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Savings & Spending

Peer-to-Peer Payments

Peer-to-peer payments (also known as P2P payments) can be used for anything from splitting a $30 dinner bill between friends to paying rent. This allows the transfer of funds between two people online or via mobile app, using their bank accounts or debit cards. Payment services like Venmo, Zelle, Apple Pay, Cash App, and Facebook P2P Payments in Messenger make sending funds just as easy as paying with cash. You should only use these services when you are paying someone you know. Here are some tips to keep in mind.

Best used among friends and family

To lower the risk of being victimized by fraudsters, only conduct P2P transactions with people you know. Don’t use P2P payments to pay for items you purchase from unknown sellers on the Internet. Most peer-to-peer transactions are instant and irreversible, a fact scammers are known to exploit.

Once you send funds, you cannot get them back. If you accidently choose the wrong person in your contact list or enter the wrong number, the transaction cannot be stopped or reversed.

Don’t use P2P services for business purposes

P2P payment services are intended for personal use only. Most P2P payment services don't allow use for commercial purposes, such as buying and selling goods and services. Read the Terms and Conditions of your P2P service carefully. Some payments could be revoked and your use of the service may be discontinued if you violate the provider’s terms.