Venmo vs. Cash App: Which Mobile Payment App is Right for You?

Mobile payments apps have become an essential for managing everyday finances. Cash app vs Venmo is a common comparison as both platforms compete for market dominance. There is over 75 million active Venmo users and 44 million monthly Cash App users. These platforms have changed the way we handle money transferred, bill splitting, or even investments. 

Nobody has the time or patience to write checks or carry cash anymore. With just a few taps on your smartphone, you can send money to friends, pay for services, or split bills effortlessly. While numerous options exist, Cash App and Venmo consistently rank among the most popular choices. But which platform delivers better value and functionality? Let's conduct a thorough Cash App vs Venmo comparison to help you determine which app best aligns with your financial needs.

In this blog, we will look into...

• An Overview of Venmo vs Cash App
• A Detailed Comparison
• An Easier Way to Collect Feedback and Payments: SurveySparrow
• Pros and Cons of Venmo and Cash App

Cash App vs Venmo: An Overview

Let's look at a quick overview on both the payment platforms.

Venmo

Launched in 2009, Venmo quickly captured the millennial market with its social-first approach to payments. Now owned by PayPal, Venmo combines powerful payment infrastructure with a social experience that resembles a financial social network.

Venmo's standout feature is its social feed, where users can share payment details (minus the amount), add comments, and even include emojis. This social element transforms ordinary transactions into opportunities for connection, making Venmo particularly popular for splitting bills among friends or paying for shared experiences.

Some Venmo Stats:

• Over 75 million active users as of 2024

• Processes over $230 billion in payment volume annually

• Primarily popular among users aged 25-34

Cash App

Launched in 2013 as "Square Cash," Cash App has evolved from a simple peer-to-peer payment service into a comprehensive financial platform. Owned by Block, Inc. (formerly Square), Cash App takes a more utilitarian approach focused on financial services rather than social interactions.

Cash App stands out with its broader financial ecosystem, allowing users to not only send and receive money but also invest in stocks and even Bitcoin, access banking services through its Cash Card, and even file taxes through Cash App Taxes (formerly Credit Karma Tax).

Key Cash App Stats:

• 44 million monthly active users as of 2024

• Available in the US and UK

• Popular among users aged 18-34, with growing adoption among Gen Z

Cash App vs Venmo: Feature Comparison

Here is a comparison of both apps across different categories to help you make the best choice:

1. User Interface and Ease of Use

Ease of use is a criterion catered for in both Venmo and Cash App, but the philosophies in that respect are different.

Venmo

• The user interface on Venmo is clean and, therefore, easy to navigate. The company focuses on being part of a social network. The first thing you see on opening the app is a feed of your friends' transactions, which is not only fun but adds a kind of transparency.
• You can see who paid whom, add comments, and even 'like' payments. Such a social element drives Venmo to be more engaging, especially for users who enjoy sharing and connecting with their friends.

If you wish to explore, feel free to check out our list of Venmo Alternatives for 2024. 

Cash App

• Cash App takes a bit more straightforward approach. With minimal design, it's focused on serving the user functions rather than social interaction.
• A home screen for quickly sending or requesting money, viewing a user's balance, and other features like investments and trading in Bitcoin, the app still lacks a social feature found in Venmo—though that might be why it's so popular.

2. Sending and Receiving Money

This is the main functionality behind both apps, though each executes transactions a little differently from the other.

Venmo

• Venmo makes it easy to send money to anybody who owns a Venmo account. It is possible to carry out transactions for free with a linked bank account, debit card, or from your Venmo balance. However, if you use a credit card, there's a 3% fee.
• One of Venmo's nicest features is that it lets you split a payment between several different people. This makes the app particularly useful for group activities or sharing expenses, such as dining out together or splitting the cost of a cab ride.
• Transactions post almost immediately, but getting your Venmo balance into your bank account takes one to three business days unless you pay a 1.75% fee for an instant transfer.

Let's break this down with a real-world example:

Sarah and her friends went out for dinner, and the total bill came to $200. Sarah paid the full amount using her credit card. To split the bill, she sent a Venmo request to her four friends, each for $40.

Her friends quickly accepted the request and transferred their share of the money to Sarah’s Venmo account using their linked bank accounts, with no fees involved. Sarah decided to transfer the total amount back to her bank account.

Since she didn't need the money immediately, she opted for the standard transfer, which would take 1-3 business days at no cost.

Cash App

• Cash App is a hub to send money to any other person possessing the same application. Transfers are cost-free due to a linked bank account and Cash App balances. Transactions made through a credit card have a 3% fee, like Venmo.
• But one of the cool features is the Cash Card. It is a free debit card linked to your Cash App balance. That way, you can spend your balance directly without having to transfer it to a bank account. Cash App also offers these instant transfers to a bank for a 1.5% fee, a tad lower than Venmo's.

To illustrate this, here's a real-world example:

Mike owed his friend, Jake, $50 for concert tickets. Jake sent Mike a Cash App request, and Mike accepted it using his linked debit card to avoid any fees. The money was transferred instantly to Jake's Cash App balance.

Instead of moving the money to his bank account, Jake decided to use his Cash Card the next day to buy groceries directly with his Cash App balance, eliminating the need to pay any transfer fees or wait for the money to hit his bank.

3. Security Features

The most important factor, when handling money, has to be security. Venmo and Cash App certainly take security seriously, but they have some different features for protecting your money.

