Circle Pay App: What It is, How It Works

Circle Pay is a peer-to-peer money transfer app developed by Circle, a Boston-based financial services company. 

Breaking Down Circle Pay App

Circle Pay can be used to send and request money domestically and abroad using either a contact’s phone number or email without incurring charges for the transfer. 

As of December 2017, the Circle Pay app was operational in the United States and Europe. It claims to be the world’s first and only cross-border payment platform that enables users in Europe to transfer cash directly into their U.S. accounts. It does not charge conversion fees and uses the mid-market rate for converting from one currency to another.    

Circle Pay uses ethereum’s blockchain platform to enable free money transfers on its app. The app also uses a two-factor authentication process to ensure secure processing. 

Users registering with Circle Pay are required to link their bank and debit card details to their accounts. They have the option of storing balances within the Circle Pay app or transferring them out of the app and conducting their transactions directly from the linked account or debit card.

The app is used for daily transactions, such as splitting meal costs or making rent payments. Circle Pay also has a “Group” feature. Using this feature, users can send money to groups of up to 20 people at a time or choose individuals from within the group and send them cash. Users can chat with phone contacts and also send images and GIFs. 

Circle Pay is popular with Millennial users with Europe.