P2P, or peer-to-peer, in the context of mobile banking refers to the capability of mobile banking apps to facilitate direct transactions between individuals without the need for intermediaries such as traditional banks. P2P mobile banking allows users to send and receive money directly from their mobile devices, usually using a linked bank account or mobile wallet.
P2P mobile banking offers several benefits, such as the convenience of sending money instantly without the need for physical cash or checks. It is often used for activities like splitting bills, paying back friends or family, or making purchases from individuals.
However, it’s important to note that P2P mobile banking platforms may charge fees or impose limits on transaction amounts, so users should be aware of any associated costs before using these services.
Here’s how P2P mobile banking typically works:
*Registration and Verification
*Linking Bank Accounts
*Initiating P2P Transactions
*Authentication and Security
*Transaction Processing
*Confirmation
While P2P banking offers convenience and ease of use, there are some security issues that users should be aware of.
♃