Earlier this week we shared more about the NFC Technology behind contactless payments. (Check out that post here.) Today, we’re talking about how you can use five popular apps to pay your friends.
Peer-to-Peer (P2P) Payment
Try these apps for splitting grocery runs, takeout or any time you need to pay back a friend or neighbor without exchanging cash face-to-face.
Cash App – Developed by Square, Inc. Includes a $250/week transaction limit with an unverified account. And up to $7,500/week when identity is verified.
Facebook Messenger – Developed by Facebook. $9,999/transaction limit when identity is verified.
PayPal – No transaction limit for a verified account. ($10,000 max per transaction.)
Venmo – A service of PayPal. $299.99/week transaction limit with an unverified account. $2,999.99/week transaction limit when identity is verified.
Zelle – Developed by major banks (including Bank of America, Wells Fargo, JP Morgan Chase and others). Transaction limit of up to $2,500/day for most standard checking accounts with major banks. $500/week transaction limit on Zelle unlinked to your bank.
Bank transfer fees vary by service, but typically you can transfer funds immediatly for a small fee or within 1-3 business days for free.