What is a P2P payment app? How peer-to-peer payments work
By SendPay Business · · 2 min read
A peer-to-peer (P2P) payment app lets people send money straight to each other from their phone, to split a bill, pay back a friend or send money to family. The app sits on top of bank accounts, cards or its own balances and moves the money through payment networks.
How a P2P payment works
- The sender picks a contact, phone number or account and enters an amount.
- The app checks the sender has the money and runs its security checks.
- Money moves between balances in the app or out through a bank payment network.
- Both people get a notification and a record of the payment.
Fees and speed
Sending money inside one app is often free and instant, because it's just a change of balances. Sending to another bank or to another country can take longer and carry fees or an exchange rate markup, so check before you send.
Staying safe
Payments to other people are usually hard to reverse, so only send money to people you know. Watch out for scams that pressure you to pay quickly or to a new account.
Where SendPay fits
SendPay lets you launch your own money app under your brand, with GBP, EUR and USD accounts, transfers, branded Visa cards, payment links, invoices and subscriptions, powered by licensed partners. SendPay isn't a bank and doesn't offer lending.
Build it
Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
Build my platform →Questions people ask
Who owes what after a group meal?
Split the bill fairly with the free calculator.
Split the bill calculator →What is Faster Payments?
The UK system that moves most bank transfers within seconds.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.