Pay Back Loans With Your Phone

New technology and apps are turning our phones into our wallets. And now paying back your IOU's is as easy as tapping a button.

The Wall Street Journal tested some of the newest apps that are built specifically for paying back friends. Those leading the charge: Venmo, Google Wallet, and Square Cash.

These apps withdraw that money directly from your bank account or debit card and instantly pay your friends.

Heads up, though. There are some fees involved and they are vary between apps. For instance, some charge you around 2% if you want to pay your friend back by credit card.