![]() ![]() Then, you can add friends or family members as contacts within the app. To make a P2P payment, you’ll need to create an account with one of these apps or services and link it to your bank account or debit card. Each has unique features and benefits, but they all work similarly. Several P2P payment apps and services are available, such as Venmo, PayPal, Cash App, and Zelle. P2P payments are typically made using a mobile app or online service, and the funds are transferred directly between the two parties. Peer-to-peer electronic payments (P2P) are a type of electronic funds transfer (EFT) that allows individuals to send and receive money without going through a financial institution. What Are Peer-to-Peer Electronic Payments? Additionally, EFT payments can help you avoid late fees and interest charges on your bills. There is no need to wait for a paper check to clear or funds to be transferred from one bank to another. In-person EFT payments can be made using a debit card or credit card.ĮFT payments are convenient because they are quick and easy to process. You need to provide your bank account and routing number when making an online payment and check number or other information from your checkbook for phone payments. When you make an EFT payment, the funds are transferred from your account to the recipient’s account without needing paper checks or cash.ĮFT payments can be made online, over the phone, or in person. More specifically, an EFT payment is an electronic funds transfer that allows you to pay for goods or services using your bank account. ![]() ![]() For example, you can use an EFT to send or receive payments electronically.
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