P2P payments: what is it and how does it work

Business, English - June 28, 2022

Card-to-card payment using a special service is called P2P. This is one of the most common operations that may need to be performed at any time. Its feature is the lack of requests for recipient data. You can use Internet banking and the required website to make such a transaction (even if the instructing agent and beneficiary may be customers of different banks). In addition, there’s a possibility to use such solutions through non-bank payment services such as Portmone, Payment, P2Y, Easypay, and Ipay.

The tendency is that every year the cost of transfers from one card to another becomes more affordable, banks often offer particularly favorable conditions to the owners of certain cards and do not charge a fee for P2P transfers. Mentioned banking operations from one bank are usually quick but there may be difficulties if you need to make an interbank transaction. P2P transfer is carried out on more favorable terms.

Image 1. P2P payments: what is it and how does it work

Two types

There are two types of operations presented. Such payments are:

  • International. Money is transferred to the payment card of a bank located in another country. This operation does not require additional documents. All you need is the recipient’s card number.
  • Internal. Costs are transferred within one country. The fee for P2P payments is lower than for regular banking.

All of them are popular and are widely used.

Advantages of P2P transfers

  • You can quickly settle with partners, suppliers, and employees, or get money from others.
  • A report is provided for each transaction, which can be viewed in the personal account.
  • The transfer is performed as quickly as possible and with minimal costs.
  • No need to go to the bank, all actions are performed using a computer or laptop and a special service.
  • There’s a possibility to install the wallet app and use all of its advantages.

The story goes about the Wallet Factory Company which offers modern digital wallet applications for business development. The white label platform makes it easy for users to get a positive experience and enjoy the well-thought-out soft at an affordable price. Visit website to find additional information.


Modern encryption methods are used when sending client data. Therefore, information about the instructing agent and beneficiary is securely protected due to the customer data protection technology. Data encryption, anti-fraud monitoring, and additional security levels are solutions Wallet Factory takes to ensure the security. Moreover, all the protection solutions are constantly developed for reaching the desired security level.

The presented service and the available apps are used in different countries. This allows the customers to pay for goods and services all over the world. At the same time, the interest for the transaction will be much lower than when using the functions provided by the usual transfer systems and software of the institution that issued the card. The recipient receives money almost instantly, even if he/she is in another country.