The modern world is a fast-paced and very digital place, especially when it comes to money. Gone are the days of handing over cash or writing cheques (or checks). Like the UK, the U.S. has embraced mobile payment apps that offer modern-day solutions to paying each other: from splitting bills, paying rent, or even sending birthday money.

But while you may be used to happily tapping away with Monzo or Revolut, America has developed a slightly different ecosystem of money apps.

Here’s a breakdown of the key players in the U.S. mobile payment world, the pros and cons of each, and how they stack up to the systems you’re used to in the UK.

Venmo: The American Favourite

If you’re only going to hear one name thrown around in the U.S. when it comes to paying friends, it’s Venmo. This app has become so widely adopted that —for better or worse— “Venmo me” is now part of the American vernacular.

As for how it works, Venmo does pretty much the same as Monzo or Revolut, in that it allows you to send money to friends, family, or even businesses instantly. What sets Venmo apart is its social feed: when you make a payment, you can add a note or emoji that your friends (and the general public, if you’re not careful with privacy settings) can see. It’s almost like Facebook for finances.

Venmo might remind you of Monzo with its simplicity and fun social interactions, but it doesn’t have the added banking features of Monzo. It’s also worth noting that Venmo is owned by PayPal.

Zelle: The Bank-Backed Speedster

While Venmo is great for splitting dinner bills or paying your friend for concert tickets, Zelle is a bit more formal and widespread when it comes to direct bank-to-bank transfers.

Zelle is integrated into many U.S. banking apps (including major players like Chase, Bank of America, and Wells Fargo). It allows you to send money directly from your bank account to someone else’s, typically within minutes.

Zelle is akin to sending money via bank transfers using a banking app in the UK, but it’s faster and more seamless. We recommend having Zelle and Venmo as a minimum for all eventualities.

Cash App: The User-Friendly Option

Next on the list is Cash App, an increasingly popular choice—albeit not in the UK as of September 2024—that offers a bit more than just peer-to-peer payments.

Like Venmo, Cash App lets you send money to friends and family with a few taps. But beyond that, it also allows you to invest in stocks, buy and sell Bitcoin, and even receive a physical debit card to use for everyday purchases.

Apple Cash: The New Kid in Town

This one is brand new at the time of writing—set to launch in Autumn 2024, Apple’s new ‘Tap to Cash’ is designed to allow iPhone users to effortlessly transfer money to each other by simply holding their phones together.

The beauty of Tap to Cash is that you avoid the sometimes awkward situation of needing someone’s number/ code/ email address in order to pay them. Instead, if you’re splitting a bill or buying something at a local market, you just open the app and ‘tap’.

While it remains to be seen if Tap to Cash will pose a real threat to Venmo or Zelle, it’s certainly an interesting idea. Its major limitation (or some would say, its major selling point) is its locality. Tap to Cash will only work if other users are in close physical proximity, so it’s unlikely to infringe too much on the territory of the bigger money transfer giants.

The new Apple payment feature is set to roll out as part of iPhone’s iOS 18 update.

PayPal: The Old Reliable

Though it may seem like PayPal is a relic from the early days of online payments, it’s still widely used in the U.S., particularly for business transactions or sending money internationally. PayPal is essentially the same in both countries, making it a familiar option for Brits moving to the U.S.

Square: For Small Businesses

While Square is more of a point-of-sale (POS) system for small businesses than a peer-to-peer payment app, it’s worth mentioning if you’re moving to the U.S. and thinking of setting up shop.

Square allows businesses to accept payments via mobile devices. Many small business owners in the U.S. use Square to process credit card payments, whether it’s at a food truck, a craft market, or a local café.

Square is similar to SumUp or iZettle in the UK, used by small business owners for quick and easy card payments.

In a Nutshell

We think Venmo is the most accessible peer-to-peer payment app, with its social features and ease of use making it the go-to for everyday transactions. Zelle, with its bank integration and speed, is perfect for more straightforward, fee-free transfers. Meanwhile, Cash App offers versatility, allowing you to send money and even dabble in investing, while PayPal remains the international favourite.

If you’re a Brit fresh off the plane, you’ll quickly find that America has its own quirks when it comes to sending and receiving money, but really it’s just as easy as back home—if not more so!