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Make the most of digital payment apps

4 tips to help keep your money safe while using peer-to-peer payment platforms.

1. Understand how they work

“Just Venmo me” is a phrase gaining popularity. Peer-to-peer (P2P) payment apps let people who know each other send and receive money. With apps like Venmo, Zelle, CashApp and PayPal, you don’t have to worry about finding an ATM. They are linked to your bank account and let you exchange money instantly.

2. Know when to use them

Think of P2P payments like cash. They come in handy for collecting donations for an office baby shower, reimbursing a friend for concert tickets or paying your teenage babysitter. Make sure you’re only exchanging funds between people you know and trust. Double-check the recipient’s name and dollar amount before transferring the money.

3. Beware of fees

Some apps charge a 3% fee for P2P payments sent from a credit card, so link your apps to a debit card or bank account to pay directly without fees. Some apps also may charge a small percentage of the transaction amount for instant money transfers.

4. Keep your information safe

Some P2P apps display transactions publicly by default—meaning anyone can view how much you’re sending and to whom. Set your account to private before you send payments to ensure only the recipient can see the transaction.

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