The Kiplinger Readers’ Choice Awards 2024 have unveiled the top peer-to-peer (P2P) payment services, highlighting the best in ease of use, recommendation likelihood, and overall satisfaction. This year’s awards provide valuable insights into which P2P services are most favored by users for their everyday financial transactions.
Key Takeaways
- Apple Cash emerged as the overall winner, praised for its ease of use, security features, and high recommendation rate.
- PayPal was recognized for its extensive reach and user satisfaction.
- Zelle stood out for its speed and direct bank-to-bank transfers.
About the Kiplinger Readers’ Choice Awards
The Kiplinger Readers’ Choice Awards aim to recognize and celebrate the best products and services in the personal finance arena. The awards are based on a survey of the Kiplinger community, who vote on products and services that have delivered excellent value over the past year. Categories range from credit cards and banks to tax software and financial apps.
Peer-to-Peer Payment Services
Peer-to-peer payment apps have become increasingly popular due to their speed and ease of use. Readers rated the P2P service they use most based on several criteria:
- Ease of use
- Likelihood to recommend
- Overall satisfaction
Apple Cash
Overall Winner
Apple Cash was the standout winner, earning top marks for ease of use, recommendation likelihood, and overall satisfaction. Users praised its security features and convenience, especially for those within the Apple ecosystem. Apple Cash allows users to send and receive money for free through the Messages or Wallet app on compatible Apple devices.
"Very easy to use and convenient," one reader noted.
PayPal
Outstanding for Ease of Use and Overall Satisfaction
PayPal, the pioneer in the P2P payment space, continues to impress with its extensive reach and user satisfaction. Users can send money for free within the U.S. if the funds are drawn from a bank account, PayPal balance, or Amex Send account. However, a 2.9% fee applies if funds are drawn from a debit or credit card.
Zelle
Outstanding for Recommendation Likelihood and Overall Satisfaction
Zelle is highly favored for its speed and direct bank-to-bank transfers. Users appreciate that it facilitates instant transfers without the need for funds to be held in a separate app. At least one user in a transaction must have access to Zelle through their bank or credit union.
"I like that it transfers funds instantly and from bank to bank. No need to have funds in yet another app," said one reader.
Other Award Categories
The Kiplinger Readers’ Choice Awards 2024 also recognized excellence in various other categories, including:
- Wealth Managers
- Donor-Advised Funds
- Cash Back Credit Cards
- Travel Rewards Credit Cards
- Hotel Rewards Credit Card Programs
- National Banks
- Internet Banks
- Full-Service Brokers
- Tax Software
- Auto Insurance Companies
- Homeowners Insurance Companies
The awards serve as a guide to the best financial products and services, helping consumers make informed decisions in their personal finance journeys.
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