Top 10 Venmo Competitors and Alternatives

Top 10 Venmo Competitors and Alternatives

Venmo, the popular mobile payment service app owned by PayPal, has become a go-to option for many people to send or receive payments. It is free for personal use, but there are fees associated with business transactions. Venmo had more than 76 million active monthly users in 2020. It is one of the most well-known names in the online mobile payment service market.

On Venmo, users can link their account to their debit card and add money to the platform. They can do so by directly transferring the funds from their bank accounts. Alternatively, they can link it to a credit card and add funds with that method. However, both ways of adding funds on Venmo come with some fees for using them.

Venmo started its operations in 2009. Its founders included Andrew Kortnia and Iqram Magdon-Ismail. The idea behind the platform was to streamline the traditional point of sales software processes. The company continued its operations for years until it got taken over by Braintree for $26.2 million. However, PayPal acquired Braintree for $800 million in 2013.

Currently, Venmo has several products that provide users with various benefits. It is available on both Android and iOS. Apart from the traditional payment options, Venmo also allows users to purchase and use cryptocurrencies. The app also provides “bank-grade” security, ensuring users of the safety of their online transactions.

Venmo has made a name for itself in the mobile payment services market through its impeccable services. However, the company also faces competition from various market participants. These competitors provide similar or alternative products to Venmo’s business. Some of the top Venmo competitors and alternatives include the following.

1. Square Payments

Square Payments is a company co-founded by Jack Dorsey. The company provides payment processing software for customers. Through this software, they can accept electronic payments from credit cards through their mobile phones or tablets. Customers can purchase the system at or download an application from the Google Play Store.

About 70% of the transactions processed on Square come from mobile devices. Experts believe this stat to increase in the future as more merchants sign up. Usually, Square users receive a free Square card reader that attaches to the headphone jack of an iOS or Android device. This device allows retailers to accept credit and debit cards. Square charges a flat rate fee of 2.75% per transaction for top US-issued cards.

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2. Skrill

Skrill is an online payment service like Venmo. It’s free to sign up for and receive money but charges 2.9% + $0.30 per transaction in the US. Skrill allows users to transfer money internationally to other Skrill users or non-users. It has been in service since 2000 and now has over 15 million accounts. The company operates from the UK. However, its operations expand over 120 countries.

There are three types of accounts available for use with Skrill: Personal, Business and Premier. Skrill falls under the Paysafe Group, which operates in 40 countries. It also has over seven years of experience in payment solutions. Skrill reported over 40 million active users in over 200 countries. The company is one of Venmo’s top competitors.

3. Amazon Pay

Another Venmo alternative is Amazon Pay. It is a service that allows customers to pay for goods or services on third-party websites. It enables the use of payment methods already associated with Amazon accounts. With Amazon Pay, buyers do not need to provide their credit card, debit card or bank account information. Instead, they can log in to their Amazon accounts and continue making online transactions.

For buyers, the service makes online shopping more convenient. Websites that offer Amazon Pay payment options to their customers can increase conversion rates by providing a smoother buying experience. One of the top-selling points of Amazon Pay is the significant support behind it. The company operates under Amazon, which also uses this service as a payment option.

4. WePay

WePay is an international money transfer service that uses cryptocurrencies like Bitcoin. As opposed to traditional money transfers, WePay allows international transactions without having access to a bank account. The system’s innovative approach aims at providing convenience while complying with financial regulations and security standards.

With WePay, users can send money to anyone, anytime, anywhere in the world, within minutes. It is a quick and secure way to make international money transfers. Users can send funds to their loved ones or pay for an online purchase using just an email address. The recipient receives the money directly into their bank account. They don’t need to provide further information.

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5. Payoneer

Payoneer is an online payment platform that allows companies and individuals to send and receive money. More specifically, it facilitates the transfer of funds to e-Wallets such as Venmo and Perfect Money. Payoneer operates in over 150 countries; and offers MasterCard-branded prepaid cards. It is one of the top choices among online platforms and freelancers.

Users can have their paychecks sent directly to their debit card, so they don’t have to wait for checks in the mail. Payoneer claims to be “the world’s leading prepaid payments company” with over four million users. The company was established in New York City back in 2005 and has since expanded its operations worldwide.

6. Stripe

Stripe is a financial services company providing subscription billing and online payment processing. The company was founded by Patrick and John Collison, Irish brothers who had dropped out of college in the US. The company has received over $300 Million in funding from investors, including Elon Musk, Peter Thiel, and many well-known people in the tech industry.

Stripe is a very popular payment processor. It allows businesses to accept payments on their website and mobile apps. It’s the preferred payment option for many leading companies like Lyft, Kickstarter, and Salesforce. In September 2017, Stripe was valued at $20 Billion, making it a ‘unicorn’ company. More than 100,000 businesses use Stripe to take payments online.

7. GoCardless

GoCardless is a direct debit company that specializes in facilitating recurring payments. It provides merchants with the ability to create, process, and manage automated cross-border payments online. GoCardless works on a subscription basis. Therefore, instead of taking out one-off payments for their service, users pay monthly or annual fees. The first £30 of each transaction is free for all users.

GoCardless users include small businesses, charities, churches, political campaigns, local councils, and other organizations. GoCardless is used by many different industries, including the media, technology, telecommunications, and education sectors. It is one of Stripe’s top competitors in the market, although not as impactful as some other names on this list.

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8. Instamojo

Instamojo is an online payment platform where users can accept payments using credit/debit cards & net banking. The business model is often compared to Paytm, Freecharge, and Mobikwik, among others. It was launched in January 2012 by Sampad Swain & Vikas Purohit.  

The founders started to revolutionize payment gateways for Indian SMEs, cutting across industries & geographies. Instamojo allows users to collect payments via net banking, debit/credit cards, and cash on delivery (COD). The transaction fee is 2.9%, with a minimum of 500 INR per transaction. There are no additional charges for using credit and debit cards or net banking options for payment processing.

9. Razorpay

Razorpay is a payment gateway startup company that provides online payment processing services. It was founded by Harshil Mathur, Shashwat Gupta, and Jitendra Gupta in 2015. The company raised $2 million in funding, was included on Forbes’ list of “Ten Startups to Watch For”, and partnered with PayPal.

Razorpay offers merchant accounts for online businesses. It allows them to accept credit cards, debit cards, net banking, wallets, and other modes of payment. It provides the tools to receive online or offline payments, manage end-to-end control over the payment process, monitor real-time sales data for critical decision making, and much more.

10. OrbitRemit

OrbitRemit is a remittance platform that allows users to send money internationally. The service facilitates person-to-person transfers both domestically and cross-border. The company uses its website and mobile applications for smartphones, allowing customers to initiate transactions online from anywhere.

OrbitRemit was founded in 2012 by the same team behind the online money transfer platform Azimo.  Since OrbitRemit operates internationally, it is beneficial for anyone looking to send money to family or friends abroad. The company offers the cheapest rate of any remittance service at 1% per transaction.


Venmo is an online mobile payment services app that provides users with various products. The company operates under PayPal. Apart from Venmo, users have a variety of options for online payment services. These options also act as competitors and alternatives to Venmo’s products and services. Many internet payment systems also provide products aside from money transfers.

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