Wallets tend to carry a substantial amount of quick wealth available to us. However, there are several new modes of payments which Americans are now considering to use.

Let us have a look and discuss the 5 such new tools in the financial industry which continue to shape our monetary activity and its outlook. These applications and modes of payments make it convenient to pay, and without a doubt maintain faith and trust in minds of the consumers.

1. Square

As many as 50% Americans have reverted to cashless means of payment, and 90% prefer paying via means of cashless transaction.

Square is one such card reader device application which charges a minimal 2.75% of transaction fee and keeps the consumer hassle free. The device reader comes in free of cost in mail, and you no more have to worry about making transactions via cash.

2. PayPal

Since the dawn of internet age, PayPal continues to make life convenient for consumers who live in the fast lane. Ever since introduction in 1999, PayPal has partnered with online retailers to make payment means easy. As of 2013, PayPal has been responsible for a total transaction worth $180 billion.

PayPal charges $3.2 as service fee charge for every $100 transaction. PayPal has made transactions convenient, and account for nearly 70% worldwide transactions over the dot com.

3. Venmo

Venmo is a social-financial application which allows users to pay via smartphone on a touch. For a user to access Venmo, a Facebook account is needed, or preferably an email account. Once set up, Venmo can be used immediately to receive money from another Venmo user. Nothing like it!

A bank account can easily be linked to the Venmo profile. A benefit of using Venmo is that is charges zero transaction fee to transfer or receive money between to users. Withdrawal from Venmo account to a bank account are completed within a day.

4. Bitcoin

Bitcoin is a virtual currency which is tradable in smaller denominations and is the new big thing in fin-tech. Launched in 2009, today Bitcoin valuation is over $200 billion as of today.

Bitcoin is a cryptocurrency and has to be mined to obtain. People can use it for transactions via mobile applications/wallets. Bitcoin has come under scrutiny since it does fluctuate in value over time. All new and established businesses accept Bitcoin as a mode of payment owing to the likely rise in currency value.

5. Apple Pay

Apple Pay is exclusively available for iPhone 6, iPad Air 2, iPad Mini 3 and Apply Watch since 2015. It allows the consumer to store virtual copies of debit and credit cards. Apple`s touch ID makes use of the fingerprint to make a transaction.

Thousands of stores in the USA accept payment via Apple Pay, and Apple makes sure that your information is kept secure and confidential from prying eyes. Some of the major stores that do not accept Apple Pay are WalMart and U-Mart.

Apple enthusiasts are sure to enjoy this convenient method of transactions.