptocurrency but only big players in the market. Their focus is on beginner investors or basic trading accounts that don't have access to full listings. While Cashapp is a great tool for payments, financial education and diversification - It doesn't have any of the group banking services that SoshWallet provides! SoshWallet brings any group together whether its a political party and all their donors, a charity, parent teacher association, home owners association, whatever! Any group that funds the same account can be more organized with SoshWallet!

Zelle -

Zelle has only been around about 5 years but it's grown very fast! It's a joint effort between many major banks like Truist, JP Morgan Chase, Bank of America, Capital One, Wells Fargo, and U.S Bank. The major financial institutions saw they were losing much of their traction to the newer more technical platforms like PayPal, Venmo, and Cashapp. With the backing of major banks giving Zelle a huge pool of marketing dollars and resources, it quickly climbed the ranks. While it hasn't seemed to provide a necessarily unique offering to the fintech app world, it certainly is reliable, fast, and easy to use! However, it still doesn't meet the needs of group banking like SoshWallet!

Chime -

Chime is celebrating their ten year anniversary this year! They're on the less popular side of the big payments apps but they're a big player none the less! They have found balance in being a payments app that operates like a bank. While the other major payments apps will issue debit cards, Chime was one of the first to make this move popular. Their whole focus is "Mobile Banking" so their service is primarily focused around the individual. We think Chime is great, but when it comes to groups - they're no SoshWallet!

Google Pay -

Google Pay is a cool tool that's rather recent. It's for people who want to financialize their google accounts. It makes sense, if you use your google account a lot and it's already integrated with all your finances - why not use it to make payments too? It's become so common you can buy dinner with your Android Watch at most restaurants now. While Google Pay helps the individual make payments with ease, it doesn't help groups make payments easily! That's why we say SoshWallet serves the group banking niche!

Apple Pay -

Apple Pay is essentially Google Pay, but for Apple products. It was actually out first, before Google Pay. Apple Pay started in 2014 with Google Pay in 2018. Google Wallet was the original service among them all though, with its inception in 2011. Just like Google Pay, SoshWallet just happens to serve the group paying niche that Apple Pay can't meet!

Facebook Pay -

Facebook pay has actually been around since 2007 in the platforms early days. However it's grown more commonly used in recent years with many users still not even aware it exists. Facebook Pay is fast and easy to use, it integrates with all major banks and is entirely peer to peer focused. It's for buying things you find on marketplace or for sending you friend money when they're in a pinch. While we love Facebook Pay, its peer to peer and doesn't meet the Group Banking needs that SoshWallet does.

SoshWallet is truly an innovative never done before tool. It's service has the duality of privacy for groups and transparency among their members. It can be entirely peer to peer or peer to group. We hope that in the coming years, you'll find SoshWallet as useful as we do!

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