Mobil payment apps like Venmo, Zelle and the Cash app are replacing cash when it comes to paying family and friends.
All three let you link your bank account, type in a dollar amount and send money fast.
Venmo differs because it lets you go social — posting about your transactions and interactions with others.
Zelle is targeting older users.
You may have noticed the service in your mobile banking app.
Zelle also puts cash into your recipient’s bank account instantly.
With Venmo — instant payments cost 25-cents and you must have Visa or Mastercard.
Instant deposits on the Cash app cost you one-point-five percent of the amount you’re sending.
Consumer Reports rates all three secure to use.
It recommends following three tips for the best experience and reducing your risks.
One — opt in to extra security.
Set protections like a PIN and features requiring a special code to confirm payments.
Two — keep your app up to date.
If you’re using an older version, you’re missing the latest security protections.
And three — it sounds obvious, but only send money to people you know.
Bonus line to Acorns