Which app is better for online payment

Online payment is one of the most convenient and reliable ways to pay bills, send money to family and friends, and buy things online.

But if you’re a fan of PayPal or Venmo, you might be wondering: which app is better for online payment?

In this article, we’ll explore the pros and cons of each app so that you can decide which one is best for your needs.

Ever since the internet became a thing, payment has become much easier. You can make payments online through the use of your credit card or a debit card. However, if you are looking for a better way to pay, then you should install an app on your phone. This app is called PayPal.

PayPal is a third party payment service that allows you to make payments online without having to use your credit card or debit card. It works by linking your bank account with the PayPal account so that when you want to pay someone online, all you need to do is send them an email address with some money attached to it. The person receiving this email will know how much money they are supposed to receive and get paid right away.

This app will make it much easier for people who do not have access to credit cards or debit cards because they do not have access to any kind of banking system where they live in their country or city.

This app also allows people who are stuck at home due to illness or disability not be able to go out into public places such as malls where there are lots of other people around them who might steal their money from them if they don’t have any control over what happens with their finances on a daily basis.”

Quyasoft affords you unrestricted access to a litany of valuable information on the aforementioned and related topics. Take out time to surf through our catalog for more information on similar topics.

Best between friends

Venmo

Venmo

On Venmo’s secure site

  • CostNo charge for sending money from a linked bank account, debit card or your Venmo account; a 3% fee for sending money using a linked credit card
  • Transfer speedInstant transfer to Venmo balance; 1 to 3 busines days for direct deposit (free) or instant transfer to your bank account for 1% fee ($10 max)
  • Standout featuresLinks to popular apps; social features to interact with your friends’ payments (including stickers and emojis); Venmo debit and credit cards
  • Links to accountsYes, bank and credit cards
  • AvailabilityOnly available in the U.S. and only compatible with U.S.-based bank accounts and phone numbers; compatible with iOS & Android
  • Security featuresMulti-factor authentication when signing in; QR code readers to make sure you link to the correct user account before you send money

See our methodology, terms apply.

Pros

  • Widely used and therefore easy when splitting bills with friends
  • Can link as payment method to popular apps including Uber, Uber Eats and Seamless
  • Can use to pay at participating online merchants
  • Users who opt-in can use a free Venmo debit card
  • Can link to the Venmo Credit Card to earn rewards on most popular spending categories at authorized merchants (subject to 3% credit card fee for person-to-person payments)

Cons

  • Charges a 3% processing fee when using linked credit card as a payment method
  • Charges a 1% fee for instant cash-outs (to disperse funds immediately to your bank account with no waiting period)
  • Not all users can currently link two separate Venmo user accounts to a joint bank account (Venmo is slowly rolling out this feature)

Best for bank-to-bank transfers

Zelle

Zelle

On Zelle’s secure site

  • CostFree (but check with your bank to ensure it doesn’t charge an additional fee)
  • Transfer speedInstant: transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle
  • Standout featuresNo need to download an extra app; Zelle is already included with most mobile banking apps
  • Links to accountsYes, to U.S. bank accounts
  • AvailabilityiOS and Android; must have U.S. bank account linked to an email address or compatible U.S. phone number
  • Security featuresThe Zelle app uses authentication and monitoring features to make your payments more secure

See our methodology, terms apply.

Pros

  • Fastest money-sending method (when both sender and recipient are signed up)
  • Compatible with hundreds of U.S. banks and credit unions

Cons

  • You can’t link your account to credit card to use as payment method
  • You can’t send money to international bank accounts
  • Recipients must sign up for Zelle to receive money (if the recipient doesn’t enroll within 14 days, the payment will expire, and the funds will be returned to your account)

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Best for flexible payments

PayPal

PayPal

On PayPal’s secure site

  • CostFree to download the app; $0 to make purchases using a bank account or your PayPal balance; $0 to transfer money to friends and family; 2.9% + $0.30 transaction fee to pay business/contractor invoices
  • Transfer speed1 business day or instant transfer with 1% fee
  • Standout featuresPayPal Credit lets qualifying users pay for purchases over $99 over six months interest-free
  • Links to accountsYes, bank accounts and credit cards
  • AvailabilityiOS and Android; available in more than 200 countries and regions
  • Security featuresTwo-step authentication, data encryption, email confirmations for every transaction

    See our methodology, terms apply.

