These payment platforms allow you to send and receive money from your mobile device through a linked bank account or debit card.

Smart practices for using digital payment platforms include only sending money to people you trust and making sure your recipient’s information is correct.

Picture it: you’re at the new Italian bistro in town, savoring a delicious pasta meal with a friend. When the check arrives, you reach for your wallet—only to realize you’ve left it at home. Your companion generously offers to cover your portion of the check and says you can pay them back later. Luckily, they don’t need to wait. You pull out your phone, open your favorite peer-to-peer (P2P) payment platform, and send the money directly to your friend with a few taps of your finger.

P2P payment platforms can be a quick and easy way to send money to someone you know at a moment’s notice, right from your mobile phone. They are ideal for everyday and emergency situations, giving recipients direct access to their money.

“Digital payment platforms allow us to send money quickly without the hassle of carrying cash,” said Michelle Reams, Director of Partner Marketing at Zelle. “However, because of this convenience it’s important to slow down and be mindful of who you are sending money to. Much like cash, your money can be hard to get back once you have sent it.”

How do digital payment platforms and apps work?

P2P payment platforms like Zelle, Paypal, and Venmo allow users to send and receive money from their mobile devices through a linked bank account, debit card, or credit card. In some cases, the sender and recipient must have U.S. bank accounts (they do not have to be from the same financial institution) and be registered with the platform being used to send money. Using digital payment platforms is very similar to handing someone cash.

There are many digital payment platforms to choose from today. These different services may have varying speeds, fees, reimbursement policies, safety measures, and other features to consider when exploring your options.

How can I stay safe when sending money using a digital payment platform?