![]() ![]() "As millennials move from one life event to another - graduating college, getting their first jobs, we begin to see social dimensions critical in early stages become less important," Ravi Loganathan, Early Warning's head of digital strategy and operations, tells Money. More often, p eople use Venmo to pay for pizza - it's the most-used emoji in transactions - as well as rent, Grubhub orders, Forever21 clothes and more, according to the spokeswoman.Ĭash App, on the other hand, doesn't have a social feed. According to a Venmo spokeswoman, the average user checks the app two to three times a week - "not just for payments, but to see what their friends and family are doing." Sure, there's a setting that will keep activity private, but generally, you can see all the drug deals and affairs you want. ![]() The biggest difference is probably the social aspect: Venmo's feed is famous for allowing users to not-so-secretly watch other people's transactions. But the intricacies of the services vary. The apps are all similar in that they allow a person to link up their bank account, type in a dollar amount and send the sum quickly. "'I'll Venmo you' - my girlfriend says that, but she pretty much only uses Cash." How They Stack Up "A lot of my friends use Venmo still, but I've been slowly converting them to Cash," he says. Murman-Freer, who prefers the Cash App for its easy-to-use interface, has anecdotal evidence to back up the trend. (Venmo says it can't comment on those numbers, but "as the world’s leading open digital payments platform, we welcome any developments that help people move away from the awkwardness of cash.") Cash App did just that in July, reaching 33.5 million cumulative downloads over Venmo's 32.9 million, according to one analyst. In its first year, Zelle saw 320 million transactions and more than $94 billion moved, leading research firm eMarketer to predict in June that it would pass Venmo by the end of 2018. ![]() Last summer, the decades-old consumer reporting agency Early Warning Services - owned by institutions like Bank of America, Capital One and Wells Fargo - formally debuted Zelle in an attempt to keep up.īoth have taken off quickly. Square, the Jack Dorsey-founded-startup you likely know for its little white boxes at cafe counters, launched Cash App in 2013. In the background, however, competitors have cropped up. The brand name is part of the collective vernacular - "Just Venmo me" is the new "I need a Band-Aid." The app even gets name-checked in song lyrics. Between April 2017 and April 2018, Venmo processed $40 billion from its rumored 10 million monthly users. Founded in 2009 as way to buy MP3s via email, the company was sold to Braintree in 2012 for $26.2 million and became part of PayPal a year later.įast forward, and now the app is everywhere. Venmo was arguably first to the mobile payment party. Though the three services may all seem the same, every smartphone user has a distinct preference, leaving people like Murman-Freer trying to navigate a suddenly crowded field of choices. Alternative services Zelle and Cash App have become so popular market analysts say they're both poised to overtake the PayPal-owned app. Gone are the days when Venmo was the only, and therefore obvious, option for people moving money between peers. Instead, the question is which mobile payment app he'll need to do it. That "request" is no IRL IOU - in 2018, it's a given that Murman-Freer will pay his pal back digitally. It was 60 bucks, and I'll send you guys a request,'" he tells Money. "Out socially, it's like, 'Hey, I'll cover this bill for drinks. One person picks up the group's bar tab, and the 24-year-old copywriter coughs up for his Oberon Ales later. When Zach Murman-Freer grabs a beer with his friends in Chicago, he doesn't fumble for his wallet over a sticky countertop. ![]()
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