Google Wallet vs Venmo

Âu Thiên Tử
5 Min Read
Google Wallet vs Venmo

Although many consumers still stick to plastic when paying for items at the cash register, mobile wallets are becoming increasingly popular. However, thanks to apps like Google Pay (formerly Google Wallet) and Venmo, mobile payments are gradually becoming more and more used, especially for younger customers. But each form of digital payment has its own unique benefits, making them ideal for different audiences.

Google Wallet vs Venmo
Google Wallet vs Venmo

What is Google Wallet?

The app originally called Google Wallet was integrated into Google Pay. The new Google Pay app also replaces Android Pay.

You can just send and receive money using the app or by visiting the Users don’t need to have a Google Pay account to receive money from you. You just need to enter your email address or phone number. If they don’t ask for money within 15 days, the money will be returned to you.

What is Venmo?

Venmo is an app that makes it easy to send and receive money. You can pay with the balance you have in your Venmo account, if you have one, or you can connect a bank or credit card account to send money from there.
You are not limited to peer-to-peer transactions with your Venmo account. Since PayPal is its parent company, Venmo appears as a payment option on sites with PayPal payment options. This is the reward if you have a Venmo balance that you haven’t transferred to your bank account.

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Pros and cons of each type

Perhaps the biggest advantage of Google Pay is that when someone pays you, the money will enter your account immediately as long as you connect the debit card to your account. With Venmo, you’ll need to manually transfer money to your bank.

If you do so before 7pm EST, that amount will be in your account the next day, although there is currently an instant transfer option with an additional fee of 25 cents per transfer.

Both apps are completely free as long as you deposit money with a bank account or money in your account with the app. However, if you want to send money to friends with a credit card, you will have to pay a 3% fee on Venmo. Although Google Pay is completely free, there is no option to pay with a credit card.

Transfer money between apps

There is no direct route for you to receive money from Venmo to Google Pay or vice versa. If you have someone you like Google Wallet, you’ll need to transfer your balance to your bank account, wait about a day for this balance to be completed, and then start your payment through Google Pay.

However, if you’re trying to transfer money from Google Pay to Venmo then you’re in luck. You won’t have a balance on Google Pay because the money will go straight to your bank account. So at any time you can pay with any money you get through Google Pay by simply taking that money from your bank account.

Other application considerations

While Google Pay doesn’t have a limit listed on its website, it cuts single deals at $9,999 or $10,000 per week. Florida residents are limited to $3,000 every 24 hours. Venmo, on the other hand, limits its users to $2,999.99 per week after your identity has been verified. Payments to authorized sellers are limited to $2,000 per transaction.

It’s perfectly natural to take an interest in security when it comes to providing sensitive payment data to an application. Google Pay allows users to lock all cards with a PIN. The company also promises that it offers multiple layers of security. Venmo uses encryption to keep its customers safe, while providing a way to separate your mobile device from your account if it’s lost or stolen.

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