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    Peer-to-peer (P2P) payments are transactions between two people that don’t involve any middlemen, like banks or payment processors. Because of its convenience, security, and transaction speed, this technology has recently experienced significant growth in popularity. In this study, we’ll examine P2P payments’ history, key characteristics, operational structure, payment flow, key businesses, key uses, and key users.

     

    The P2P Payments History

    P2P payments have been around since the early 2000s, when file-sharing networks like Napster and Kazaa were widely used. Without a central server, these networks allowed users to transfer files directly between their computers. The first P2P payment system was introduced in 2002 by PayPal as a result of this concept being applied to payments. Numerous businesses have since entered the market, including Google Pay, Venmo, Zelle, and Square Cash.

     

    Principal Aspects of P2P Payments:

    Convenience, speed, and security are the three main benefits of P2P payments. Users don’t need checks or cash to send and receive money instantly. With a smartphone and an internet connection, the transactions can be completed from anywhere. P2P payments are also safe because many businesses use encryption and other security measures to safeguard users’ data.

     

    Main top P2P Payments Companies:

    PayPal, Venmo, Zelle, Square Cash, and Google Pay are the leading P2P payment processors. Since it has been operating on the market since 2002, PayPal is the most experienced and seasoned business. While Zelle is a payment service that is integrated into many banking apps, Venmo is a mobile payment app that is well-liked by millennials. Small businesses use Square Cash, a payment app, and Google Pay, a payment service that is built into many Google products.

    Top 10 P2P payment companies by market share

    Name Description Country ompany Name Description
    PayPal A digital payment platform that allows users to make purchases and money transfers online United States PayPal A digital payment platform that allows users to make purchases and money transfers online
    Venmo A social payments app that allows users to make P2P transactions, split bills, and make online purchases United States Venmo A social payments app that allows users to make P2P transactions, split bills, and make online purchases
    Alipay A digital wallet and online payment platform that is widely used in China China Alipay A digital wallet and online payment platform that is widely used in China
    WeChat Pay A digital payment service integrated into the popular Chinese social media app WeChat China WeChat Pay A digital payment service integrated into the popular Chinese social media app WeChat
    Cash App A mobile payment service that allows users to send and receive money and buy bitcoin United States Cash App A mobile payment service that allows users to send and receive money and buy bitcoin
    Zelle A P2P payment platform that allows users to send and receive money directly between bank accounts United States Zelle A P2P payment platform that allows users to send and receive money directly between bank accounts
    Paytm An Indian mobile payment and financial services company that offers a range of digital payment services India Paytm An Indian mobile payment and financial services company that offers a range of digital payment services
    Google Pay A digital wallet platform and online payment system developed by Google United States Google Pay A digital wallet platform and online payment system developed by Google
    Square Cash A mobile payment service that allows users to send and receive money via email or a mobile app United States Square Cash A mobile payment service that allows users to send and receive money via email or a mobile app
    Apple Pay A mobile payment and digital wallet service developed by Apple Inc. that allows users to make payments with their iPhone, iPad, or Apple Watch United States Apple Pay A mobile payment and digital wallet service developed by Apple Inc. that allows users to make payments with their iPhone, iPad, or Apple Watch

    Procedure for P2P Payments:

    P2P payments operate by bringing together two users who want to send money. The sender starts the transaction by entering the recipient’s information and the amount to be sent. The money is then deposited into the recipient’s account after the transaction is completed. A credit card or the sender’s bank account are both used to complete the transaction.

     

    The P2P Payments Flow:

    The four main steps in the P2P payment flow are initiation, processing, confirmation, and completion. The sender enters the recipient’s information and the desired amount of money during the initiation phase. The transaction is processed by the payment system during the processing phase, and the recipient’s account is credited. Both the sender and the recipient are informed of the transaction during the confirmation phase. The transaction is finally completed during the completion phase, and the funds are now accessible in the recipient’s account.

     

    Principal Uses for P2P Payments

    P2P payments are primarily used for sharing expenses, paying rent, sending gifts, and making purchases. P2P payments can be used to send gifts to family members, pay rent to a landlord, split costs with friends or roommates, and split costs with small businesses.

     

    P2P Payments Users:

    Millennials, small businesses, and people looking for a quick and secure way to transfer money are among the P2P payments’ users. P2P payments are primarily used by millennials, who frequently send money to friends and split bills using apps like Venmo and Zelle. P2P payments are also used by small businesses to pay suppliers and accept payments from clients. P2P payments provide a quicker and more secure alternative to cash or checks for people looking for a convenient and secure way to transfer money.

     

    Peer-to-peer (P2P) payments are discussed in detail in the research that is being presented here. It includes information on the history, key characteristics, operation, flow, key businesses, key applications, and key users of P2P payments. We offer a thorough and insightful analysis of P2P payments, highlighting its advantages and applications in various contexts, as experts in corporate banking and fintech. Our study aims to provide businesses and individuals with the knowledge they need to evaluate the potential of P2P payments and decide whether to incorporate this technology into their financial dealings.

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