P2P Payment Systems

P2P (peer-to-peer) payment systems allow individuals to transfer money directly to each other using digital platforms or apps, without needing a bank or third-party intermediary. These systems connect users’ bank accounts or digital wallets, enabling quick, secure transactions for things like splitting bills or sharing expenses. Examples include apps like Venmo, PayPal, or Cash App. They streamline the process of transferring funds electronically, often instantly, making payments more convenient and accessible from smartphones or computers.