There are situations where you need to split the entire bill into multiple portions. Facing such a situation ends with the use of peer to peer payment apps that give you the option to split any sort of online bill between the payees.
But as it is an online medium of payment, people consider being a bit suspicious as, whether the peer to peer payment apps is secure and reliable to use or not?
For you here we have brought some essential tips that you can use to ensure safe and secure payment through P2P apps.
Verify Every Transaction: Most of you actually doesn’t know the right way fo using the P2P payment applications. In these apps, the payment is kept in the app wallet until you sent them directly to your bank account. Even after you shoot the payment back to your bank, you should verify whether the payment has been made successfully or not. The payment if doesn’t get transferred, it should be attended immediately.
Always Update your Apps: The biggest mistake that most of the people do is avoiding the regular updates that are available for their Smartphone. The apps are given an update to omit the security bugs and many other performance fixes. So, to keep your P2P application up to date, it’s important to update the app whenever any new update is made available by the developer. You can easily check the Play Store to check the available update and upgrade your application.
Avoid Scam Transactions: Sending/Receiving money from an unknown guy demand high security and attentiveness during the transaction. When you receive any payment, you should not send the goods until your entire money is transferred to your bank account. Also, ahead of a peer-to-peer payment transaction, you should read the terms and conditions of the sender. You should proceed with the payment only when you are assured of its authenticity.
Always Opt for Additional Security in P2P Payment Apps: When you are using the peer to peer payment apps, it’s important to select additional security to keep each and every transaction secure. There is the option to enable additional security in every P2P payment app which you should use to add an extra security layer to your payment app. This will keep each and every transaction secure form scammers/hackers.
Stop Social Media Interference: There are many peer to peer payment applications which use social media as the brand promotion strategy. Under this branding strategy, they shoot the post from your end about every transaction you make from that app. It’s good to restrict the permissions to such applications and stop the interference of social media in using such payment apps.
Venmo is one of the renowned peer to peer payment applications which is used by more of the people over the globe. But if you are using any other application, you should get maximum knowledge about the application before installing it in your smartphone and start using it.
What more do you think should be considered for secure P2P payment apps.