Consumers are using electronic peer-to-peer (P2P) payment technology, and...
Consumers are using electronic peer-to-peer (P2P) payment technology, and the opportunities to do so are growing, according to survey results released by Consumer Action on Friday (http://bit.ly/12mq7pi). Of the 505 consumers surveyed during April, 63 percent of respondents said they…
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used a bank to make P2P transfers -- saying “using a P2P system through a bank was ’safer’ because payments could be tracked and disputed” -- while 23 percent made P2P payments through a P2P website, Consumer Action said. The group said opportunities to use these technologies are growing, citing existing P2P payment mechanisms from PayPal and Venmo and an upcoming Google product. “Consumer Action warns consumers to read the payment processor’s terms and conditions before making a P2P payment,” the group said in a statement announcing the survey results. “Liability for lost payments, fraud or unauthorized use of a P2P account usually is based on how the personal payments are funded."