The 5 best ways to use money-sharing apps like Venmo, Square Cash and Zelle
Now ordering takeout with friends really is seamless.
Cash-sharing app Venmo has teamed up with Grubhub, Seamless and Eat24 to allow diners to split the bill when they order food delivery with friends and family. (Finally.) This saves the extra step of having to open a separate money-transferring app to pay back your friends, or to remind them to cough up their share for dinner.
The service requires having one of the food delivery apps and Venmo installed and up-to-date on your mobile device, with Venmo linked to a bank account or debit card. Then once you open Grubhub, Seamless or Eat24, you’ll be notified that you can select Venmo as a payment option.
“More than 60% of our orders are placed on mobile devices, so we always look for ways to make it easier for diners to find and order food they want, when and where they want it,” said Sam Hall, Grubhub’s chief product officer in a statement.
Retailers are tapping into how people are spending and sharing money in the mobile banking age, as almost half (47%) of surveyed consumers in a U.S. Bank Cash Behavior Survey say they prefer using digital payment apps over cash. And eMarketer predicts the use of peer-to-peer (P2P) payment apps — which include Venmo, Paypal, Square Cash and Zelle — will grow by double digits across all age groups through 2021, with P2P transactions exceeding $120 billion last year.
Here’s some other ways to use your cash-sharing apps that might come as a surprise.
Shop Poshmark with Venmo. You can now shop using Venmo at more than two million U.S. retailers, including Poshmark, Lululemon, Forever 21, Foot Locker and wherever parent company Paypal is also accepted. If available, the option to pay using Venmo will appear as a Venmo-branded payment button at checkout, or after you first select PayPal as your payment method.
Withdraw money from ATMs with Square Cash. Square’s Cash app introduced a Visa debit card last year that draws from your funds in your Cash app — that’s the virtual funds your friends have paid you, and not the money in your bank account or the personal debit card that’s linked to your Cash app. So you can swipe this card at any retailer that takes Visa to complete a purchase. And now you can use your Cash Card to withdraw that $20 your bud sent you in the app for brunch as a physical $20 in cash from any ATM using your Cash app pin number.
Transfer money instantly — without fees — with Zelle. This P2P money-transferring app banks on sharing funds in real time, since it integrates directly with Bank of America, Capital One, Chase, Fifth/Third Bank, FirstBank, PNC, U.S. Bank, USAA, Wells Fargo and other financial institutions. Whereas you’ll have to wait a day or two to transfer your funds from PayPal, Venmo, Square and company into your banking account — or pay a 25-cent fee on Venmo and a 1.5% fee from Square to move the money instantly — Zelle transfers your cash in real time for free, although your bank or credit union may tack on fees. So if your friend is also enrolled in Zelle, she should get the cash within minutes.
Tell Google Assistant to send friends money. Share or request funds on your iPhone or Android phone by setting up your Google Pay account. The recipient must also have a Google Pay account; if she does, you can say, “Hey Google: Send Chelsea $20,” and the Assistant will walk you through the steps to send the money via Google Pay. Your friends and family will get an email, text or notification to cash out or send you your dough. You have to provide a password or thumbprint to authorize the transaction, so it’s not hands-free yet. But Google plans to launch such voice-activated payments with its Google Home smart speaker eventually.
Amazon is also looking into ways to have Alexa send money to your friends, reports the Wall Street Journal, which shares a common parent with Moneyish.
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