Cash (Apps) Rule Everything Around Me

Gone are the days of giving your waiter 6 different credit cards to split the check. With all the different peer-to-peer money apps available, it’s easier than ever to pay up. Whether you’re splitting the check, paying your share of the cable bill, or helping out your little brother with some cash, these apps have got you covered. Besides, who carries cash anymore? These days, you have options if you want to turn your wallet digital. Let’s break down the different P2P money apps available to you.

Venmo

Venmo is the first app on everybody’s mind when it comes to money transferring. The app is free to sign up and free to use. Users can send money and request payment from any of their ‘friends’ online. Its fun social feature lets you post the payment and what you’re paying for, or you can keep your transactions private.

P2P money app features

• Offers bank card? Yes
• Need a bank account? No
• Transfer fees? 1-3 business days – free. Instant transfer – 1% up to $10

Cash App

The other big name in the game, Cash App is like Venmo without the social aspect. If what you do with your money is your business and yours alone, Cash App lets you transfer money using a $cashtag. $cashtag is an anonymous handle to you use to keep private. Cash App also lets you invest in Bitcoin or stocks right from the app and allows for direct deposit.

P2P money app features:

• Offers a bank card? Yes
• Need a bank account? No
• Transfer fees? 1-3 business days – free. Instant transfer – 1.5% minimum $.25.

PayPal

You remember PayPal. It’s that service you signed up for when you first bought something off eBay. PayPal was one of the early pioneers that helped you spend money over the internet. PayPal has become the swiss army knife of P2P money apps. It lets you transfer money between apps, sends money directly to bank accounts, and is widely accepted on websites. PayPal also lets you purchase Cryptocurrency through the app and sends push notifications to your phone every time you spend money. You will, however, need to link a bank account.

P2P money app features

• Offers a bank card? Yes
• Need a bank account? Yes
• Transfer fees? 2.9% of personal transfer from credit card plus $.30

Zelle

If you use one of the major banks, chances are you’ve seen or possibly used Zelle. Zelle operates a little differently than the other p2p money apps. Instead of keeping a separate balance of funds that needs to be replenished as it depletes, Zelle is a client that works with your bank account. Zelle has its own app or operates within your major banking app.

P2P money app features

• Offers a bank card? Not a standalone card, only your bank’s checking card
• Need a bank account? Yes
• Transfer fees? No

Apple Pay Cash

You know Apple had to get in on the action. Apple Pay Cash works in tandem with your bank account like Zelle. You do not have a separate balance of money in an Apple account. The big benefit of Apple Pay Cash is that you can use it at checkouts at most retailers just by tapping your phone or Apple watch. (You do need an Apple device.) Apple Pay cash also lets you send and request money through the iPhone messaging app.

P2P money app features

• Offers a bank card? Yes
• Need a bank account? Yes
• Transfer fees? No

Google Pay

Google Pay works very similarly to Apple Pay Cash. You link a bank account to make payment. You can send and receive money to peers. You can use the NFC feature on your phone or Android Smartwatch to pay at retail checkouts. The difference is Google Pay can be used on Apple devices as well as Android devices.

P2P money app features

• Offers a bank card? Yes
• Need a bank account? Yes
• Transfer fees? No

Which App is King?

There are many p2p money apps, each with their own features that can appeal to different users. What features are important to you? Do you need a bank card? Do you want to be able to use it at a retail store? Do you want the app to work with your bank or separately? Rounding up the different features, it seems there is one clear leader in the p2p money game: PayPal. PayPal is blend of all the best features. You can send money to friends, invest through the app, use it online, or use the free debit card at retail stores and atm. And while you do need to link it to a bank account, it also allows you to store a balance separate from your bank funds.

Still, nobody said you need to have just one p2p money app. All these apps are free to download and use. And if someone tells you they can pay you using an app you don’t have, creating a new account seems like a no-brainer.