Venmo vs PayPal. PayPal is a trusted and long-standing digital wallet that serves as a payment method for large online retailers like eBay. While the venom is simply a subsidiary of PayPal. So to know the difference between this two payment service, I will be elaborating more about Venmo and PayPal in this write-up.
What is Venmo?
Venmo is an online wallet service and application owned by PayPal. Itis largely designed for small money transfer.
Thus users can send and receive funds from friends, specifically for people in US.
The app comes with a peer to peer payment feature which lets you share payments fast by connecting your bank account, Credit or debit card to it. Users pay a small fee when they make instant money transfer to cards.
However, venom is free to use. There’s no fee attach to debit card transfers and payments from a user’s balance, but will pay a little fee credit card payments.
What is PayPal?
PayPal is a well known digital wallet with high influence in the market for cash apps. It was established in 1998 and went public in the year 2002 .
However, in the year 2009, they saw the need for a fast and easy to transfer money between people, that was what gave birth to venom.
PayPal has moved into different financial products which now makes it look like a bank than a payment system. Thus, it finances huge purchases, allows users to attach their bank account and credits or debit cards to PayPal account. So that they can send and receive payments using mobile phones.
Is Venmo and PayPal the same?
The two payment app is not the same. Venmo is just a division of PayPal, although they are similar in away. And they a good number of differences, which will be discussed below.
Venmo vs PayPal – the Difference
In as much as these digital wallets are part of the same establishment, they still differ in some way.
In terms of business –the main purpose of PayPal is to work with businesses. That is to say, it is suited for business. But venom is not designed for business, it’s only a few that use it as a payment for goods and services.
However, venom does not have enough business-oriented features, it is made especially for peer to peer transactions.
Transfer limit–venom transfer limit is about $3,000 at once while PayPal is $10,000. Looking at the transfer limit you will understand that venom it’s ordinarily meant for daily purchases and transfer while the other is meant for both daily and larger transfer and withdrawals.