7 Tips for Sending P2P Payments

Article originally published on February 5, 2019, and updated on May 3, 2023.

It’s no secret that peer-to-peer payments have grown increasingly popular over the last few years. Many of us already use a service such as Venmo^® or Apple Pay^® — and we are not alone. Two out of five Americans (40%) say they use peer-to-peer, also known as P2P, payment services, at least once a month, according to Consumer Reports.

Peer-to-peer payment services allow users to send, receive and request money online or through an app, making transfers quick and convenient. It’s a great way to send money to family, friends, and people you know such as your roommate, babysitter, or neighbor.

With most users already engaging in these fairly effortless money transfers, here are seven tips to consider when sending funds peer-to-peer.

Peer-to-Peer Payment Tip #1: Only send money to people you know

This may seem obvious, but most fraudulent peer-to-peer transactions are the result of users sending money to strangers. Be sure to only send money to people you know and trust.

If you don’t know the person you’re sending money to, you should not use peer-to-peer. Peer-to-peer is not designed for business use or the sale or purchase of goods. These types of transactions are potentially high risk and are not protected or insured by most P2P services.

Peer-to-Peer Payment Tip #2: Double check recipient info

Peer-to-peer payments typically cannot be cancelled, so it’s important to confirm that you’ve entered the correct email address or U.S. mobile number when sending money.

Peer-to-Peer Payment Tip #3: Confirm that money was received

The person that you sent money to should be notified via email or text message once the peer-to-peer transfer is complete. It’s a good idea to reach out to them and confirm that funds were received.

Peer-to-Peer Payment Tip #4: Be mindful of fees

With so many peer-to-peer services out there to choose from, make sure that you are using a service that makes good financial sense. While many providers don’t charge users for transfers from a checking account, some do charge a fee to use your debit or credit card. Knowing the fee policy can save you in the long run.

Peer-to-Peer Payment Tip #5: Read the privacy policy

The best way to understand how your personal and financial information is being used or shared is by reading the provider’s privacy policy and terms of service. Venmo, for example, makes information about your transactions public to other users by default, unless you adjust your privacy settings.

Peer-to-Peer Payment Tip #6: Monitor your transactions

Your financial information is encrypted when you use a peer-to-peer payment service, but security policies and protocols vary by provider. It’s a good idea to monitor your money transfers and keep an eye out for any unauthorized transactions. If your provider offers additional security protections, such as email or text message alerts or a PIN, take advantage of those added features.

Peer-to-Peer Payment Tip #7: Know your limit

All peer-to-peer providers have transaction limits or daily spending limits. It’s unlikely that you’ll run into an issue if you’re just paying a friend back for dinner, but it’s good to know. Spending limits don’t necessarily come with fees, but they could affect your ability to make your payment on time.

Need to settle up with your dog-walker, split the cost of the check, or pay back a friend for amazing concert tickets? Send money to and receive money from friends, family, and people you know and trust with Zelle^®*. Learn more about Zelle^® now.

*U.S. checking or savings account required to use Zelle.^® Transactions between enrolled users typically occur in minutes. See your Zelle^® Payment Service Agreement for more details. Standard text and data rates from your mobile phone carrier may apply. Available services are subject to change without notice. Zelle^® is intended for sending money to family, friends, and people you know and trust. It is recommended that you do not use Zelle^® to send money to people you don't know. Neither Zions Bancorporation, N.A. nor Zelle^® offer a protection program for any authorized purchase made with Zelle.^®

In order to send payment requests or split payment requests to a U.S. mobile number, the mobile number must already be enrolled in Zelle.^®

Zelle^® and Zelle^® related marks are wholly owned by Early Warning Services, LLC. and are used herein under license.

Venmo^® is a registered trademark of Paypal, Inc.

Apple Pay^® is a registered trademark of Apple, Inc.