Make Your Life Easier with Peer-to-Peer (P2P) Payments
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 (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, 64 percent of Americans use a P2P payment service.*
There are many P2P payment options available and it’s typically easy to enroll and start sending money. Apple Pay, CashApp, Google Pay, Venmo and Zelle® are a few P2P services you may have heard of 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 set up, 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 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.
One popular P2P payment option is Zelle® and it’s already available for free in the PFCU Mobile App, so there’s no need to download another app or enter in your bank account, credit card, or debit card information. You can enroll with Zelle® using just your email address or U.S. mobile number. Money sent with Zelle® arrives directly in the recipient’s bank account in minutes, even if they bank somewhere different than you.** Zelle® is available in the mobile banking apps of over 1,900 banks and credit unions. Learn more about how using Zelle® can help you send money to friends and family at PittsfordFCU.org/Zelle.
* Source: Consumer Reports Survey Group, Peer-to-Peer Payment Services, January 10, 2023
** U.S. checking or savings account required to use Zelle®. Transactions between enrolled users typically occur in minutes. Zelle® should only be used to send money to a well known trusted recipient. Members must be 18 years of age to use Zelle®.
Zelle® and the Zelle® marks are property of Early Warning Services, LLC and are used herein under license.
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