Whether splitting a restaurant bill with friends, paying the pet sitter or tipping your barber, there’s a good chance you’ve found yourself using a peer-to-peer payment app—or at least considering it. In mid 2021, PayPal reported a 41% increase in payment volume over the past year for its peer-to-peer transfer businesses. One of them is Venmo, which saw a 58% increase on its own platform.

PayPal, Venmo, Zelle, Cash App and others make it easy to send and receive money. You link your bank account, debit card or credit card to the app, so you don’t have to swap sensitive financial-account information with the other person in a transaction. Instead, you share details such as a user name, an e-mail address or a phone number. Usually, transfers arrive quickly in the recipient’s app balance, though moving the funds from the app to a bank account fee-free may take a few days.

But peer-to-peer (or “P2P”)  apps can also leave…

Read full article at www.kiplinger.com

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