Nowadays, there are multiple payment apps that allow users to make payments on multiple platforms. There are many peer-to-peer payment gateways, like Zelle, Cash App, Venmo, etc that are quickly becoming the new normal. You can use them to from sending birthday money to your friends and relatives or to pay your buddy for your parties. You must know what is the actual difference between these platforms. Here, in this article, we have mentioned the difference between these platforms, i.e., Zelle vs. Cash App vs. Venmo.
Venmo – More Social App
Venmo has a more social media aspect as compared to other payment apps. After proper creation of Venmo account, you can sync it with your smartphone contacts and even with your Facebook account. Linking your Venmo account with your FB account allows your friends to see whom.
you’re paying and for what purpose you are paying. The app also allows you to write memos for every transaction that defines why you’re paying someone or getting paid.
Get Physical Cash Card by Cash App and Venmo
If you want to avail benefits of a debit card, then you must create account on Cash App and Venmo. These applications allow you to have your own debit cards. These cards can be used in the same way as other financial institution’s debit cards. You can use these cards to connect to your Cash App or Venmo balance instead of your checking account.
You should keep in mind that these cards can be used to withdraw funds from your Cash App or Venmo account. But while withdrawing, you must have enough money in your payment app account to avoid any extra charges. This extra amount will be charged as declined transactions and overdraft fees.
Zelle Allows You to Add Money to Your Account Instantly
Zelle does not allow you to keep a balance in your account just like both Venmo and Cash App. Any funds that you receive from Zelle are directly transferred to your bank account. This is actually considered as an advantage over Venmo and Cash App.
If you want to transfer money from the account of these two payment apps to your bank account, you need to pay some extra amount. This additional amount allows you to immediately transfer the money in either of those accounts into a checking account at a financial institution. In case, if you don’t pay that extra amount, you have to wait a day or two.
You must note that putting money into a Venmo or Cash App account does not provide you an opportunity to earn interest on your savings. Actually, Zelle allows its users to connect their accounts to their existing banking accounts. By this, you can save money in your bank account for a longer duration with the additional advantage of compounding interest.
Zelle, Cash App & Venmo – All are Safe
Many of you are obviously concern about security while using these electronic payment gateways. Are you also wondering which one is the safest? According to Consumer Reports, you can use any of the three platforms as all three services are safe enough to use. However, just make sure whatever details you are filling in while creating an account are proper and relevant. Just be diligent while using all three.
Hackers are very well aware of latest technology, and they are familiar with several tactics by which they make you transfer money through your accounts. Unfortunately, there’s no guarantee whatever you are doing from your account is not inappropriate. You should always be aware of whom you’re paying through a payment app.
Hope, till now you must be familiar with all three payment gateways. You are now able to take a decision that on which platform, you should create account. If you’re still facing issues like with which you need to create account, just go through the features and services of these services. You can avail of these services after signing up for online banking or using their mobile app.