venmo vs apple pay

Venmo vs Apple Pay – Speed, Security & Fee

In this busy and fast world, you can now make your transactions with just one click. Venmo and Apple Pay both are apps that are used to connect your cards and bank account for safe and smooth transactions. Nowadays, there are a lot of different apps that you can use to make safe and secure transactions.

Here in the below blog, let’s discuss Venmo Vs Apple Pay and explore all the things that make the difference between these two apps. 

Overview and Background – Venmo vs Apple Pay

Let’s discuss the overview and Background of Venmo and Apple Pay. 

Venmo:

Venmo is a peer-to-peer mobile payment app which is founded in 2009 and later in 2013 owned by PayPal.

Apple Pay:

Apple Pay is a mobile payment service which is offered by Apple lcn for iOS Users. All iOS users can make their transactions by using their iOS devices such as Apple Watch, MacBook, iPhone, and iPad. It was initially released on October 20, 2014. You can make countless purchases using Apple Pay to pay your bills.

Venmo FeaturesApple Pay
2009 Launched2014
Easy to Understand InterfaceUser-friendly Interface
iOSAndroidAvailabilityiOSNot work on Android
App Store: 453.5 MBGoogle Play Store: 82 MBDownload SizeN/A
Instant Within 1-3 business daysTransaction SpeedInstant Within 1-3 business days
Two-Factor AuthenticationAuthentication and SecurityTwo-factor authentication through PIN, Password, Touch ID, and Face ID
For Instant require a 1.75% FeeWithin 1-3 business days require no fee.Payments or Fee StructureNone
NoReverse Payment Yes, you can cancel the payment
YesSupport Crypto Yes
EnglishLanguage English, Arabic, Catalan, Croatian, Czech, Danish, Dutch, Finnish, French, German, Greek, Hebrew, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Norwegian Bokmål, Polish, Portuguese, Romanian, Russian, Simplified Chinese, Slovak, Spanish, Swedish, Thai, Traditional Chinese, Turkish, Ukrainian, Vietnamese 
Only in the U.S.Offer Services North America and the Middle East
Apple Pay

User Interface

Have a look at the User Interface of Venmo vs Apple Pay. 

Venmo:

Venmo app is known because of its smooth and secure transaction and user-friendly interface.

Apple Pay:

The user interface of Apple Pay is very easy to understand. You can easily go through the app and also use the different gestures to use the app. Apple Pay offers a seamless method for performing payment on all devices. When you open the app, you can easily use it to make in-store, in-app, and online purchases.

Transactions Speed

Below, discuss the transaction speed of venmo and Apple Pay. 

Venmo:

If you want to send the amount via venmo, for instance, you have to pay a 1.75% fee and for 1-3 business days transactions there is no fee.

Apple Pay:

You can easily make the transaction within minutes or some days using your Apply Pay. In the table below, have a look at the transaction speed of Apple Pay. 

Instant Transfer Within 30 minutes or 3 Hours
With your Bank Account 1 to 3 Business Days
Apple Pay

Authentication and Security

Now, I will tell you all about the security and authentication of Venmo vs Apple Pay. 

Venmo:

For authentication and security purposes, venmo is considered one of the safest and most secure mobile payment apps because it uses Two-Factor Authentication. 

Apple Pay:

The authentication and security of Apple Pay are very high as it uses two-factor authentication through PIN, Password, Touch ID, and Face ID. To protect all of your transactions and financial information Apple Pay uses security features built-to the software and hardware of your device. Moreover, using a point-of-sale system, you can use NFC (Near Field Communication) for safe and secure in-store payment. 

Fee or Rate Structure

The fee or rate structure of both apps is discussed below. 

Venmo:

Here is the structure of venmo:

Payment TypeRate
Instant1.75%
Within 1 to 3 days None
Payment sent to your business account1.9% + $0.10 on every seller transaction
For Contactless Paymnet 2.29% + $0.10 on every seller transaction
Venmo

Apple Pay:

There is no fee or rate you have to pay when you use Apple Pay. However, there are some cash-out and other payment-made fees that can charge some extra amount. 

For Cash out Payment1.5%
Payment Made with Apple Pay0.5%
Credit Card Swipe Fee in the U.S.2% or 3%
Instant Transfer using a credit card3%
Apple Pay

Which one is more secure: Venmo vs Apple Pay?

As per the sources and in my observation, Apple Pay seems to be more secure to use. It uses end-to-end encryption to protect your data. Moreover, Apply Pay does not store the user’s debit or credit card information on their servers and it also demands Touch ID, Face ID, and Passcode for further security. On the other hand, venmo just asks you for a PIN but it is also a secure way of transaction. Venmo is owned by PayPal

Which one is better for small businesses Venmo or Apple Pay?

In my opinion, both apps are good for your small business. The one thing you need to keep in mind is that venmo only offers its services in the U.S. On the other hand, Apple Pay offers its services in North America and the Middle East. so, if you want to expand your business more then you can surely use Apple Pay. 

Final Remarks

Let’s wind up the topic of Venmo vs Apple Pay by saying that Apple Pay seems to be more secure than Venmo. But here is the one disadvantage of using Apple Pay, you can only use it on iOS devices and you can use venmo on both iOS and Android devices. However, Apple Pay is used in different countries and regions all over the world. 

FAQs

Q. Is Venmo or Apple Cash safer?

Yes, both apps are safe and secure to make transactions. Appel Cash shares the data with law enforcement and governments but venmo offers their user’s data to third-party vendors.

Q. Can you use Apple Pay instead of Venmo?

Yes, you can use Apple Pay instead of Venmo but keep in mind that venmo can be used on both Android and iOS devices while on the other hand, Apple Pay only offers its services on iOS devices. 

Q. What is better than Venmo?

PayPal is better than venmo. Venmo is owned by PayPal. Venmo has a lot of similarities to PayPal. The one main thing why venmo is better than PayPal is you can make worldwide transactions using PayPal and venmo only makes transactions in the United States. 

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