You can use PayPal to transfer money into your eligible Fidelity accounts and send money to others. We also recommend that you familiarize yourself with the security and best-practices of your cash app of choice.Person-to-person money transfer and payment options A misspelled email address or wrong number could send your money to the wrong person. Double or Triple-check your recipient's information before you send a payment.Set up alerts so you will be notified about every transaction.Use two-factor identification and a PIN before completing a transaction.You can help to protect yourself from P2P scams by taking the following steps: It's not recommended that you use these apps to pay people you don't know, like a stranger selling goods on an online marketplace. Many P2P systems have been targeted by hackers and scammers so, it is always wise to use these apps to pay only people that you know and trust, like your roommate, best friend, or babysitter. However, these measures may not always be foolproof. It's best to only use P2P payment services/your cash payment app among friends, family, and people you know and trust.Ĭash Payment apps like PayPal, Venmo, and Zelle® have different ways of keeping your information secure like encrypting your financial information and using other security measures to protect your funds. P2P services were created to be a means of transferring funds from friend to friend and most services clearly state in their policies that their platforms should not be used in business transactions. If you choose to use your cash payment app for a business-related transfer, the P2P service will likely offer no fraud protection or assistance in reclaiming lost funds. Never use a P2P service for business purposes or for a money transfer with someone that you don't personally know. Any time you need to transfer funds to others, payment apps are the way to go. Pay your portion for the Airbnb you’re splitting with family, send your roommate half the rent or reimburse a friend for the money you borrowed. You can pay someone for what you owe, and request and receive money. People are increasingly using these apps because they’re fast, convenient, and easy to set up and use. Peer-to-peer (P2P) cash payment apps let people send and receive money electronically. To see this page properly please use a JavaScript enabled browser.
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