When dealing with financial transactions, especially in the U.S., the terms ABA number and routing number often come up. But are they the same? This is a common question, especially for anyone who has to manage payments, direct deposits, or wire transfers.
In this highly digitalized era, everything happens with a single tap. The same is true for making payments. Whether buying fruits and vegetables from a local vendor or splitting bills with friends over brunch, e-payments have made life easier for everyone. Apple Pay and the Cash App are among the most commonly used e-wallets, offering a seamless, secure, and contactless payment method.
In the United States, approximately 38% of adults use Venmo, the majority of which are from the Millennial and Gen Z groups. The growing popularity of this money transfer app is evident in the staggering total payment volume it registered in the first quarter of 2024—a whopping $69 billion.