Person-to-Person Payment (Person-to-person payments (P2P)); is an online technology that allows users to transfer money from their bank accounts or credit card accounts to another person's account via the internet or mobile phones.
In other words, a P2P payment application is a service that allows a user to send money to another person using an app or website. P2P applications are linked to your deposit account or your debit card. Payment applications include PayPal, Venmo, Cash, and others.
Transactions include everything from splitting a restaurant bill to paying rent or contributing to a charity. Some P2P applications can run built into mobile banking applications or smartphones, and can also be downloaded from app stores.
P2P applications are becoming more popular every day because they give users the convenience of sending and receiving money instantly and securely from wherever they are via their mobile phones, paying bills, and shopping anytime, anywhere.
