The global trends toward digitalization and high payment speed have resulted in the growth of many non-traditional payment services. P2P payment systems and their dedicated apps are a fast and convenient way of sending money online to any country of the world at minimum fees.
Today we will explain what P2P apps are, how to use them safely and what are the main benefits of peer-to-peer transactions.
What’s a P2P App?
P2P apps are applications that use a peer-to-peer system for money transfers. They let the users send and receive money from their devices through a linked bank account or card. Some of the most popular ones include GooglePay, PayPal, and IPSIPay.
P2P apps have been growing in popularity for a long time, but the COVID-19 pandemic has only boosted their growth. The peer-to-peer payment system lets the users avoid the paper hassle while keeping their bank account details private. Moreover, most of these services are free and charge minimal fees per transaction.
What Is Peer-to-Peer Money Transfer?
If you want to send money peer to peer you’ll require to know how these systems work. Most P2@ applications connect the sender and receiver through a dedicated platform. The sender enters the credentials of a receiver along with the desired amount of money.
Depending on the transfer method the funds might divide into:
ACH Transfers
The automated Clearing House network is in use by most banking institutions today. It is a part of the depositing system which means that 93% of Americans get their salary via ACH transfers.
This method may take up to several days to confirm the moving of funds and finally arrive in the recipient’s account, but it’s free in the same countries.
Real-time Payment
Real-time payments are great for daily scenarios like sitting in a restaurant or ordering a delivery. This method is fast but sometimes demands additional fees.
How Can I Use P2P Apps Safely?
The P2P systems have come a long way and are now a generally safe method to transfer funds. To become allowed in a country they go through a series of checks and regulatory standards.
Most P2P systems use two-factor authentication, data encryption, and possible fraud detection. Still, in the world of complicated tech scams, it’s always better to protect your payments. Experts recommend these measures:
Keep Your App up to Date
A lot of hacks and scams use software vulnerabilities, so it’s a good practice to always keep an app updated. That way you don’t miss any security patches and general fixes.
Make Sure the Customer Support Works Well
Only use trustworthy P2P apps with helpful support. A reliable customer support service ensures your security if anything goes wrong.
Enable Additional Security
Check your settings and activate additional security settings. These include PIN, fingerprint/facial recognition, multi-factor authentication, and telephone number confirmation.
Don’t Disclose Personal Information
This one is kinda obvious at first, but we can’t stress that enough: never disclose personal information. Your login credentials, complete card info, and personal information are vulnerable to fishing, so they should be as secure as possible.
How Does IPSIPay Help in Peer-to-Peer Money Transfers?
IPSIPay secures the data detecting manipulations from unauthorized access and modification to unlawful data destruction. They are also committed to Self Assessment procedures and Third Party Organization certification. Moreover, it uses encrypted data transfer along with deposits insured by FDIC.
To keep it simple, your personal information is safe with IPSIPay, as it uses nearly each possible data protection method. IPSIPay is a cheap, easy, and secure method to send money, receive payments and pay for services in the US and abroad.
Send money securely within a blink of an eye with IPSIPay’s mobile app, available in Apple Store and Play Store.