What are they?
Mobile payment apps like Venmo, Cash App, Zelle and PayPal are digital platforms that are meant for sending and receiving money through your smart phone (or online) from friends and family.
How do they work?
Once you have downloaded the mobile payment app(s) you choose a payment method or source of funds to link to your account. e.g., bank account, debit card or credit card. Once your account is setup you can send or receive money from friends and family.
Pros vs Cons
Pro –
Convenient - Quick and easy way to send or receive money from friends or family.
Speed – Transactions process quickly. e.g., instantly or within a day or two. Depending on bank processing times.
Privacy – Does not reveal bank account information in order to send or receive money.
Con –
Consumer Protection - Payments are like cash, once a transaction is processed it can be difficult to cancel or reverse.
Acceptance – Person(s) or business needs to have the same payment app as you.
Fees – Some payment apps charge a transaction fee or service charge. e.g., instantly transfer funds to bank account.
What to do if you believe you have been scammed?
Cash App: Cash App recommends chatting through their app for the fastest service. To do so, open the app, go to your profile, and choose support. You can also get help through www.cashapp.com or by calling 1 (800) 969-1940.
Venmo: Venmo recommends chatting through their app for the fastest service. To do so, open the app, go to your profile, and choose Get Help. You can also contact their customer support team at www.venmo.com or call them at 1 (855) 812-4430.
PayPal: Report it online at https://www.paypal.com/disputes/ or call PayPal at 1 (888) 221-1161.
Zelle: Zelle recommends calling them at 1 (844) 428-8542 or contacting their customer support team at www.Zelle.com.