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Glenda Moehlenpah, CPA, CFP®
Financial Bridges
13319 Poway Road, #506
Poway, CA 92064
Phone: 858-486-0100
Email: glenda@financialbridges.com
Website: www.FinancialBridges.com
January/February 2024
Cashless Payments on the Rise
Cash is out. Peer-to-peer (P2P) payments are in. P2P services allow an individual to send money to another person’s bank account through a third-party website or mobile app after linking a bank account or credit/debit card. Since contactless transactions became popular during the pandemic, consumers have begun using P2P systems instead of cash or cards, and many small businesses, nonprofit organizations, and vendors offer that option.
Popular Apps
There are several peer-to-peer payment services, and each one may work a little differently. Zelle is provided by a bank and accessed directly from the bank’s website. Other P2P services, such as Venmo, PayPal, and CashApp, can be accessed through a mobile app when both users have linked their bank account information. Google Pay and Apple Pay Cash are other popular options.Cost
P2P services are generally free for transfers between bank accounts. However, fees may be charged for linking a debit or credit card.CONTACT US
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