Poll: Do You Use Cash Apps (e.g. Venmo)?

[Midpack]

Most our of friends use Venmo, so we’re the only ones using cash with our friends. Even though it’s probably safe enough, I’ve never trusted Venmo. Yes, I know people set up separate accounts for Venmo to use, but that seems clumsy and I can’t imagine banks like it. Our bank promotes Zelle, that’s not one we’d choose. Not surprisingly Venmo is less private and secure, but most popular as well. I’d rather use Apple Cash, but only 1 friend uses it.

https://www.consumerreports.org/mon...-to-peer-payment-apps-comparison-a5999129619/

 

[tulak]

I don’t have a Venmo account and have avoided getting one. I know my kids have Venmo and they use it regularly to send/receive money from friends.

I use Zelle infrequently, usually when selling something. Luckily the other person has always had Zelle, otherwise I might need to sign up for Venmo. The only reason I have Zelle is because that what my credit union supported a few years ago, so I signed-up.

It would be nice to use Apple Cash, but nobody I know uses it to transfer money.

 

[aja8888]

Zelle and cash user here.

 

[latexman]

Most of my 5 kids use Venmo. One uses Cash App. So, I use those two. I've been using Venmo for 5 years with no problem. I can do Apple Cash, but I don't think I've ever used it. I activated it for emergencies, if needed.

 

[Jerry1]

I’m not linking my account to an app like that. I have used Apple Cash but it draws from the cash on my phone, not from my bank account. I find it still best and easy enough just to use cash. I alway keep some cash around and specifically get a good range of all the bills so I can tip and get close to the amount. I don’t get singles so I guess I round to the nearest $5.

Mostly I eat out our engage with a small group and we tend to split the bill by sharing who picks up the tab.

 

[ShokWaveRider]

Clark Howard says No.

 

[MichaelB]

I use Zelle but only when there was no option. I don’t care for it because participating banks are reluctant to provide the protections agains fraud dictated by the Electronic Funds Transfer Act. This payments infrastructure is being built outside the current regulatory structure, and that’s a liability for consumers.

 

[jebmke]

No use case for us

 

[FlaMariner]

Not sure when I would ever need to use it. So far, not needed.

The kids (20 somethings) live off Venmo.

 

[RetireAge50]

I use it quite a bit but usually just between family members. Also use their credit card as I get 3% off my monthly bills (utilities, cell phone, garbage, etc).

 

[Philliefan33]

I started using Venmo when my daughters were in college because it was the easiest way to send them money or settle up if we shopped for each other. I continue to use it occasionally; the DD’s send me money if they order something online using my Costco account (diapers is a big one) or when selling/buying things on Facebook Marketplace.

I also use Apple Cash. Only once has someone sent me money with it. I more often use it to buy snacks at Wawa (funded by the cash back rewards from my Apple Card).

 

[JoeWras]

I'm resisting. I haven't had a dire use case yet.

But I suspect within the next 5 years I'm going to be forced to use one.

I went through the smartphone resistance for a long time too.

 

[audreyh1]

What about PayPal? I paid someone that way once.

I tried to pay someone using Venmo and signing up was a mess so I never completed it. Fortunately that person accepted Zelle.

I rarely use Zelle and the transfer limits are very tight and I’m extremely annoyed with Chase bank for only allowing Zelle even for intrabank funds transfers.

I clicked Apple Cash but only ever used it to pay the Apple credit card bill, not an individual. Now any Apple Cash rewards go straight to our Apple Savings account, which is used to pay the Apple Card bill.

 

[steelyman]

I’ve used Apple Cash to transfer money to a friend and helped her set it up for future use. My balance is always zero now that I have the Apple Savings account. All my cash back for purchases goes to Savings. It’s easy and fast to transfer money from Savings to Cash as needed.

 

[Winemaker]

I have no use for one. We use SW credit card for nearly all purchases. We have 3 tenants who insist in paying in cash, which gets promptly deposited to provide a paper trail. When we refinanced the house a few years back, it was almost criminal how much scrutiny we were under to show where any cash was obtained.

 

[COcheesehead]

We have used Venmo for years. Never a problem. Easy way to get paid for marketplace sales and transfer funds between individuals. FYI Venmo has privacy settings that you need to pay attention to.

We also have PayPal and use that as a go between for getting funds into our brokerage account. Never a problem there either.

In reality we use it 4-5 times at most a year.

PayPal occasionally runs promotions and gives you “bonus” cash. I got $5 just the other day for doing nothing.

 

[TheCaptain67]

I use Venmo, Cash app, and Zelle (mainly to receive payments from other folks).

I always setup using micro-deposits, as Stripe or Plaid setup is how they slurp up data on your accounts and transactions……

 

[misanman]

We use Venmo quite a bit, especially for sending/receiving funds from our kids and grandkids. SIL insists on mailing checks, which seems way more insecure to me.

 

[easysurfer]

I use Venmo and Paypal. Have used Paypal for years (mostly for ebay).

But recently some friends said I really really need to get on Venmo. Venmo is actually owned by Paypal.

So I went okay, if you can't fight them, join them. So I joined Venmo.

Apparently, one of the appeals (that's a stretch) of Venmo is the social aspect of being able to see what your Venmo friends pay for unless you choose to turn that option off. Now why the heck would I want others to see how I spend?

A pro in Venmo (and other cash apps) is no need to reach for physical money, especially loose change.

 

[Midpack]

What about PayPal? I paid someone that way once.

I probably should have included them in the poll. Maybe just me, but PayPal and eBay have soured me on both - I avoid them as much as possible where I used to enjoy their services.

 

[COcheesehead]

I probably should have included them in the poll. Maybe just me, but PayPal and eBay have soured me on both - I avoid them as much as possible where I used to enjoy their services.

eBay has its own payment system now.

 

[Lakedog]

Don't use any of those apps. Seems like an unnecessary complication since credit cards, cash, or checks have always been sufficient for my needs.

 

[Midpack]

eBay has its own payment system now.

I know, but I'm no longer a fan of eBay either. YMMV

 

[USGrant1962]

Cash, Paypal, and Venmo in that order.

It was Paypal big time during the lockdown. I was playing poker 3 or 4 nights a week via Pokerstars Home Games (among friends) and we used Paypal to make it a real money game. Venmo is just for an occasional transfer to/from the kids.

 

[Phroig]

I plan to use Google Pay in July. That’s one of Discover’s 5% categories next quarter. I’ve never used a payment app before, and am not quite sure how it works. We’ll see.