Pros

  • Widely used by individuals and businesses alike
  • Flexible payment options with the ability to finance large purchases over six months interest-free with PayPal Credit (APRs vary)
  • High transfer limits: send up to $60,000 in a single transaction (depending on eligibility)

Cons

  • International transfers can get pricey ($2.99 to $4.99, plus 2.9% of the transaction amount and an additional fee based on location)
  • Fee structure is more complex than other money transfer apps

Best for budding investors

Cash App

Cash App

On Cash App’s secure site

  • CostFree to download and use basic services
  • Transfer speed1 to 3 business days or instant cash-out deposits for a 1.5% fee (25 cent minimum)
  • Standout featuresApp allows users to invest money in individual stocks as well as buy and sell bitcoin
  • Links to accountsYes, bank accounts and credit cards
  • AvailabilityiOS or Androis
  • Security featuresData encryption and fraud detection technology; unique, one-time login codes, two-factor authentication

See our methodology, terms apply.

Pros

  • Free debit card for users who opt in
  • Free ATM withdrawals if you set up direct deposit (otherwise $2 per withdrawal)
  • “Cash boosts” offer discounts with certain retailers that are automatically applied to a purchase to help users save money (only one boost may be active at a time)
  • App includes features to let users invest in stocks and buy and sell bitcoin

Cons

  • Charges a 3% processing fee when using linked credit card as a payment method
  • Charges a 1.5% fee for instant cash-outs (to disperse funds immediately to your bank account with no waiting period)
  • Cash App is not FDIC-insured, despite its more sophisticated investing features

Best for sending money internationally

Remitly

Remitly

On Remitly’s secure site

  • CostFree to download; transfer costs vary by country and amount (economy are often $0, express transfers start at $3.99)
  • Transfer speed3 to 5 business days
  • Standout featuresConvenient delivery options, including sending money directly to trusted banks, cash pick-up locations, mobile wallets or via home delivery
  • Links to accountsYes, links to debit cards, credit cards and bank accounts
  • AvailabilityiOS and Android; for U.S. users sending to other countries only
  • Security featuresSecure server with data encryption; two-factor authentication

See our methodology, terms apply.

Pros

  • Straightforward fee structure based on country and amount
  • Affordable economy transfers (3 to 5 business days)
  • High user approval rating in Google Play and Apple Store
  • Large network of financial partners to send money for cash pick-up

Cons

  • Extra charges for linking credit card as payment methods
  • Express transfer fees as high as $93.99 (for transfers of $9,000 or more)

What are payment apps?

Payment apps allow you to make payments using your phone

These apps can make paying at the store easier if you’re always fumbling through your bag trying to find the right card to pay with. Payment apps generally allow you to link your credit cards or bank accounts to the app. Then, you can make payments directly from the app without having your credit card, debit card or checks present.

Depending on the app you download and your phone, you may be able to pay by tapping your phone at a point of sale rather than swiping a credit card. Other payment apps or phones could allow you to pay by displaying a code that the cashier can scan.

Payment apps allow you to send money to friends and family

The apps generally allow you to send money to an email address or a phone number but other apps let you send money to your friends through social media, too.

It’s important that you look into the details of how payment apps work. Most payment apps allow you to make and receive payments for free if you’re using a bank account or an in app balance. However, if you use a credit card, you may have to pay a fee to send or receive money.

Additionally, apps may charge other fees if you want to move the money out of your app account and into your bank account. Apps may also have limitations as to how much money you can send within a given day, week or month.

What to look for in a payment app

Compatibility

Not all payment apps work on all devices Some are iOS only (Apple Pay), while others offer limited compatibility with certain operating systems. Make sure the payment app your choose works with all of the devices you plan on using it with.

Fees

While many payment apps do not charge fees, there are caveats to each (they have to make money somehow, right?) Look for fees when sending money, especially if you are thinking of using a credit card. And make sure to select “family & friends” when sending money to avoid fees and tax implications.

Limits

If you are planning to use a payment app regularly, make sure you know the limits. While some allow you to send $10,000 or more, some have much smaller payment limits. And the limits on these apps are typically confined to a window of time, such as 7 days or 30 days. Understanding the limits can help you choose the best app for your personal needs.

Security

While most payment apps offer encrypted payments and don’t store your payment information directly, it’s important to find an app that publishes security details publicly. This helps ensure your bank accounts and credit cards are stored safely. Also, only use apps that offer pin numbers or biometric access controls, further protecting your money if you accidentally lose your phone.

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