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Person-to-person payment apps growing in popularity

P2P (person-to-person) payments allow you to transfer money quickly and safely, helping them gain popularity as people carry less cash.

GOLDEN VALLEY, Minn. - Whether you’re splitting a check, pitching in on a gift or paying back a friend who loaned you some cash, P2P (person-to-person) payment apps make sending and receiving money easy.

Dan Ament, Financial Advisor with Morgan Stanley, joined KARE 11 Sunrise to talk about the growing popularity of these apps.

P2P (person-to-person) payments utilizes online technology that allows customers to transfer funds from their bank account or credit card to another individual's account via the Internet or a mobile phone.

More than 82 million people will use P2P in U.S. this year, and mobile P2P payments are expected to reach $167 billion in 2018.

PayPal, Venmo, Zelle, FB Messenger, Google Wallet and Square Cash are among the most popular providers to consider.

Despite their popularity, security remains a top concern for consumers. It's a major factor in why some consumers have not used person-to-person (P2P) payments through a financial institution.

Credit: ERIC PIERMONT
The logo of online payment company PayPal is pictured during LeWeb 2013 event in Saint-Denis near Paris on December 10, 2013. AFP PHOTO ERIC PIERMONT / AFP PHOTO / Eric PIERMONT (Photo credit should read ERIC PIERMONT/AFP/Getty Images)

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