Searching for the best cash apps?
Digital currency is a king now and the most popular way to send and receive money. It‘s modern, accessible, cheap or free, user-friendly, and much easier than keeping track of dollar bills.
If you’re wondering which of the five primary digital payment apps to go for, you’ve come to the right place.
In this article, we will discuss the immediate benefits of each app, its features, and help you determine which one suits your needs and lifestyle best in a simple, easy-to-digest way.
We compare:
- Venmo vs. PayPal
- Venmo vs. Cash App
- Venmo vs. Apple Pay Cash
- Apple Pay vs. PayPal
- Apple Pay vs. Google Pay
- Google Pay vs. PayPal
- Google Pay vs. Venmo
- Cash App vs. Apple Pay Cash
- Cash App vs. PayPal
- Cash App vs. Google Pay
How Do Money Apps Work?
You may connect your bank account, credit card, or debit card directly to your money app and then use that app as a type of digital wallet to send, transfer, or receive money.
All money accounts allow you to directly access the money that is in your linked accounts (or cards), but they can also hold money on their platform for you as an added convenience.
Some accounts are good for direct payments, and some platforms even offer unique features such as early deposits, FDIC insurance, and more.
Venmo
The Venmo platform is owned by PayPal and is intelligently designed with an exceptionally user-friendly interference. And it is — over sixty-five million people use Venmo.
You can use Venmo to make purchases through the app, online, or in person. Most people use it to replace cash transactions among friends and peers. You can use it to split a bill at a restaurant, send your roommate your portion of the rent and utilities, or simply send money to a friend or family member.
All of these actions are fee-free, making them appealing to consumers. Many people particularly find their two-day early payday useful.
Small businesses sometimes use Venmo to collect payments, though that feature does come with a minor fee.
Venmo does have its limits:
- Person to person payments: max $4,999.99 per week
- Authorized merchant payments: $6,999.99 per week
- Overall combined spending limit: $6,999.99
The Pros of Venmo
- You can instantly send or receive money with little or no fees.
- You can send attached notes, with emojis too, for each payment.
- Venmo debit and credit cards are available.
The Cons of Venmo
- You can only use it in the United States.
- You are limited to $6,999.99 in spending or transactions every week.
- It’s not as popular as cash, credit cards, or debit cards, especially for small, rural businesses.
- Your transactions are public unless you change the settings, which can be difficult for some people.
- There is a 1.5% fee for instant money transfers to your external bank accounts and debit cards.
PayPal
PayPal was one of the first digital payment services founded in 1998. Now, it’s used in over 200 countries by almost 400 million customers.
PayPal is available as an app for Android and Apple users and can also be accessed online through the website.
It’s a great way for friends and family members to send and receive cash or move money between banks and card accounts. In addition, it’s fee-free for consumer-to-consumer transactions, with a small fee for business-to-business or business-to-consumer transactions.
You can use PayPal by accessing their app or website, pay in person using PayPal payments, or through a QR code. You can also send or request money using your unique PayPal.Me link or QR code.
Money pools are also available for groups of people to use, which can be handy.
The Pros of PayPal
- It’s one of the most popular money services, which is accepted by many merchants.
- It’s available in 25 currencies across more than 200 countries.
- It offers several benefits for businesses, more than most other digital money services.
The Cons of PayPal
- The fee structure of PayPal is confusing and complex compared to most other digital money services. The overall experience is also slightly more complicated than others.
- There is a 1% fee for instant transfers to your bank account or debit card.
Cash App
Cash App allows users to pay friends, family members, and businesses, as well as transfer money amongst personal accounts or even invest in stocks and cryptocurrencies with as little as $1.
It’s free to send and receive money in a C2C setting.
Cash App also allows users to get a couple of days early from their paycheck.
In addition, ATM withdrawals are free when users have at least $300 coming in or being spent through Cash App.
Cash App also offers a customizable, fee-free debit card that provides users with multiple instant discounts for day-to-day spending.
Cash App international fees do not exist as the app is only available in the US and UK.
Pros of Cash App
- It’s easy to use; you only need a $Cashtag to get started.
- You can instantly pay other people.
- It allows users to speed up direct deposits.
- You can start investing in stocks and cryptocurrency, including Bitcoin, with investments as small as $1. There are no commission fees.
- It offers free debit cards that are sleek, customizable, and easy to use.
- You can use their app or website.
Cons of Cash App
- There is a low early limit for new users. Beginners are limited to $1,000 in spending during their first 30 days. After that, you can raise the limit.
- There is no FDIC coverage.
- Cash App cannot be used externally; only those who reside in the United States or the United Kingdom can use it.
Apple Pay Cash
Apple Pay Cash is owned and operated by Apple and is an add-on for iPhone consumers.
Apple users can use it for free, and retailers are not charged a processing fee.
It’s widely used, though not very popular amongst vendors, making it unhelpful when purchasing from smaller businesses.
Pros of Apple Pay Cash
- Users can use their phones to pay online or in person. In person, people can hold their iPhone near the card reader to pay.
