Teenagers accessing cash sounds dangerous, but it’s not as bad as it sounds (for parents, anyway) since Cash App is a closed-loop payment system, meaning money can only be sent to and from other app users. In contrast, Cash App is open to teenagers aged 13. To open a Paypal account, you must be at least 18 (18 and one day). Plus, PayPal falls short regarding cash-management features like direct deposit and young adult or teenager accounts.Īnd while their interface has been improved over time, it still lags behind Cash App regarding user-friendliness. Transaction fees may be as high as 3% or more for international payments depending on how and where you’re sending money. While it definitely has its merits, the biggest concern with Paypal is the fees associated with transferring money.
It’s also highly secure, with a two-factor authentication process requiring your password, phone number, or email address to access funds. On the other hand, PayPal has been around since 1998 and is one of the most popular payment services. Founded in 2013 and originally called Square Cash, the app was rebranded as Cash App in 2018. The bright green logo may be catchy to GenZs, but Cash App has not been around long enough to impact other generations. Its intuitive design makes it much easier to use than PayPal, making it ideal for first-time users who may be intimidated by the complexity of some payment apps. Cash App also has another advantage over PayPal: its user interface.
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