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The Zelle service's principal competitor is PayPal and its Venmo payment service. [1] [33] Venmo is more popular, based on public awareness, opinion polling, and active engagement with users, but Zelle processes a much larger dollar volume of money transfers, transferring transactions of more than $1.6 billion a day in the first half of 2022.
Feature. Zelle. Venmo. Payment/transfer methods. Transfers between linked bank or credit union accounts. Venmo funds, credit, debit and bank transfers. Mobile app
Users have a Venmo balance that is used for their transactions. They can link their bank accounts, debit cards, or credit cards, to their Venmo account; alternatively users can order a Venmo MasterCard and pay through it. [23] Paying with a bank account or debit card is free, but payments via credit card have a 3% fee for each transaction. [24]
The 1099-K form reports payments for goods and services received from credit cards, mobile payment apps, online marketplaces, auction sites, ride-hailing apps, crowdfunding sites and more.
Venmo calls money transfers “sharing payments” due to the social nature of the service. Over 70 million people use Venmo to send and receive money from friends and family.
Additionally, Zelle payments can be much faster than those sent through other P2P apps, appearing in a recipient’s bank account almost instantly with no extra fees. In most cases, once payment ...
Zelle and Venmo make sending and receiving money easy but in different ways. Compare their fees and features to help you decide which app is right for you.
Mobile payment apps including Venmo, Cash App, and PayPal Mobile Cash have wormed their way into the fabric of our lives. While they offer users real value and convenience, they extract a serious ...