- Apple Pay offers users fast online checkout.
- Apple Pay Cash is safer for users because they don’t need to present their cards for transactions. This decreases credit card fraud.
- This platform also gives consumers more privacy, so retailers cannot see their identity, name, or billing address.
- Internet is not needed to pay using Apple Pay, and it can be used even when your phone is in airplane mode.
- There are no additional fees for users or retailers.
Cons of Apple Pay Cash
- Apple Pay Cash is not the most stable digital payment system, crashes do happen, and some bugs occasionally need to be fixed.
- Not all retailers use Apple Pay, meaning it cannot fully replace your physical wallet just yet.
- An iPhone 6 and NFC terminals are required for the consumer and the business to make a transaction.
Google Pay
Google Pay is the result of a merger between Android Pay and Google Wallet. Over 150 million users across 30 countries use Google Pay. Additionally, it’s estimated that over 100,000 restaurants (from large chains to small and family-owned) and 30,000 gas stations use Google Pay.
Google Pay stores credit and debit cards and bank accounts, loyalty cards, gift cards, coupons, several forms of ID, boarding passes, public transportation tickets, event tickets, and more. Like Apple Pay, Google Pay used NFC technology to make payments through the tap to pay technology.
Users can send, receive requests, or transfer money from other Google Pay users. One unique feature of Google Pay is that money received is sent directly to your card or bank account rather than being kept on hold.
In addition, it’s easy to check your transaction history with Google Pay.
Google Pay can also be used online and for in-app purchases.
Another unique feature of Google Pay is its budgeting tools. They provide a list of transactions for you in an easy-to-view way. Google Pay can also be linked with your Google photos account. With that link, it can scan your photos for receipts and then automatically link them in your budgeting section.
Does Google pay charge fees? Yes, but only for instant transfers.
Pros of Google Pay
- No charges apply for sending and receiving money.
- As long as you’re okay with waiting 1-3 business days for bank account transfers, there are no fees for this option either.
- It conveniently stores credit and debit cards, a multitude of tickets, ID cards, rewards cards, gift cards, and transportation passes.
- It’s supported by most major US and foreign banks.
- It’s available in many countries.
- It protects user data.
- It’s easy to use.
- It supports in-person, in-app, and online purchases.
Cons of Google Pay
- There is a 1.5% fee for debit card transfers. There is also a fee for instant transfers.
- Not all banks support Google Pay.
- Not all businesses support Google Pay.
- You must have eligible devices to use it, and merchants need NFC technology to accept in-person payments.
Venmo vs. PayPal
Venmo is a better option for sending money to friends and family quickly.
On the other hand, PayPal is better for more secure, safer transactions. It’s also more suitable for small businesses.
Venmo vs. Cash App
Is Cash App better than Venmo? It depends.
To simply send and receive money in a C2C way, Venmo is the best choice.
To invest in stocks or Bitcoin or get fast, easy direct deposits, Cash App is a better option.
Venmo vs. Apple Pay Cash
While both are pretty comparable, Apple Pay Cash is better if most or all of your friends and family members have iPhones.
If you have several friends and family members who don’t use newer iPhones (iPhone 6 or higher), Venmo is a better choice.
Venmo vs. Google Pay
While both are pretty similar, Google Pay is better if most or all of your friends and family members have Android phones.
If you have several friends and family members who don’t use current Android phones, Venmo is a better choice.
PayPal vs. Cash App
Cash App is the best way to send and receive payments locally.
PayPal is the best way to send and receive payments locally and internationally. PayPal is also a better option for merchants.
Is Cash App better than PayPal? It depends on your needs.
PayPal vs. Apple Pay Cash
PayPal is a better option for most friend groups who have a variety of phones (as in, not all are iPhone users). It works locally and internationally. It’s best for people who want to use the service for credit and debit cards, as well as bank transfers.
Apple Pay Cash doesn’t support bank transfers and can’t be used by people without a current iPhone. With that said, most iPhone users whose friends and family use Apple products, prefer Apple Pay Cash.
PayPal vs. Google Pay
PayPal only has 2.9% credit fees, while Google Pay charges up to 4%.
On the other hand, Google Pay only has 1.5% debit fees, whereas PayPal charges 2.9% fees.
Cash App vs. Apple Pay Cash
Cash App and Apple Pay Cash both offer free transfers. Though Cash App charges 1.5% for instant transfers, while Apple Pay Cash only charges 1%.
Then again, it takes 1–2 business days for withdrawals for Cash App, and 1–3 business days for Apple Pay Cash.
Cash App vs. Google Pay
Generally speaking, Google Pay is best for friend groups that mostly use Android devices. Cash App is better for mixed phone friends and family groups.
Cash App’s transfer limit is $7,500 transfer, while Google Play has a cap of $5,000.
Apple Pay vs. Google Pay
Apple Pay is the choice for people who want to transfer money to other iPhone users.
Google Pay is the best selection for those who want to transfer money to other Android users.
