When it comes to splitting the dinner tab, chipping in on rent, or sending some quick cash to a friend, two of the most popular options are Zelle and Venmo. But how do you pick between Zelle vs Venmo?

Zelle has quickly become a go-to option for person-to-person payments in the U.S. One reason is the nearly instant money transfers — often within minutes — which can be a lifesaver if you’re splitting ...