Written by: Makaila D.
Deciding what financial app can be difficult with varying problems such as, fraud, usage and investment opportunities. Venmo and Cashapp are both mobile apps used to transfer and send money to friends and family. Although at first glance they are interchangeable, they both have varying services. Now, let's go through each of their problems and lastly come to a consensus of which app is the winner.
First off we will discuss the ever so happening and frightening subject; fraud. With Venmo they specifically advise against all business transactions as they do not protect against any buyer or seller protection. On the Venmo website they quote, “We use encryption to help protect your account details and store that information on servers in secure locations. On the web, “https:” and a lock next to the web address is your signal that encryption is on.” Which truly is not very strong, and easily is hackable. Whereas for Cashapp they also have encryption along with a cancellation, where you can cancel a transaction. Overall for the fraud area, Cashapp is the safer and more secure option.
On to the topic of usage, as in versatility and requirements. For Cashapp there are more ways to pay: bank account, credit card, debit card, Google pay, and lastly Apple pay. Which is two more ways than Venmo (Google pay and Apple pay). For supported devices Cashapp wins again as they additionally support browser, Venmo and Cashapp both support iOS app and Android app. Both finance apps have no payment fee, but they do have an instant withdrawal fee. For Cashapp it is 1.5% and for Venmo it is .5% less being only 1%.
For investment opportunities, to make it short and sweet Cashapp is better. According to Finder.com, “One of the major differences is the wide array of uses that Cash App boasts, including the ability to buy and sell both stocks and Bitcoin”. Whereas for Venmo it is more of a send and receive outlet, very similar to a wallet.
In conclusion Cashapp is personally the better option, especially if you are looking for an online device for investment opportunities, and versatility. Thank you for reading and good luck with your decision.
Works Cited:
“How Can You Chargeback on Cash App? [Money Saving Hacks].” DoNotPay, 11 May 2021, donotpay.com/learn/can-you-chargeback-on-cash-app/.
“Share Payments.” Venmo, venmo.com/.
Zak Killermann . “Cash App vs. Venmo: Which Is Better?” Finder.com, 15 Dec. 2020, www.finder.com/cash-app-vs-venmo#:~:text=One%20of%20the%20major%20differences,may%20be%20the%20better%20choice.
I think that payment apps will become more and more popular in the future, as we turn to digital-based money as our primary form of currency. Although many economists are still against the idea of Digital Money, I think that consumers are generally in favor or not against it, and as a result, the shift towards Digital money is mostly inevitable.
ReplyDeleteI definitely agree with you and your take throughout this piece. I think that our payment methods will become more and more digital-based as we go forward. There will be less physical money and more credit cards, apple pay and this new concept of digital money. I personally still have some questions as to how it all works, however I think that with how many people are already backing this idea, I think the shift towards digital money is approaching faster than we think.
ReplyDeleteThis was very interesting to read because I use Venmo and didn't really think about fraud or anything before using it. I just signed up because a lot of people I know use it too. Thank you for your great information! I'll have to do my research before making a decision like this again.
ReplyDeleteI think I would also choose Cashapp over Venmo. As I have also looked in to both of these P2P apps in my free time, I know that Cashapp is generally more versatile than Venmo is. Knowing, though, that Cashapp has more protective features than Venmo, though, is definitely a game changer. Thank you for writing this blog, it's been very helpful in figuring out which P2P app will be best for me.
ReplyDeleteIts cool to look deeper in to a market the seem to be growing so quickly in just a few years. Venmo is something I never thought would be as widespread as it is now. I am excited to see what the future has to come in term of new payment methods.
ReplyDeleteI didn’t know that Venmo wasn’t very secure especially since so many people use it. I also didn’t know that Cashapp has investment options. I thought it was only a payment service. I’m surprised that Cashapp has so many more benefits than Venmo. You’d think that with all the people using Venmo, that it would be a reliable app. This shows that doing your research can be important when dealing with anything finance related even if it is just a payment app you use to send money to your friends.
ReplyDeleteIve never really looked at cashapp before so reading about it here was helpful. I also currently use venmo so after reading this i might want to look into cashapp as a option.
ReplyDeleteI currently use venmo for most of my lawn mowing services in getting payed or having my parent pay me back for something but I may look into cashapp as a replacement for venmo as it may be more helpful and safe
ReplyDeleteI wonder if these digital payment methods would end up completely replacing credit cards at some point. I personally use Paypal, but I do see Venmo and Cashapp getting more popular.
ReplyDeleteIt seems as if applications like Venmo and Cashapp are becoming the new payback system. Me and my friends have even began to use these same app's because of the easiness. Personally I've never done any research on the two apps to see which one was better and more secure and this piece actually made me want to start using Cashapp rather than Venmo. Something I'm curious about is, are there other applications like Venmo and Cashapp that offer better benefits?
ReplyDeleteI tend to use venmo,cashapp, and paypal on a daily basis for my business, I wouldn't be surprised if in the next few years those are the mainstream "wallets" that are used by everyone.
ReplyDeletePersonally I use venmo, I feel like a lot of it is just whatever your friends or the people around you use. Both are definitely viable options but for me venmo has cryptocurrency investment and you can even get a venmo credit or debit card which is very interesting and I could see myself using that in the future.
ReplyDeleteDefinely a venmo guy, I don't like the way cashapp does the things they do as you talked about in the article.
ReplyDeleteI personally preferred venmo over cashapp until I read this. I never would have thought that venmo wasn't secure and cashapp was, I actually thought that it was the other way around. I also didn't know that cashapp had investing options which is pretey cool. After reading, I think I may switch to using cashapp over venmo just because it's more reliable from fraud.
ReplyDeleteI would have never thought about the differences between these apps. I do agree with your conclusion though as I see cash app as a better option than venmo. Having a safe and secure platform will always draw people closer to it. It also has many more options of payment than venmo which will also draw people towards the app.
ReplyDeleteI don't typically make transactions, so I don't use the apps, but now I know that Cashapp is the better choice for when I do make transactions because its more protected and has many different ways to pay.
ReplyDeleteAs a person who doesn't use a mobile app to transfer money, I found this blog post helpful and intriguing. I always thought that Cashapp and Venmo were literally the same thing, but you definitely opened my eyes to the pros and cons of each app. If I ever do start using a mobile app to transfer money I will most likely use Cashapp as it seems like the safer option.
ReplyDeleteWhile I have only used one of these apps before I was still intrigued by how different they really are. As from a from a far it seems like they should be able to complete the same tasks. While I have used Venmo,I have only used it infrequently, so they are still parts to the app that I am unaware of. So, to hear the Cashapp may be the better alternative based on these factors was pretty interesting. If I ever start to use these apps more, I will probably switch to Cashapp, as I agree with how it seems to be offering more and doing so by being much more protected. While Venmo may be more connected with others, I could definitely see why Cashapp is the better choice when we are moving toward a future with these apps having much more importance.
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