What is the best payment app?

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Zelle and Venmo both have pros and cons, and which is best for you will depend on your needs. If you don’t have a checking or savings account, for example, you’ll need to open one to use Zelle – and if you don’t want to, of course, then Venmo is your only option out of the two. Zelle, on the other hand, is more appealing to users who access it through their bank, as transfers only take a few minutes and are free. Venmo, by comparison, charges a fee for instant transfers. Basically, Zelle and Venmo support iOS and Android, but Zelle users can also send money from a computer by logging into their bank’s website.

Zelle does not offer credit or debit cards, unlike Venmo, since its users are by definition eligible for cards through their banks. The service also does not maintain cash balances separate from users’ bank accounts. Additionally, Zelle may simply not have Venmo name recognition, which means it may be more complicated for your friends to accept the money you send them using the platform, assuming that they are already registered with Venmo.

Venmo users can hold cash balances on the app itself, with no bank required. All of Venmo’s card offerings operate on the Mastercard network, making them widely acceptable to both online and offline vendors. Venmo has even started exploring the possibilities of cryptocurrency, giving its cardholders the ability to receive cash back in the form of crypto. However, the social aspect of Venmo remains controversial, and this may be a good reason for some users to choose Zelle as their primary platform instead.

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Elaine R. Knight