What exactly are P2P payments?
Peer to Peer (P2P) payments are money transfers from one person to another as opposed to a merchant or institution.
P2P payments can be used for paying rent or for occasional services, shopping from private sellers or sending money to friends or family. Some popular apps for such transfers are PayPal or Venmo. To use such an app you will need a bank account or bank card.
P2P money transfers are easy to use, convenient, safe and the money is usually delivered quickly. One disadvantage is that you will likely need to keep a balance in your bank account or have funds available on your bank card to send a P2P money transfer. When selecting a service to use consider costs of use, funds delivery timeframes and any balance requirements for your bank account or card.