Peer-to-peer (P2P) payments are a popular way to send and receive money. In fact, nearly 160 million people used mobile P2P payments in 2023 — and that number is expected to rise to more than 170 million in 2024.1
Convenient, fast, and easy, P2P payments allow individuals to send and receive funds in minutes among friends, family, acquaintances, and even for goods and services. This method bypasses the need for cash or physical cards, making it easy to split bills, send gifts, or repay money.
In this guide, discover how peer-to-peer transfers work and ways they can help make sending and receiving payments hassle free.
Here’s how P2P payments generally work:
P2P payment platforms facilitate the transfer of money from one individual to another, typically through a mobile app or a website. These services act as intermediaries, making it quick, convenient, and secure to move money between people.
Here are some potential benefits of P2P payments:
Keep these possible risks in mind:
Learn about making payments with PayPal.
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