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Peer-to-Peer Payments

Peer-to-peer payments (also known as P2P payments) can be used for anything from splitting a dinner bill to paying rent. These services allow the transfer of funds between two people via a mobile app or online portal using a bank account or debit card. While many popular third-party payment apps, such as Venmo, Apple Pay® or CASH APP, make sending funds as easy as using cash, you should only use them to pay people you know and trust. 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.

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