Take action against PayPal: Venmo or Zelle? Which money app is right for you?

From Mic:

Using apps to transfer money is a handy-dandy way to give someone cash without having to deal with gross old physical dollars. And although there are a bunch of apps to pick from, two have emerged as users’ top choices: Venmo and Zelle. So which is best for you?

Zelle is a money transfer app owned by Early Warning Services, a financial tech company owned by the U.S.’s seven largest banks, including Bank of America, Capital One, JPMorgan Chase, and Wells Fargo. It launched in 2017 offering person-to-person (P2P) payments and only requires a U.S. banking account, email address, and a mobile number.

Being made by a company owned by banks means Zelle focuses on banks with its service: Users transfer money directly through their bank accounts. This is actually a pretty significant difference from Venmo, which acts as a wallet to hold and transfer money held in a Venmo account.

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