There are many ways to send money electronically these days. Person-to-person (P2P) apps such as Venmo, Zelle, SquareCash and Popmoney® let you pay virtually anyone within the country and some of them are even within your mobile banking app. These digital solutions make sending money easier than ever, however they might not always be the best way for you to send your money.
You should use these P2P apps to pay people you already know and trust like friends and family. Don’t use them if you aren’t sure you will get what you paid for, like items purchased online.
|When to use a P2P App:
||When not to use a P2P App:
|Instead of splitting a check at a restaurant, use a P2P App to pay someone back for a meal.
||You’re purchasing a phone from an online bidding site and don’t know who you’re buying from.
|When using a P2P App, make sure you know and trust who you are paying and that you will receive the goods you’re paying for.
||When making purchases online, use a payment method that has a buyer protection program, like Paypal.
Whether you send money via your mobile phone, online or in person, you need to make sure that your method of payment fits your circumstances.