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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.
It works with more than 30 major US banks to allow interbank transfer from within each company's app, so you or your friends don't have to set up new profiles or crowd up your already-cluttered ...
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]
From the consumer side, this means they allow common apps such as Venmo and Chime to offer banking services without having to develop all the infrastructure themselves. [13] For immediate linking of their bank funds, users of the apps are required to share their bank login credentials with Plaid. [ 14 ]
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.
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 ...
“The ability to pay with Venmo on Amazon continues our ongoing commitment to offer the community more ways to spend, send, receive, and manage their money with Venmo,” said Doug Bland, a ...