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Mobile payment apps such as Venmo, PayPal, and Cash App have grown in popularity in recent years. More than three-quarters of Americans have used these types of apps to send or receive money from individuals.
Yet despite the convenience and growing use of P2P apps, there are risks you should be aware of as well. In particular, the Consumer Financial Protection Bureau (CFPB) warns consumers that storing cash in apps like PayPal, Cash App, and Venmo is a habit you should avoid. Here's why.
A peer-to-peer payment app is a type of digital payment platform that allows you to transfer money to another individual using a mobile device or computer. When you register for a P2P service, you start by connecting your bank account, credit card, or digital wallet. From there, you can send or receive cash to other users who are registered with the same P2P service.
Depending on the P2P payment app, you may incur fees when you send money. Other services may charge you fees to transfer funds to your bank account — especially if an international transfer is involved. Many P2P apps, however, offer free payment options for sending cash between friends and family members. Non-expedited domestic bank transfers may be free as well, depending on the app.
#apps #transfer
Mobile payment apps such as Venmo, PayPal, and Cash App have grown in popularity in recent years. More than three-quarters of Americans have used these types of apps to send or receive money from individuals.
Yet despite the convenience and growing use of P2P apps, there are risks you should be aware of as well. In particular, the Consumer Financial Protection Bureau (CFPB) warns consumers that storing cash in apps like PayPal, Cash App, and Venmo is a habit you should avoid. Here's why.
A peer-to-peer payment app is a type of digital payment platform that allows you to transfer money to another individual using a mobile device or computer. When you register for a P2P service, you start by connecting your bank account, credit card, or digital wallet. From there, you can send or receive cash to other users who are registered with the same P2P service.
Depending on the P2P payment app, you may incur fees when you send money. Other services may charge you fees to transfer funds to your bank account — especially if an international transfer is involved. Many P2P apps, however, offer free payment options for sending cash between friends and family members. Non-expedited domestic bank transfers may be free as well, depending on the app.
#apps #transfer
22 hours ago
