P2P payments. What is it and how does it work?

Teknologji

P2P payments. What is it and how does it work?

Më: 17 maj 2022 Në ora: 16:49

P2P is a payment from card to the card using a special digital solution. This is one of the most common operations that you may need to perform at any time. The same service is provided by the institution to which the card, credit union account, or mobile app belongs. It should be remembered that this option is not convenient enough in some circumstances. It is necessary to specify in detail the recipient’s data, account details, etc. Other documents may also be required. The listed shortcomings are deprived of P2P payments. This method is the most convenient and fast, so it is chosen by many users in the world. Its feature is the absence of a request for recipient data. It only takes a few clicks or taps to send money.

Types of P2P payments

Transfers from card to card of one bank are usually carried out quickly and inexpensively. However, if you need to make an interbank transfer, difficulties may arise. For example, the commission can be high. P2P transfer is made on more favorable terms.

There are two types of trades presented. Such payments are:

International. Funds are transferred to the card of a bank located in another country. This operation does not require additional documents but the recipient’s card number.

Internal. Funds are transferred within the same country. The commission for making P2P payments is less than when using conventional banking.

Advantages of P2P transfers

Individuals and legal entities can make the presented transfers. The advantages of P2P payments are as follows:

You can quickly pay off with partners, employees, or receive money from other persons.

A report is given for each transaction, which can be viewed in your personal account.

The transfer is fast, with a minimum commission.

No need to go to the bank, all actions are performed using a computer or laptop and a special service.

When sending client data, modern encryption methods are used. Therefore, information about the sender and recipient is securely protected.

Various solutions

The presented service is used all over the world and you can get acquainted with it via https://walletfactory.com/en-ch/p2p-payments website. This allows you to pay for goods and services in another country. In this case, the interest for the transaction will be significantly less than when using the functions provided by the usual transfer system of the bank that issued the card. Money is instantly transferred to the recipient, even if he/she is in another country. There are some very popular P2P payment services:

PayPal.

Apple Pay.

Venmo.

Cash App.

Google Pay.

All of them have peculiarities but it’s recommended to pay attention to the Wallet Factory Company mobile app. You should choose a decent payment service and download an application. The company offers a highly-developed platform that helps fully enjoy all the positive sides of P2P payments. Great attention is paid to security since we are talking about working with money. The Wallet Factory Company carefully encrypts all channels and constantly monitors/develops the update of both the functional part of the application and the level of protection. White Label solution is also rather popular. Many customers are interested in modern software, as the cost is rather low. You can also find out the information about the price and other data on the required website.

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