Venmo vs PayPal - Which one is better for you?

Smartphone apps have changed the banking and business landscape. The best banking apps offer unbelievable rates and features. Then, there are money making apps that help you earn money anywhere anytime. Have you tried any of the best budget apps that help you save money? Freelancers, entrepreneurs and small business owners should also check out the best business apps for Android.

Chances are that you have used PayPal for paying or receiving money. PayPal has many use cases making it ideal for all kinds of people. Have you heard of Venmo? Venmo is one of the best digital wallets with convenient money transfers. Both PayPal and Venmo are immensely popular and excellent apps. So, which one is better? Well, the question should be which one is better for you?

Venmo vs PayPal - Which one is better for you?

Venmo

Venmo and PayPal offer some similar features. Sending and receiving money is quick, easy and often free. Creating accounts is also free and straightforward. Both offer physical cards. The key difference is that PayPal offers credit, debit and prepaid cards while Venmo offers a Mastercard debit card. Both apps [and their cards] can be used in-store and online. All your data is encrypted by both the apps. So, what are the differences?

What’s the difference between PayPal and Venmo?

PayPal

The biggest difference between PayPal and Venmo is that PayPal is functional in 200 countries and supports 25 currencies while Venmo is only available in the US. PayPal is developed for professionals, though, it can be used by individuals as well. Venmo, on the other hand, is developed for individual use. Its hip interface and features make it ideal for friends to split bills, share rent and transfer money. This is the reason Venmo doesn’t offer buyer and seller protections that PayPal does. PayPal offers other priceless features for businesses and entrepreneurs like higher transfer limits, fraud protection, POS options and business loans among others.

Venmo vs PayPal - Which one is right for you?

Venmo is the better option for individuals in the US who want a digital wallet to split bills and send/receive money from friends. PayPal is the better option for freelancers, entrepreneurs and small businesses looking for international transfers, fraud protection, POS option and buyer and seller protections.

Jim has a bachelor in Philosophy of Science from the University of Leeds. When he is not writing tech articles he enjoys photography 📷 and traveling 🚂.