You’ve been there: you’re at a dinner or a movie and someone in the group picks up the bill, but you need to pay them back. You’ve got no cash, so you use Venmo to fork over your contribution. It’s a fast and easy system that so many people have embraced, but three new alternatives may be even better ways to get your money where it needs to go.
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Zelle is due to launch in 2017, but that isn’t preventing people from getting excited about it now. Its promising partnerships with banks like Bank of America, Chase, and U.S. Bank will allow money to be sent more quickly to anyone with a debit card. Zelle is also doubling down on security, using advanced authentication features to prevent it from being associated with fraud, like Venmo often is.
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Verse is going hard for the European market, with similar features to Venmo and some more substantial backing by institutions like Greycroft making it look like it could achieve that foothold. It allows Verse balances to go into users’ bank accounts within two business days, and features a somewhat more friendly user experience than other Europe-based money transfer apps.
Tilt is going for larger groups than Venmo, focusing on larger exchanges than a one-to-one payment for dinner. It allows users to organize groups in order to collect money for occasions like buying tickets or a group gift, and of course it still allows for smaller scale transactions. Its Tilt Pro service, however, allows businesses to craft a crowdfunding campaign, which instantly sets it apart from the other competitors mentioned in this list.
Do you often use Venmo? Do you think you’ll switch to any of these apps? Let us know in the comments below!
Featured Image Credit: The Washington Post