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How to "Go Cashless" With Apps

There are sanitation benefits to not handling cash and, in light of COVID-19, some merchants are encouraging customers to use cashless methods.

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The business maxim says cash is king, but that is increasingly not the case in our everyday lives. According to the Federal Reserve, cash is currently used in only 26% of U.S. transactions, and its use continues to fall year over year(1)From a convenience perspective, new ways to “go cashless” continue to evolve with technology. There are also some sanitation benefits to not handling cash and, in light of COVID-19, some merchants are encouraging customers to pay with cashless methods in order to minimize contact. Northern Trust recommends the following to help reduce the need for using cash.

Send and Receive Money and Pay Bills with Private Passport®

Our award-winning online platform Private Passport allows you to securely manage your accounts and transact from your favorite device anywhere, anytime. The Private Passport app can be downloaded to the iPhone®*, iPad®* and Apple Watch®* via the App Store®* and Android®* devices via Google Play®*. Through Private Passport, you can reduce your need for cash and take advantage of other convenience features:

• Send or receive money to/from other individuals and pay bills to individuals via Popmoney®* (detailed below), and pay bills to companies via Bill Pay
• Deposit checks(2), make ACH and wire transfers(3)
• View your statements and opt to stop receiving paper statements in the mail

To enroll in Private Passport, contact your relationship manager or call the Online Service Center at 888-635-5350.

Send and Receive Money to/from Individuals

Peer-to-peer platforms allow you to send and receive money to/from other individuals. Northern Trust clients have access to Popmoney through Private Passport. Other popular peer-to-peer payment apps include Venmo®* and PayPal®*.

How to Use Popmoney

  • Popmoney transfers money from bank account to bank account and is primarily used through banks, such as Northern Trust.
  • To send money to an individual with Popmoney via Private Passport, access the “Bill Pay Panel” and click on the “Popmoney” tab. Create new contacts by entering the individual’s email, phone or account information. To send money, select the amount, date, checking account to send from, and write a message to the recipient.
  • The recipient does not need to have a Popmoney account to receive funds. Popmoney can also be used to pay bills to individuals. There is no fee for Northern Trust clients.

How Peer-to-Peer Apps Work

After you download the app from the App Store or Google Play, you will create an account and link your credit card, debit card or bank account. To enhance security, we recommend always linking your account via your credit card rather than debit card or bank account. Although each app has its own parameters, you generally locate people you wish to send or request money to/from by entering their mobile number, email, name or username.

Paying Merchants

In addition to apps that allow you to send and receive money to or from individuals, there are numerous apps that allow you to pay for transactions in stores, restaurants and at other merchants. The most popular among these is Apple Pay®*.

How to Use Apple Pay

  • Apple Pay can be used with your iPhone, iPad or Apple Watch, but is most commonly used with the iPhone. Again, for enhanced security, we recommend using the service with a credit card. To add the credit card you wish to link to Apple Pay, access the Wallet feature on your iPhone. Follow instructions for adding your card.
  • To use Apple Pay if you have Face ID®*, double click the side button of the phone, glance at the phone, and hold the top of the phone several centimeters away from the contactless reader. If you have Touch ID®*, access the phone via Touch ID instead.
  • For support using Apple Pay, visit support.apple.com/apple-pay.

While these apps for “going cashless” are among the most widely used, there are many options. The country’s most frequented merchants – such as Starbucks®* and top food delivery services – often have their own apps, where users can pay directly and collect perks. Many credit card companies have powerful apps where you can pay bills, redeem points and review statements. And technology is constantly advancing. While you will want to be judicious with the services you use, familiarizing yourself with new developments and taking advantage of what makes sense can pay off in convenience.






(1) https://www.frbsf.org/cash/publications/fed-notes/2019/june/2019-findings-from-the-diary-of-consumer-payment-choice/

(2) Up to $100,000 per check and $250,000 per day

(3) Domestic wire and ACH transfers may be subject to fees


Disclosures

© 2020 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S.

* Trademarks are the property of their respective owners. Use of these trademarks is for identification only, and does not imply any affiliation with or endorsement by the respective owners.


This information is not intended to be and should not be treated as legal, investment, accounting or tax advice and is for informational purposes only. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, accounting or tax advice from their own counsel. All information discussed herein is current only as of the date appearing in this material and is subject to change at any time without notice.

Private Passport online services are offered as a convenience and are subject to additional terms and conditions. Any information or alerts provided through Private Passport are for informational purposes and do not replace your account statements, which are the official record of your accounts.

THE NORTHERN TRUST COMPANY, MEMBER FDIC

 

 

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