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Zelle vs. Venmo vs. PODERcard: Which One Is Better in Comparison?

There are many popular options for sending and receiving money among friends, family, and businesses. Some of the most popular ones are PayPal, Cash App, PODERcard, Zelle, and Venmo. To help you understand the pros and cons of each service, we have created a comparative guide between three of these services. Read on to compare how accessible, costly and safe each of them is.

What Is a Peer-To-Peer (P2P) Payment?

Peer-to-peer payments are payments made without intermediaries from one person to another. Zelle, PODERcard, and Venmo are some of the options on the market that you can use to make payments. Learn about the features of each product below.

What Is Zelle?

Zelle launched in 2017 as an intermediary-free payment network available to some banks. Through Zelle, a person can send or receive payments using just an email or mobile phone number.

What Is a PODERcard?

PODERcard began operations in 2020 as a bank account and Visa debit card for the Latino community, allowing users to manage their funds from an App on their smartphones. Through its P2P payment service, users can send or receive money using a mobile phone number for free.

What Is Venmo?

Venmo belongs to PayPal and started back in 2009 as a P2P payment solution. Users can send and receive money to and from their contacts using their email or mobile phone number. You can also use it to pay for services to companies that accept it as a means of payment.

How Do P2P Payments Work?

Since there are many P2P payment services in the market, knowing how they work can help you choose the one that best fits your needs.

How Does Zelle Work?

Using Zelle, you can make P2P payments directly between linked bank accounts. To use Zelle, the user must log in to their online bank within Zelle's app. You can find the payee with their email or phone number. The process may take some time as security checks are required.

How Does a PODERcard Work?

PODERcard offers its users the option to make P2P payments among them. You can transfer money from other bank accounts to a PODERcard bank account,  as well as make both cash and direct deposits. The PODERcard user must log in to the app and add a recipient with their mobile phone number to make a payment. The process of transferring money to a recipient is quick—it can take less than a minute if they are already in your contacts.

How Does Venmo Work?

Similar to PODERcard, Venmo users have an active balance in their Venmo account. Money can be spent or added as you make payments and deposits. The balance of a Venmo account used to make P2P payments can be replenished using a bank account, a debit card, or a U.S. credit card. With Venmo, you can find recipients by name, username, mobile phone, or email. And if you are physically close to the recipient, you can scan their QR code.

How much does it cost to make a P2P payment?

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In the vast majority of cases, P2P payments are free of charge. The lack of an intermediary is precisely what allows these transfers to occur without a fee.

Are There Fees for Using Zelle?

Zelle's service itself is free — there are no fees or charges for transferring money between linked bank accounts. However, the bank or credit union to which a Zelle account is linked may charge a fee for using the service.

Are There Fees for Using PODERcard?

PODERcard's P2P payment service is free. Payments or money transfers between PODERcard accounts will not result in any charges or fees.

Are There Fees for Using Venmo?

Venmo is generally a free service. P2P payments from your Venmo balance, bank account, or debit card will not generate a fee. However, payments made using a credit card will incur a 3% charge. Receiving money via Venmo is entirely free.

How Long Does a P2P Payment Take?

Almost all of these services offer an instant transfer option. The main difference lies in the withdrawal method they offer you for the money stored in your account.

How Fast Is Zelle?

For Zelle to work, both you and your recipient must have accounts linked to the service. Processing transactions usually takes only a few minutes. The only caveat is that if the recipient is not a Zelle user, they will need to sign up to it to receive their payment. Withdrawal times from your Zelle account to a regular bank account can be immediate but could also take up to three business days, depending on the bank.

How Fast Is PODERcard?

As with Zelle, PODERcard requires that you and the recipient have active PODERcard accounts. P2P payments made through this service usually take a few minutes.

How Fast Is Venmo?

A Venmo P2P payment usually takes a few minutes to appear in the Venmo account of the recipient. However, if you want to transfer the funds in a Venmo account to the linked bank account, it usually takes one business day.

How Secure Are P2P Payments?

When the Federal Deposit Insurance Corporation insures a P2P payment service (FDIC), and it provides you with real-time notifications, the security of that service is significantly increased.

Is Zelle Safe?

When making a P2P payment with Zelle, your transfer is insured if the linked bank account has FDIC insurance. On the other hand, Zelle has authentication and monitoring features that make payments on the platform very secure.

Is PODERcard Safe?

The FDIC insures the funds in PODERcard accounts. You also receive instant notifications after every transaction, allowing you to block your card immediately if any movement seems suspicious.

Is Venmo Safe?

Venmo does not have FDIC insurance, so it’s recommended that you only use their service to send payments to people you trust. Nevertheless, Venmo encrypts the issuing account details and offers users account-monitoring features to promptly identify unauthorized transactions.

PODERcard: The Best P2P Payment Service

Venmo vs. Zelle; Zelle vs. PODERcard; PODERcard vs. Venmo. It’s your call! For us, it's pretty straightforward: PODERcard is a safer and easier-to-use option than Venmo, and—unlike Zelle—it offers a world-class interface in Spanish with top-notch customer service. Now it's up to you to decide!