![]() Zelle, the newest member to join this competitive marketplace, has gained some traction among individuals who had never downloaded Venmo. It was a no-brainer for millennials to download this application and start splitting grocery bills and rent with ease. Growing financially independent in a society where digital applications influence a large majority of our daily tasks, Venmo capitalized on the opportunity and timed their go-to market quite perfectly. Venmo, a subsidiary of PayPal, gained explosive popularity among the millennial population. This alone, marked PayPal as a top player in the field and made it the clear favorite. PayPal became the most popular payment method on eBay and it was also the default choice. Shortly after it’s IPO, PayPal was acquired by eBay (2002), only to become a spin-off of eBay several years later (2014). ![]() PayPalhas proven to be the trusted source for online payments over the last 20+ years. Let’s take a look at three of the most popular apps–Paypal vs Venmo vs Zelle–and see who comes out the winner. ![]() Just last year, P2P transactions exceeded $120 billion. It could take a few days to get your money. While most of the apps in our roundup promise immediate cash transfers, the reality is that money you receive will typically appear as “pending” in your bank account for anywhere from 1-3 days. Some peer-to-peer apps are starting to offer “instant” cash deposits that are, in fact, instant (or at least, within a few minutes), but you may have to pay a small fee-either flat or a percentage-to put money transfers into your checking account right away.T he peer-to-peer payment app war is growing fierce. The use of P2P (peer-to-peer) payment apps is expected to grow by double digits across all age groups through 2021.Also, consider using a credit card for payment yes, you’ll owe transaction fees, but you’ll also be able to dispute fraudulent charges with your credit card company. Your best defense: Exchange cash only with people you know. In both cases, crooks with bogus accounts could take your cash and disappear, and your promised money would evaporate along with them. Beware of scams. For example, look out for strangers who send you “accidental” P2P payments and ask for a refund, or anyone who tries to buy something from you (on, say, Craigslist) using a money-sending app.Once the recipient claims the cash you sent, the money is gone, and there’s no “Request a refund” button. Most of the apps in this roundup emphasize that they’re intended only for exchanging money between friends, family, or someone you know. Unlike payment apps geared toward online commerce, which often boast buyer and seller protections (such as the option to demand a refund during a brief grace period), peer-to-peer payment transactions are instant and final. After that, you’ll need to divulge more personal information (such as your full name, your birthday, your ZIP code, and a few digits of your social security number) to send more. Some of the services in our roundup spell out their spending and withdrawal limits in detail others won’t say until you hit the cap, and the cap may differ from one user to another. Generally speaking, you’ll hit a soft cap after spending a certain amount of money (say, a few hundred) in a set amount of time (like a week). Be ready for spending and withdrawal limits.Debit card transactions are usually free, but not always (we’re looking at you, PayPal), while sending cash from a bank account is a free service for all the apps in our roundup. Across the board, you can expect to pay a small percentage fee for credit cards-generally three percent or so. Watch out for transaction fees. Sending money with peer-to-peer payment apps can cost you depending on your method of payment.You should use caution whenever you send money over the Internet, particularly where money-sending apps are concerned. 5 things to know about peer-to-peer payment apps Our only gripes are that it won’t let you send or receive payments as a guest, and we wish it would let you adjust individual amounts when splitting a check. Owned by PayPal) it’s the peer-to-peer payment app to beat, as long as you don’t mind getting social about the tabs you’re picking up. ![]() The Venmo mobile payment app boasts a huge user base, a sleek interface, flexible payment options and agility at splitting bills. ![]()
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