Venmo Google Pay: What's the Difference and Which Is Right for You

Venmo and Google Pay are two popular digital payment services that have become an essential part of our daily lives. Both services allow users to send and receive money with ease, but they have some key differences.

One of the main differences between Venmo and Google Pay is their ownership. Venmo is owned by PayPal, while Google Pay is owned by Google. This difference in ownership can affect how the services are used and managed.

Venmo is known for its social features, allowing users to share their transactions on social media or with friends. This can be a fun way to keep track of expenses or share payments with friends, but it may not be suitable for everyone.

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Google Pay and Venmo have some key differences in tech and features. Google Pay offers online transaction services with a phone number and QR code, allowing users to check their account balance and pay contacts in just two steps.

Venmo, on the other hand, is a giant in peer-to-peer transactions, but Google Pay has narrowed the gap with its introduction of Google Wallet, which holds digital payment details, transit passes, and more for both business and peer-to-peer transactions.

Both platforms allow users to pay businesses from multiple convenient sources, with Google Pay depositing funds directly into a business bank account.

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Both Venmo and Google Pay offer advanced security measures to protect users. Venmo provides merchants with Purchase Protection and identity verification for users. Google Pay, on the other hand, offers fraud alerts, biometric password capabilities, and a virtual account number (VAN) for each transaction.

Google Pay takes security a step further with its biometric password capabilities. This feature allows users to authenticate payments with their fingerprint or face recognition. Venmo's security measures are still robust, but Google Pay's additional features give it an edge in this department.

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Rewards are another key feature to consider when choosing between Venmo and Google Pay. Google Pay allows merchants to offer digital loyalty cards to customers, which can be stored in the Google Pay app. This can be a great way to incentivize repeat business and build customer loyalty.

Venmo also offers rewards, but in a different format. Merchants can use the Venmo feed to entice customers with special offers and promotions. This can be a good option for businesses that want to reach a local audience and drive foot traffic to their store.

Ultimately, the choice between Venmo and Google Pay will depend on your business needs. If you're looking to expand globally, Google Pay's international reach and robust security features make it a more practical choice.

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You can now send or request money from contacts using voice commands in Google Assistant. This feature is only available on Android or iOS smartphones, with Google Home hardware support coming in the coming months.

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To use this feature, you'll need to set up your Google Pay account and link a bank account or credit card. The first time you try to send or request funds, you'll be prompted to do so.

Transferring money is free, but it's likely only applicable to transactions using a bank account. Most transfers using credit cards may incur a small fee.

If you're sending money to someone without Google Pay, they'll receive an email or text message with a link to obtain the funds. However, it's unclear if the recipient will need to sign up for Google Pay or if they can go through an alternative process.

I tried to use Google Assistant to send money to a friend, but it didn't work. Instead, Assistant interpreted my request as sending a text message, not cash.

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The proposed regulation would cover 17 companies with the bulk of the market share, according to a CFPB official on a call Tuesday with the media. This means that household names like Apple Pay, Google Pay, Venmo, and CashApp would have to play by the same rules as banks and credit unions.

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The Consumer Financial Protection Bureau wants to supervise the largest payment platforms to make sure they follow applicable federal consumer financial protection laws. This includes laws that protect consumers from "unfair, deceptive and abusive acts and practices, rights of consumers transferring money, and privacy rights."

The proposed rule would require off-site supervisory exams and in-person ones at the offices run by these Big Tech platforms. This is similar to how the CFPB regulates banks.

The goal is to monitor the entry of large technology firms into consumer financial markets and address data privacy issues. The CFPB sees a need to look into data privacy issues, among other factors.

Comments about the rule change must be received on or before Jan. 8, 2024, or 30 days after publication of the proposed rule in the Federal Register, whichever is later.

The digital wallet industry has built up a significant footprint, with $1.7 trillion in consumer payments made each year. This is likely to grow significantly in the years ahead, with 13 billion transactions a year.

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Venmo offers a relatively simple integration process that allows for virtually limitless use of its checkout button in your online spaces.

You can add a Venmo button to your online spaces without using code, but you'll have to jump through a few more hoops set by parent company PayPal if you want to get more advanced.

Venmo's checkout button can be added to almost any website, making it a versatile option for online transactions.

To integrate Venmo, you'll need to follow the steps outlined on its website, which are relatively straightforward.

Google Pay, on the other hand, boasts a lengthy list of partners on its site, including popular website builders, ticketing and event platforms, and other e-commerce standbys.

You can add a Google Pay option without using code or with a very small amount of coding, making it a user-friendly option for online transactions.

Google Pay's platform integrations are more extensive than Venmo's, but both options can be integrated into your online spaces with a bit of effort.

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