Compared to P2P apps like Venmo and Zelle, PayPal’s platform has a more corporate look and feel and its tight security measures. It also allows for a choice of payment methods and transfers are often instant.
However, it charges transaction, funding, and fixed fees for both domestic and international transactions. It can also hold funds, delaying accessibility to them.
PayPal is one of the most popular P2P money transfer platforms in the world. It offers a wide range of payment options and is available on mobile phones, computers, and tablets. You can use it to send and receive money from friends and family, or pay for goods and services online.
You can use PayPal to send money to anyone with an email address or a phone number. It also lets you connect an external bank account or debit card to your account for more convenience. Its website and app are easy to navigate and provide excellent security features, including fraud protection and 24/7 account monitoring.
When sending money with PayPal, you can select the recipient’s email or phone number and enter the amount you want to send. The recipient will get an email notification of the transaction, which can be tracked on your PayPal activity page. Depending on the country, you may have to pay fees for PayPal transactions, but these fees are generally lower than the ones that come with credit cards or banks.
Paxum is a popular global ewallet that has been around since 2007. The Canadian service specializes in payment processing, and is known for being more user-friendly and reliable than its competitors such as PayPal. It’s the perfect choice for freelancers and businesses that do business online and need a safe way to process transactions. The platform also offers a variety of money transfer services and can be used for business payrolls.
In the Receive Payment Services, Paxum allows clients to deposit funds through wire transfers (SWIFT) via a network of banking partners covering over 200 nations and 14 currencies. They can also use their Paxum prepaid card, which is accepted worldwide and has currency support for USD. This service also has cheaper fees compared to other top-tier online payment services.
Moreover, in the Send Payments Services, Paxum gives users the ability to send payments to other Paxum clients instantly. They can also transfer funds to a Visa or MasterCard card in their country of residence, or buy products and services online using an ACH network or a virtual SEPA account. They can even make an instant transfer to a Paxum Prepaid Card, which can be used at any ATM worldwide that supports Mastercard.
Venmo is a popular mobile app for peer-to-peer (P2P) payments and transfers. It allows users to add each other as friends and share a timeline feed of payments that can be accompanied by notes, emojis, or animated stickers. Users can also change the privacy settings of individual payments so they are only visible to them and their Venmo connections.
The ease of use and convenience of this app make it a great choice for splitting expenses or paying back a friend for something you jointly purchased. However, it is important to note that the money you send from your bank account to Venmo can take up to three business days to appear in your balance.
If you want to transfer funds from your Venmo balance to your bank account, you will need to link the app with a U.S.-based debit card or prepaid debit card. There is a 1% fee for instant transfers.
Cash App is a popular peer-to-peer payment app with some unique functions that distinguish it from other money transfer apps. Using it is simple enough to get started: sign up with your name and either an email address or phone number, and choose a username (or $Cashtag) as your identifier. Then, start moving money between friends or Cash Out to your linked debit card.
Identifying the person to whom you want to send money is easy enough: simply enter their $Cashtag, email or phone number and a short note explaining the reason for your transaction. You can also use a biometric authentication technology to ensure your safety, such as Face ID or Touch ID.
The app also lets you make payments at a cash register using a tap on a smartphone screen. However, it is important to keep in mind that the service limits its transfers to U.S. banks, and may charge additional fees for transferring payroll or government checks.