Venmo is and always has been Paypal, you can’t get the same features from any Paypal app.
It often sucks but is the most common way to exchange money in my experience.
What do you mean “Venmo is PayPal?” Venmo is owned by PayPal but they are different systems that do different things.
And how does it “often suck”? IMO Venmo is the most common way to pay between people if you don’t have cash and I’ve never had any issue with it.
I signed up for Venmo about three years ago. After not using it for about a year, when I tried to log back in, I struggled to do so; after flailing at it for an hour or so, and being unsuccessful in getting Venmo to let me reset the password, I gave up, and have not tried again to use it since.
The FedNow Service will replace the entire “cheque processing service” entirely, when cheques are gone. It will “replace cheques” at the wholesale level. At the retail level, cheques are replaced by bank or credit apps.
For example, in Germany utility payments are done by “bank transfer” instead of “cheque”, and the bank transfer (SEPA) goes through “instantaneously” because (1) the EU regulatory environment is heading that way, and (2) the background process between the banks is ISO 20022 (FedNow)
I think that there was a while there where, instead of physically moving the checks, they faxed them. I.e., printed out new pieces of paper, and then processed those new pieces of paper the same way they always had.
Having lived with bank transfers for almost 40 years now, I really love the instantaneous nature.
There isn’t the problem of bad checks, either. If the party doesn’t have sufficient funds, they can’t make the transfer.
It still can take several days to a week for international transfers, but that’s much faster than paper checks.
As I understand it, European regulation will require “instant” transfer across the whole EU. Which is “international” by some definitions. Technically, the same should be true between any ISO 20022 systems, but perhaps international money laundering regulation or currency control may still impose payment delays.
Years ago I did international money movement. We would advertise same day transfers, which was technically true…as long as you were then when the bank first opened & on the right day(s) of the week. Come at lunchtime, & while your local bank was still open the bank in the receiving country was long closed for the day. Add in the timings of a weekend, especially when coupled with a holiday & it could be days between when you sent it & the Mrs received it back in your native country.
* Saudi Arabia used to have a Thurs-Fri weekend. Miss the cutoff & it was two days for their weekend + two days for the typical Sat-Sun weekend + then throw in a random holiday & it could take five days to get funds. - The vagaries of timezones.
My wife’s work involves having customers wire money into Japan. I googled and the main Japanese banks are claiming they are ISO 20022 compliant, but one particular bank is a lot slower.