> I thought Venmo was trying the most with their card offers, as well as PayPal, Cash, Google Pay and several others too
I know at least two of the above used to use a specific US bank for the credit card transactions backing their payment services. For others, if service usage requires a verified credit card or debit card backed by a credit card network, they too use a processor owned/operated by a bank, bank subsidiary, or an entity sponsored by same.
EDIT:
For payment services which do not require a credit card or debit card backed by a credit card network, they almost certainly use the ACH[0] network. This is a more intimate financial relationship and best used with a dedicated bank account not linked to any others, as fund transfers can be bidirectional.
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> I thought Venmo was trying the most with their card offers, as well as PayPal, Cash, Google Pay and several others too
I know at least two of the above used to use a specific US bank for the credit card transactions backing their payment services. For others, if service usage requires a verified credit card or debit card backed by a credit card network, they too use a processor owned/operated by a bank, bank subsidiary, or an entity sponsored by same.
EDIT:
For payment services which do not require a credit card or debit card backed by a credit card network, they almost certainly use the ACH[0] network. This is a more intimate financial relationship and best used with a dedicated bank account not linked to any others, as fund transfers can be bidirectional.
0 - https://www.sofi.com/learn/content/ach-vs-check/