PayPal Vs Venmo
If you got ever confused which online platform of online payment service you should choose between then have a look at the differences between top 2 payment services that is PayPal Vs Venmo.
If we take a look back at our lives, we notice how far we have come and how much we have grown as an individual and a human being. The world too has had a huge makeover. Hundreds of things have changed, technology has advanced, and by the looks of it, the world is moving into a digital era. Or should I say we have entered into the digital era?
From shopping to dating everything is online. We sit in the comfort of our homes and enjoy these little luxuries. What about the payment? Yes, that too is online. Thanks to the online payment services who have made life easy for all of us. We don’t have to wait in long ATM queues or with cheques for them to be transferred. Online service is instantaneous and stress-free.
A number of mobile wallet services have cropped up in the recent years. They compete with each other bringing out new and improved techniques the other doesn’t possess.
PayPal is often the first choice; at the same, we have many other options like Amazon payments, Google wallets, Venmo etc.
Here let’s take a look at PayPal and Venmo and their pros and cons.
PayPal is a mobile payment app that is the fastest and safer way to buy and sell goods. A started online service in 2002 PayPal is an American company that deals with online payment solutions worldwide. They act as the mediator in processing the payments for auction sites, online vendors and other users at a minimal charge. Through PayPal users can donate money or receive donations, buy and sell goods.
Another mobile payment app started by two friends in 2009 is a subsidiary of PayPal. Generally preferred by youngsters as the website claims it’s made ‘for friends and those who trust each other’.
PayPal Vs Venmo
We will now see the comparison between PayPal Vs Venmo.
- PayPal is used worldwide, whereas Venmo can be used only in the U.S
- Both have free to download apps from play store and iTunes. Only a data connection or a Wi-Fi is required along with a login.
- PayPal and Venmo are free if using bank transfers or wallet balance. A 3% fee is charged in Venmo for credit card transaction and 2.9% in PayPal for debit and credit card transactions.
- Weekly transaction limit for PayPal is nil, while a cut-off of $299.99 per week is seen with Venmo further if you provide ZIP code, link the Facebook account, last four digits of SSN number and birth date the limit is upped to $2999.99.
- Handling money is the same with PayPal and Venmo. During a transaction, if there’s a wallet balance first that balance is used and then the remaining is retrieved from the primary linked source i.e. bank account, debit or credit card. These transactions are instant. However, if it’s through bank accounts then Venmo takes up to 2 days and PayPal 3-4 days.
- The main feature that stands out in Venmo is its ability for social connections through news-feed like format. The users can share a transaction they made that can be viewed and commented by other users. This has caused quite uproar with the teens.
The table gives the comparison between PayPal Vs Venmo based on their compatibility , payment methods , Credit fee , Debit fee , Bank transfer fee , Withdrawal speed , transfer limits , Special features.
- An important feature in PayPal is their One Touch option. This allows the user to stay logged in for faster and easier log outs with different vendors.
- And if you prefer to keep it low and simple PayPal is the option. It’s more of a formal way that is preferred by small time business groups and other e-commerce sites.
- A danger than anyone can face with these mobile wallets is losing your phone and having some stranger access your accounts. Nonetheless, this can be avoided with these 2 apps for you can out a PIN lock for the apps apart from the phone lock. Venmo and PayPal also cater to an authentication process via SMS text message.
- Speaking of security of Venmo and PayPal has the same standards as that of Visa, MasterCard, and American Express. They have a 24/7 risk protection and fraud service.
- PayPal has also had an optional security key to strengthen against frauds. Apart from the login ID and password the user is prompted for a six digit security code shared via SMS. The user can change the code and use his/her personal code.
- Whilst PayPal as secure systems for buyer seller, Venmo doesn’t offer buyer seller protection. Hence should be avoided for goods and services.
With Venmo you can pay the other person even if they don’t have Venmo. The only drawback is supposed you send the amount to the wrong person it’s not retrievable. The only way to get it back is to ask politely, which again depends on the person on the receiving end.
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Mobile wallets are quite essential for easy and stress-free transactions. We can travel anywhere in the world and not carry cash at all. It’s much lighter and secure. You don’t have the fear of leaving the wallet at home or not having enough cash. People love to travel light and this is the best option and also the best which many are following in the present day.