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What Are Peer-to-Peer Payments?

In the News

Bankrate - by Rene Bennett

What Are Peer-to-Peer Payments?

If you’ve ever needed to pay someone back for a coffee or for splitting a meal, you might be familiar with peer-to-peer (P2P) payment services.

P2P payments are transactions between two parties with separate bank accounts. A P2P service mediates these transactions by allowing consumers to send money to another person’s bank account through a third-party website or mobile app. Many consumers use P2P services, but you might still be wondering how they work and whether they’re safe.

Alex R. Jimenez, managing principal for financial-services consulting at EPAM Systems, prefers Venmo, which isn’t partnered with any bank. “When you’re making purchases with certain organizations, you’re able to use Venmo, but you’re not allowed to use Zelle. Mom-and-pop places — or even a plumber I had come — they say you can pay with Venmo; Zelle would not really be appropriate for that.”

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