With all the help of digitalization, the way we make payments is constantly evolving. We are already storming our way through a cashless, contactless, and real-time payment world in which online payment is a cultural norm. From grocery shopping to booking a table, online payment is accepted everywhere, and paying cash is massively reduced. It has made people's lives a lot easier and more inclined toward cashless payment options, as it also helps users travel and shop from almost anywhere in the world.
Imagine, you are out running errands but end up with a shortage of cash in your wallet and the store does not accept any mode of payment apart from cash. What are you left with? Again, you are in an awkward situation where you might need to wait for someone to come your way with cash or just remove the stuff from the cart. Removing stuff at the last moment from the cart is the worst thing ever, which we should always avoid, and this is where the concept of digital payment along with P2P mobile payment is on the go.
A P2P payment app is also known as a peer 2 peer payment or money transfer app that helps a user send money to peers like friends, family, relatives, employees, shopkeepers, and so on. It helps transfer the amount between both parties without any intermediaries. For example, PayPal is one of the first digital payment platforms to offer P2P money transfers via email. A P2P money transfer or a mobile payment app has some standard highlights that make it unique.
The payment apps are developed for personal use, mostly for users who know each other well.
The funding requirements across different P2P payment apps vary a lot. Read more....
