Venmo should anticipate some major competition with the upcoming release of Apple Pay Cash. The new feature, which was originally supposed to come out with the first version of iOS 11, mimics the app's money-transfer system. For Apple users, Apple Pay Cash may be the easier option. While Venmo just added a new payment option for online shopping, is it enough to save it from the Apple copycat?

Retail use

Venmo's announcement that it can now be used to shop online is just a little late. Although reports say the company has been testing the feature for a while, Apple has been offering this option since last year.

Retailers such as Target and The North Face are just a few of many that have been accepting the payment option.

Apple Pay is seamless online, no login is required like Venmo. The feature is synchronized across all devices, so if shopping on a laptop, a customer can use the Touch ID on their iPhone to verify the purchase. Along with its online shopping feature, Apple Pay has another feature Venmo doesn't — in-store use.

Since it was released in 2014, the contactless form of payment has been an option in millions of stores. Users simply add their bank cards to their virtual wallets and can make payments almost anywhere that has a card reader. With the new feature, the process is even easier.

Money received from friends will be added to an Apple Pay Cash card.

While it can be transferred to a bank account as Venmo users can do, the virtual card can be used as a form of payment in-store. This is the most exciting feature that could really leave Venmo in the dust.

Security and other benefits

The security of Apple Pay Cash may be a pro or a con to users. With Venmo, users simply create an account and link their bank account.

Previews of Apple's new system shows that users must add in security information like their address and social security number in order to use it.

There are other smaller perks that may convince Apple users to delete PayPal's incredibly successful app when the new feature is finally released. For one, transactions take place in iMessage.

Users simply can go to their text messages and send or request money from their friends directly.

Another benefit is for those with smaller storage on their phones or those who have lots of photos and music. Venmo, as it is a separate app, takes up a decent amount of storage on an iPhone. Apple Pay Cash is built into the phone and therefore takes up no extra space.

The feature has begun beta testing by Apple employees and is expected to be available to users by the end of the year.
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