There are plenty of peer-to-peer (P2P) apps out there that you can use to send money. And if you’re not a Chime member yet, you might even be using some of them.
Here’s a quick rundown of how Pay Anyone measures up against other money transfer apps.
Pay Anyone vs. Venmo
Venmo is a mobile wallet app that you can use to send money to friends and family. The main difference is that to transfer money with Venmo, you first need to link it to your bank account, debit card, or credit card.
With Pay Anyone, you don’t have to take that extra step since you’re already a Chime member. All you have to do is log in, select the person you want to send, choose an amount and hit “Pay.”
Venmo charges fees to send and receive payments in some situations, while Pay Anyone doesn’t. For example, you’ll pay a 3% fee on Venmo to send money to people using your credit card and a 1% fee to receive direct deposit of your paycheck into your account. Venmo also charges instant transfer fees at a rate of 1.75% (up to $25)*, while Pay Anyone always lets you cash out fee-free.
Pay Anyone vs. Zelle
Zelle lets you send money instantly from your bank account to other people with Zelle accounts using an email address or phone number. If your bank doesn’t offer Zelle, you can still enroll using your debit card number through the Zelle mobile app.
Zelle doesn’t charge any fees to send or receive money. But if you’re using it through your bank, the bank might charge a fee. Again, Chime doesn’t charge fees for Pay Anyone transfers. Unlike Chime, Zelle requires both the payer and the recipient to have Zelle accounts to send money.
Pay Anyone vs. Cash App
Cash App is a mobile payment service that you can link to a debit card or bank account. You can use Cash App to send money, receive it, pay bills, or even invest in stocks and cryptocurrency.
Cash App has many features, but it still requires both the payment sender and recipient to have Cash App accounts to send and receive money.
Fraud can also be a concern when using Cash App. In fact, Cash App fraud increased by 300% from 2020 to 2021, according to data from Apptopia. With its live support and security features, Pay Anyone provides peace of mind when paying friends and family.
Like Venmo, Cash App also charges instant cash out fees∼ if you want your funds deposited to your bank account right away.
Bottom line? Pay Anyone through Chime can replace all the other money transfer apps you’re using and help you clear out the financial clutter. You can send money to friends and family without them downloading an app or going through the signup process.