Peer-to-Peer Payments
Also called: P2P payments, Venmo, Zelle, instant transfer
Peer-to-peer payments move money directly between individuals through an app, usually instantly. The consumer-protection gap is the thing to know: a payment you authorise, even if you were tricked into it, is generally not reimbursable in the way card fraud is, which is why scammers insist on these apps. Bank-run networks settle into accounts directly, while app balances may not be insured until withdrawn.