I can’t recall the last time I gave my teenage daughter cash for anything. If she needs money for gas, I Venmo it. A Taco Bell study break with the roommates? No problem. With one click, I transfer money from my Venmo account to hers. She uses a Venmo credit card to make her purchase. To this mom, cash apps may be the best thing to happen to parenting since location tracking became possible. But as convenient as these apps may be, are they safe for your family to use?
How do they work?
The research company, eMarketer, estimates that 96.0 million people used Peer-to-Peer (P2P) payment services this year (that’s 40.4% of all mobile phone users), up from an estimated 82.5 million last year.
P2P technology allows you to create a profile on a transfer app and link your bank account or credit card to it. Once your banking information is set up, you can locate another person’s account on the app (or invite someone to the app) and transfer funds instantly into their P2P account (without the hassle of getting a bank account number, email, or phone number). That person can leave the money in their app account, move it into his or her bank account, or use a debit card issued by the P2P app to use the funds immediately. If the app offers a credit card (like Venmo does), the recipient can use the Venmo card like a credit card at retailers most anywhere.
Some of the more popular P2P apps include Venmo, Cash App, Zelle, Apple Pay, Google Wallet, PayPal.me, Facebook Messenger, and Snapcash, among others. Because of the P2P platfor ..
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