What are P2P Payments?
One of the fastest and easiest ways to send money to those you know and trust is to send money digitally using peer-to-peer (P2P) payments. P2P payments enable you to send money to another person right from an app on your mobile device by using a linked bank account, credit card or debit card. Splitting expenses? No problem. It makes sending and receiving money with friends and family easy and more convenient than writing checks or handling cash. Plus, most likely, it can be done right from the banking app of your bank or credit union you already have a bank account with.
Make Your Life Easier with P2P Payment Options
Sending money to friends and family is becoming a common necessity, whether you’re splitting the cost of a lunch tab, paying someone back for a shared birthday present, or even paying the babysitter. One of the fastest and easiest ways to do that is to send money digitally using peer-to-peer (or P2P) payments. P2P payments enable you to send money to another person right from an app on your mobile device using a linked bank account, credit card or debit card. You can think of it as a digital replacement for cash or checks. Sending money this way is more convenient than writing checks or handling cash, and it has quickly become a popular way to send money across many age groups. In fact, nearly one in five Americans utilized P2P payments in 20201.
There are many P2P payment options available, and it’s typically easy to enroll and start sending money. Zelle® is probably offered directly through your bank or credit union, and there are a few services you may have heard or read about. Whichever option you choose, you can use your mobile device to enroll, then depending on the service, you can link your bank account, credit card, or debit card. Once you’re setup, you can start sending money to friends or family who are also enrolled with your platform of choice.
Sending and receiving money is usually just a few of clicks away. You choose who to send money to, the amount you want to send, add a message to indicate why you’re sending money, and send. Depending on which P2P payment option you use, the time it takes for the recipient to receive their money can range from a few seconds to a few days. The great thing about Zelle® is that it’s already in lots of banking apps today, and probably yours1. And Zelle® is free1 to use. You can send and receive money for all sorts of things with friends and family, even if they bank somewhere different than you do.
Look for Zelle® in your banking app to get started.
1U.S. checking or savings account required to use Zelle®. Transactions between enrolled consumers typically occur in minutes and generally do not incur transaction fees. Check with your financial institution for more info.