Four tips for using peer-to-peer payment apps

Whether you’re paying your bill at a coffee shop, sending money to your parents, or buying fries at a sporting event, it’s hard to underestimate the convenience of using peer-to-peer payment apps like PayPal or Google Pay.

Moreover, if you need some money urgently in case of any emergency, you can always apply for payday loan application.

With these apps on your smartphone, you can forget about carrying a wad of cash or looking for an ATM. Your peer-to-peer application is linked to your personal bank account and allows you to earn and receive money instantly.

However, always keep in mind that such convenience comes with some pitfalls that it would be good to know in advance to avoid when using P2P applications.

Once you send it, it’s gone

When you want to use a peer-to-peer application, all you need to know is the recipient’s username, phone number or email. Neither you nor your recipient know each other’s account details. All transfers are usually free and lightning fast.

Before sending money, make sure the recipient is someone you trust and know. There is almost no fraud protection when it comes to P2P applications and if you send something incorrectly. I consider it gone forever.

Think before you click

We’re sure you’ve heard the rule – measure twice, cut once. It’s still easy to confuse recipients even though they know them in real life – is it SusanBrown96 or SusanBrown69, for example? Think twice if they are the right person you are going to send money to.

Fraudsters often target P2P applications because they are an easy target. Pay particular attention to claimed or requested payments. Even if you know someone, double check because scammers can impersonate anyone.

Track your charges

Most P2P applications have no fees for receiving and sending money, but this is not the case with additional services. For example, such apps may offer you a free balance transfer to your personal bank account linked to the app within the first three days. However, if you choose to do this immediately, you will be entitled to a surcharge.

Usually P2P apps collect money from your account balance. However, if you link your payment app to your credit card, you will have to pay an additional fee. It may seem quite small at first, but over time the total amount can be significant.

Use motherly wit and common sense

Make sure your payment application is assigned a password or other similar protection, including Face Identification. This will ensure that if your phone is lost or stolen, no one can use it via a P2P app to withdraw everything from your balance, leaving you with a hole in your pocket.

Don’t think of peer-to-peer apps as a complete alternative to your bank account. P2P is not a relevant place to store and store finance, so try to keep your running balance fairly low. Consider it another option for quick and convenient processing and be careful when using it.


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