Venmo. PayPal. Zelle. Google Pay. These are all standard person-to-person (or P2P) payment systems that allow you to send money to another person using your mobile device through a linked bank account or debit card.
Here’s how it works:
Let’s say you’re out at dinner with your friend, Jane. The waiter didn’t hear you say you wanted separate checks, so instead of fumbling through your wallet for cash or change (which most of us don’t have), Jane says she’ll go ahead and pay the bill with her debit card, and you can pay her back. You then take out your phone, open your P2P app of choice, pick Jane from your contact list, type in the amount you want to send and your PIN, and press send. You’ve paid Jane. Once she receives the money, Jane can either leave it in her P2P account or transfer it to her bank account.
Are P2P payments safe?
Most of the major P2P systems encrypt your financial information and have fraud monitoring systems available to help resolve any issues you may have with unauthorized transactions. But there are also things you can do to make sure your money goes where you want it to go – and your accounts are safe when you accept payments as well. Here are a few things to consider:
Add a PIN. Many apps require you to create a PIN to complete transactions. Be sure your PIN is unique – stay away from birthdates or other prominent dates in your life and try to avoid using numbers in sequential order.
Opt for Notifications. In most cases, you can set up to be notified either by email or text for any completed transaction. If something seems out of line, contact your bank immediately.
Transact Only With People You Trust. Once your payment is sent, you can’t get it back. Plus, there’s no guarantee you’ll receive the item you’ve purchased. So, your best option is to only send money to the family, friends, and colleagues you trust.
Pay Attention to the Details. Double-check the amount you’re sending before you submit your request. Remember, once the money is sent, it’s gone.
By following these simple tips, you’ll protect your money and your identity from potential fraud and other issues.
P2P at QBC.
QCB recently introduced our proprietary P2P system called “PaySomeone,” which is located in our free mobile app. You can feel confident we take every precaution to keep your transactions safe – whether your money is coming or going.
Download our free mobile app here and start enjoying all the benefits of QBC. If you have any questions about our mobile app or “PaySomeone,” please don’t hesitate to call us at (405) 755-1000, or visit us at 122nd & North May Avenue in OKC.
