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What is Person-to-Person Payment?
Person-to-person, or a ‘P2P’ payment, is a term you may have heard in conversation or mentioned in passing. This new form of payment is a way to send or request money from your friends and family, or pay bills via an app faster and easier.
P2P payments are a secure way to send money and let you transact without sharing your account information with the other person. As an added bonus, the system tracks your transactions so you don’t have to think about manually adding or subtracting amounts later. Also, you can choose how quickly the payments go through to help you manage the money in your account.
As an example of a P2P process, let’s say you and your friend Tom have gone out to lunch and you forgot you were out of cash. To split the bill, you enter your friend’s phone number or email address into the app along with the amount you want to send. You can add a note-to-self that this was for lunch at your favorite bakery, and even add a personal message to your friend about how much you loved seeing them and can’t wait to do this again. You hit send, and your message goes to Tom. If Tom already has the app, he can accept the transaction and the money is then deposited into his account. If Tom doesn’t have the app, then he is provided quick and easy setup instructions on for install and adding his information, securely. Voila! The money is deposited into his account. After Tom’s initial signup, the money will transfer with the click of a button.
Signing up and transferring money with a P2P payment system is simple and efficient. Pay back a friend for dinner, chip in for a birthday gift, pay a bill, the possibilities are endless.
Send and Receive Money With Zelle®
GNCU members have access to Zelle® through digital banking. Zelle® is a convenient way to send and receive money with friends, family and others you trust, even if they bank somewhere different than you.1 Use Zelle® to gift money, pay the sitter, or split the cost of a night out. Click here to learn more.
