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Peer-to-peer money transfer

Peer-to-peer (P2P) money transfer refers to the direct exchange of funds between individuals without needing a traditional bank or financial institution as an intermediary. Users typically utilize apps or online platforms, like Venmo or PayPal, to send money quickly and easily using their smartphones or computers. The process often involves linking a bank account or credit card to the P2P platform. P2P transfers are convenient for splitting bills, sending gifts, or settling debts, and they often have lower fees compared to conventional methods. This system enhances financial transactions by making them faster and more accessible for everyone.

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    Peer-to-peer (P2P) money transfer allows individuals to send money directly to each other using digital platforms, often through mobile apps or online services. This method bypasses traditional banks and intermediaries, making transactions quicker and often cheaper. Users typically link their bank accounts or credit cards to the service and can transfer funds using just an email address or phone number. P2P transfer is popular for splitting bills, sending gifts, and making small payments, providing a convenient way to transfer money in real-time without needing cash or checks.