Are you tired of carrying cash around and want an easier way to split bills with your friends? With payment processing technology, solutions like Google Wallet and Venmo offer you a seamless solution to make transactions easier.
But the question is, which one is better? In this blog post, we will compare Google Wallet with Venmo in terms of payment processing technology.
Availability and User Base
Google Wallet and Venmo are two of the most popular payment processing technology solutions available today. However, Google Wallet is only available for Android users, whereas Venmo is available for both iOS and Android users.
As of July 2021, Venmo had over 76 million users, compared to Google Wallet's recorded 13.9 million users as of June 2021. This difference, if it persists, could influence the user community to favor Venmo.
Transaction Fees
Both Google Wallet and Venmo offer free payments for its users, but when it comes to instant transfers, transaction fees may apply.
Google Wallet charges a 1.5% fee for instant transfers, while Venmo charges a 1% fee. For standard transfers, both platforms do not charge any fees. The winner shines through with Venmo charging only up to 1% transaction fees as compared to Google Wallet.
Security
Security is a vital feature in payment processing technology, especially when it comes to handling customer data and transactions. Google Wallet and Venmo both secure user data with encryption technology and offer several security features to ensure safe transactions.
However, Venmo goes the extra mile with its fraud protection policies, i.e., the initial decision process in chargebacks. Venmo owners purchased from Paypal, making it difficult for hackers to compromise its systems.
Although both platforms offer robust security, Venmo seems to have an edge in this area.
Integration
Google Wallet allows for integration with other Google services like Gmail, where users can send money directly to their contacts from the Gmail app. In contrast, Venmo only allows integration with third-party apps like Foodspotting and Airbnb.
In terms of integration, Google Wallet wins thanks to its seamless integration with other Google services, offering a more intuitive user experience.
User Interface
Google Wallet has recently had a major facelift that has given it an intuitive design, an easy-to-use interface, and new features like a "Request" button on its homepage. On the Other hand, Venmo's user interface has not been upgraded in years, although it still has a simple-to-use layout.
Google Wallet's recent UI revamp steals the show, leaving Venmo behind in this regard.
Conclusion
So, who wins the battle of payment processing technology, Google Wallet, or Venmo? The answer is it depends. Both platforms have their pros and cons, meaning there's no clear winner.
Venmo is available on both iOS and Android, making it a more accessible payment payment processor platforms to more people. Venmo also has a more extensive user base, which could be increased due to recent support from Paypal. However, some advantages come with using Google Wallet, like seamless integration with Google services like Gmail, an up-to-date user interface, and secured transaction processes.
In comparison, Venmo charges fewer transaction fees, and it implements measures that enhance fraud protection for users. However, we must commend Google Wallet for its robust payment solution.
It's up to you to choose one payment solution between the two that suits your best between Google Wallet or Venmo.
References
- "Venmo Reports Q2 2021 Results." DigitalCommerce360. July 2021.
- "Number of Google Wallet Users United States 2015-2021." Statista. June 2021.