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Peer-to-peer payments, or P2P payments, allow consumers to transfer money using their bank accounts, debit cards, or credit cards through a website or mobile app such as Cash App, Google Pay, Paypal, Remitly, Venmo, and Zelle. It’s like sending cash and the transfer usually requires just a few clicks.
Although P2P payment services can be easy to set up, simple to use, and are generally secure, it’s important to be aware that criminals may try to scam you into sending money.
For more information, check out tips about using P2P payments from the ABA Foundation.