![]() They use data encryption to protect customers’ confidential information. Since all these are money exchange applications, they always keep their security standards high and upgraded. If you are using Zelle, you will have to check your spending/transfer limit with your respective bank. Whereas, Zelle does not have a specific limit. Venmo has set the limit to $299.99 for unverified accounts, and $4999.99 weekly for verified accounts. Unverified accounts have many limits on all transfer methods (debit/credit/PayPal balance). ![]() PayPal allows its verified accounts a limit of $10,000 in a single transaction. It is an imperative factor if you do innumerable online transactions. On the other side, Venmo charges 3% of each P2P transaction but you can avail of its service for free if you can wait for fund exchanges to reach the recipient’s bank in 1-3 business days. If any sum is charged, you must check with your bank account or credit union. Whereas Zelle is absolutely free of cost P2P payment app. Yet if you are making payment through debit card/credit card, you will be charged $2.9 + $0.30 per transaction. PayPal does not charge a single penny for bank transfers. It has almost 27.4 million active users as of now. Also, you can use it through your bank app or download its standalone app. Zelle is targeting the boomers and Gen Xers as it is an instant, convenient and easy to use app. financial institutions that makes it too popular in the U.S. Since Zelle is made by major banks of America, it has a wider network and partnership with over 500 U.S. It has a marketplace with around 40 million users. Most of the youngsters prefer Venmo in the U.S. Other than this, there are many more features like bills splitting, instant transfers, and smooth online payments to approved merchants that make it different from others. as it has interactive social media features that attract many U.S. Venmo is quite famous among millennials in the U.S. PayPal has been the oldest P2P payment app in this comparative guide, it has 305 million users in 203 countries and manages the fund exchanges in 26 countries. Like Venmo, Zelle also serves in the U.S. namely, Bank of America, Wells Fargo, JP Morgan Chase, Capital One, US Bank, BB&T, and PNC Bank. It is backed by several banks of the U.S. based P2P payment app that is functional only in the U.S. In 2012, Braintree bought Venmo and later in 2013, PayPal acquired Braintree. It was developed by Andrew Kortina and Iqram Magdon-Ismail in 2009 to transfer money quickly. Venmo is a subsidiary payment app of Paypal that works exclusively in the U.S. Further in 2005, it acquired a digital wallet company, Xoom Corporation and gained access to its millions of user’s network. Paypal is the older P2P payment transfer portal which was developed in 1998 as ‘Cofinity’ then it was acquired by eBay in 2002. Which one is the best money transfer app to make peer-to-peer (P2P) payments? Let’s help you to get the answer in this blog. Where making payments has become too easy without handling cash, there is another challenge that each person has. These payments are done through an intermediary (payment apps) such as Paypal, Venmo, Zelle, etc. P2P transactions are the electronic money transfers done from one person to another, mostly instantly. Venmo, PayPal, Zelle: Which One Should I Use to Send Money? JComment
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