Peer-to-Peer Payment Apps: A Brief Overview

The growing influence of the web has reached to an extent where we can roam around cashless. No, I am not talking about going cashless with your ATM card in the wallet, which would take care of the needs. But, this is one of the scenarios where you can go cashless and cardless at the same time. Just with a swipe on your touch screen you can make payments or transfer funds or initiate a payment to the merchant or to anyone as you wish.

Yes, it is happening. Moreover, there are people who are worried about the safety and security of their payments, which prevents them from using this payment mechanism, where you can go cashless and cardless without any further worries of carrying money with you all the time.

One of the examples of this payment wallet could be best illustrated by the Paytm wallet that is one of the coolest payment gate way. Let us think about a situation where you are planning to hire a UBER cab for your next journey. It is late in the night and you need to get home from office. You are not carrying cash with you and it is a little bit difficult to find ATM’s nearby. But, you need to get home and you are going to hire an UBER. What do you do?

Your UBER app shows the payment options as: “CASH” and “Paytm.” Which one do you select? As we have already discussed you are in short of cash. Now the only option you are left with is the Paytm. You check on the Paytm option and within minutes your UBER is here. You enjoy one of the coolest ride home and your Paytm takes care of your payment. Here, there are quite a few advantages of not having to carry cash around.

You have been traveling alone at night with a stranger. We cannot prevent disasters such as theft which happens at the most unexpected time. But, with cashless and cardless payments we are ensuring that there is more security to our lives and assets than ever and also, we are saving ourselves the effort of always keeping money with us.

The payment happens instantly as you are dropped at your destination. You can go home and have a sound sleep. Also, think about your situation where you went out for a team dinner. And, all of you planned to split the bill amongst the team. Now you have the easiest way of payment with you. You can transfer it via the payment wallet and burp merrily after a delicious dinner at one of your favorite restaurants.

So, what exactly is this peer-to-peer payment app?

Let me not give you any complicated definitions, if you haven’t heard of it before, I wish to make it easier for you. This system acts or takes up the responsibility of a messenger or carrier, which would provide you with a bridge to transfer or initiate payments from your bank account to another individual or merchant’s account or card via a software app. Ain’t it easy?

These days we can observe that a number of youngsters are in awe of these apps that makes it easier for them to go around without the typical difficulty of carrying cash or card with them every time they wish to make a purchase or transfer back the money someone had lend them. But, there are still those who are worried about the safety, which you can take a chill pill, because it is safe and secure.