P2P Payments (Peer-to-Peer Payments)

Peer-to-peer (P2P) payments are contactless transactions that allow individuals to transfer funds directly from their bank account or credit card to another person's account using digital technology. This method is facilitated through mobile devices or the internet, eliminating the need for cash, checks, or in-person bank visits. Services like Interac e-Transfer®, PayPal, Venmo, Zelle, and Cash App are prominent examples of platforms that enable these payments.

Process of Making a P2P Payment:

Advantages of P2P Payment Technology:

Despite the benefits, it is important to consider security. Users should maintain strong, unique passwords, enable two-factor authentication where possible, and ensure they are only sending money to known and trusted individuals. As P2P payment technology continues to develop, it significantly shapes the financial interactions of consumers by combining efficiency, accessibility, and modern convenience, transforming the landscape of personal transactions.