Venmo

• The app will provide you with encryption of your financial details, and it also goes further to include multi factor authentication.
• There is a PIN code or fingerprint identification setting for logging in. Venmo has high-security features, though, at times, its social nature may make some people share more information than intended if they forget to switch their transactions to private.

Cash App

• Cash App goes a step further by encrypting data and using multi factor authentication. Other important and powerful security controls include stopping the use of your Cash Card in case it is lost or stolen right from the application.
• Cash App also features an option for app lock using a PIN or fingerprint so that nobody can access your funds other than you.

4. Extra Features

Venmo and Cash App come with additional features incorporated in both of them, which are not just sending money but fulfilling many financial requirements.

Venmo

• It has collaborated with a lot of retailers who pay back cash rewards on making any purchases through your Venmo debit card.
• It also allows users to make payments for various products and services at different businesses through the app.
• Where Venmo lacks investment options, it has recently introduced a feature that now allows users to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum.

Cash App

• When it comes to the add-ons, though, Cash App really kicks in. Besides the Cash Card, users can buy and sell stocks for as little as $1, which gives it an accessible edge over the others.
• Cash App allows the user to buy or sell Bitcoins and comes in handy for those trading in cryptocurrency. Direct Deposit Cash App also supports direct deposit, so you can get your salary straight into your Cash App account.

5. Customer Support

Proper customer support is essential in the world of financial transactions.

Venmo

• The official Venmo website explains that they offer customer support via email and in-app chat. They also have help centers with articles and FAQs.
• However, some people found delays in response time, which can be a bit frustrating if you run into an urgent issue.

Cash App

• Customer support is offered over the phone and through email, as well as through their in-app help feature. They also have a full help center with detailed articles.
• While response times may vary, the fact that there is even phone support gives a large edge over Venmo.

In choosing a financial tool, it's important to consider various factors beyond just the basic functionality of sending and receiving money. It’s beneficial to think about how an app’s features align with your personal or business needs—whether you need to manage group expenses, invest in stocks, or accept payment in forms.

Ultimately, finding a financial tool that complements your lifestyle or business operations can make all the difference in managing your money effectively.

While we explore the important features of Venmo and Cash App, it is important to consider what your users want. Perhaps, you can try SurveySparrow to collect user insights and measure satisfaction.

How SurveySparrow Can Help Evaluate Payment Preferences

Understanding user preferences between Cash App and Venmo requires collecting actionable feedback. For businesses considering which payment platform to implement or individuals curious about others' experiences, SurveySparrow provides powerful tools to gather insights. 

I'll keep this short and simple. With a VOC tool that focuses on customer experience, you can...

• Directly ask your audience what they like and their experiences while using the two apps, all with conversational forms and surveys.
• With the poll maker, you can also take a vote on their preferences-  Venmo vs Cash App!
• Identify the pain points and address them instantly before making a choice.
• Or perhaps try SurveySparrow's Stripe integration.  All you need to do is add a payment question and hit send. If your audience likes it, you know which is the better choice!

Creating a survey is as easy as pie with the drag-and-drop builder. You should try it! Plus, you get AI surveys that can craft an engaging survey within seconds!

That's not it! Share the survey through the channel of your choice—WhatsApp, Slack, SMS, email, or even embed it on your website for easy access. Once the responses start flowing in, visualize them on an executive dashboard and analyze them with advanced analytics tools.

Why don't you take it for a free spin right now?

Create a Free Survey

Now, before you go, there are a few more things you should know...

What Are the Pros and Cons of Venmo vs Cash App?

To make it easier for you, here is a list of pros and cons that each app has:

Venmo:

Cash App:

How to Transfer Money Between Cash App and Venmo

One common question that keeps coming up is transferring funds between the two platforms. Currently, there is not direct integration allowing instant transfers but there are a couple of ways to:

Method 1: Bank Account as an Intermediary

1. Transfer funds from one app to your linked bank account

2. Once the money arrives in your bank account, transfer it to the other app

3. This method typically takes 1-3 business days unless you pay for instant transfers

Method 2: Direct Payment Request

1. From the receiving app (e.g., Cash App), send a payment request to yourself

2. Open the sending app (e.g., Venmo) and pay the request using your linked payment method

3. This method works best if you have different emails/phone numbers for each app

Method 3: In-Person Transfer

If you need to transfer between your own Cash App and someone else's Venmo (or vice versa):

1. Use the sending app to send money to the recipient

2. The recipient receives the money in their preferred app

Note that while these workarounds exist, they're not as seamless as transfers within the same platform. Consider which platform your frequent contacts use to minimize cross-platform transfers.

Conclusion

So, which is better: Venmo or Cash App? It depends on you and what you like. If you are a person who really enjoys social payments, sharing transactions with your friends, and the ability to split checks, Venmo is probably your cup of tea. It is also good if you are already well integrated into the PayPal ecosystem.

On the other hand, if you're looking for a more straightforward experience with added financial tools like investing and Bitcoin, Cash App is likely the better option. It has an associated Cash Card, which allows one to spend their balance directly without waiting to transfer it to a bank account.

The two apps are safe, secure, reliable, and feature-laden for different kinds of users. Whichever you decide on—Venmo or Cash App—you'll be in good company, part of the millions who love how digital payments make all transactions easier.

And, if you're still confused, you know where to go! Give SurveySparrow a try today. Perhaps, it's the tool you (and your users) have been waiting for!