Make Your Life Easier with P2P Payment OptionsSending money to friends and family is becoming a common necessity, whether you’re splitting the cost of a lunch tab, paying someone back for a shared birthday present or even paying the babysitter. One of the fastest and easiest ways to do that is to send money digitally using peer-to-peer (or P2P) payments.
P2P payments enable you to send money to another person right from an app on your mobile device using a linked bank account, credit card or debit card. You can think of it as a digital replacement for cash or checks. Sending money this way is more convenient than writing checks or handling cash, and it has quickly become a popular way to send money across many age groups. In fact, nearly one in five Americans utilized P2P payments in 20201.
There are many P2P payment options available and it’s typically easy to enroll and start sending money. Apple Pay, CashApp, Google Pay, Venmo and Zelle® are a few services you may have heard or read about. Whichever option you choose, you can use your mobile device to enroll, then depending on the service, you can link your bank account, credit card or debit card. Once you’re setup, you can start sending money to friends or family who are also enrolled with your platform of choice.
Sending and receiving money is usually just a few of clicks away. You choose who to send money to, the amount you want to send, add a message to indicate why you’re sending money and send. Depending on which P2P payment option you use, the time it takes for the recipient to receive their money can range from a few seconds to a few days.
One of the popular P2P payment options is Zelle®, and it’s available in the Dollar Bank Mobile App and Online Banking. With millions of active Zelle® users, you can send and receive money even if your friend or family member doesn’t bank at Dollar Bank2.
Learn more about how Zelle® can help you send money to friends and family.
1 Logica Research, The Future of Money, 2020
2 U.S. checking or savings account required to use Zelle®. Transactions between enrolled users typically occur in minutes.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
This article is for general information purposes only and is not intended to provide legal, tax, accounting or financial advice. Any reliance on the information herein is solely and exclusively at your own risk and you are urged to do your own independent research. To the extent information herein references an outside resource or Internet site, Dollar Bank is not responsible for information, products or services obtained from outside sources and Dollar Bank will not be liable for any damages that may result from your access to outside resources. As always, please consult your own counsel, accountant, or other advisor regarding your specific situation.
Posted: June 10, 2021