ProfGiraffe2965
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Answer the [allowing uuestions: 0 Do you have a checking
account? Why or why not? Ca Answer: 0 What do you think are
some of the advantages and disadvantages of having a …
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Answer the [allowing uuestions: 0 Explain why it’s so important
to take advantage of the FDIC insurance offered by (almost all)
banks. c- Answer: One might argue that a checking acc…
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iinswer the iellewing question: 0 What are some of the
disadvantages of being locked out of, or choosing not to belong to,
the traditional banking system? C:- Answer:
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Answer the [allowing uuestions: 0 What two methods of
depositing and withdrawing money are most convenient for you?
Why? If: Answer: I What is the main difference betwee…
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iinswer the iellewing question: 0 lfvou could only give ONE piece
of advice to someone who is going to use prepaid cards for their
spending, what would you say? Whv would vou recom…
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NGPF Activity Bank
Checking
RESEARCH: Person-to-Person Payments
According to NerdWallet, peer-to-peer payment systems also known as P2P payments or money transfer apps allow users to send one another money from their mobile devices through a linked bank account or card. They make splitting bills with friends and family painless.
Complet this activity to learn more about P2P payments.
Part I: How does P2P work?
Read the How Peer To Peer Payments Work section of this https://www.discover.com/credit-cards/card-smarts/what-are-peer-to-peer-payments/#:~:text=Peer%20to%20peer%20payments%2C%20or,an%20online%20or%20mobile%20app. and answer the questions that follow.
How do you set up a P2P payment account?
How do you find a user to send them funds using P2P?
The day they go on sale, Beth forgets her money to buy season tickets to the high school basketball games. Randall has extra cash in his wallet and pays for her ticket. How is P2P useful for Beth in this scenario?
Part II: What companies provide P2P payment apps?
Use this https://www.magnifymoney.com/banking/best/p2p-payment-apps/ to learn a bit more about which companies offer a P2P service and key details you should understand about their services.
For each P2P app reviewed in this article, place a checkmark on the chart with your familiarity for their service.
I’ve used it myself I know someone who uses it I’ve heard of this before I’ve never heard of this
PayPal
Venmo
Google Pay
Apple Pay Cash
Zelle
Square Cash App
Popmoney
Part III: Research
Use the resources in the article above to select 3 apps you want to research in more detail. Then, conduct your own research to access additional resources and fill out the table for each app. While doing your research, think about the following questions:
Does the tool work with specific banks/accounts only? Or can you use it regardless of your bank?
Who am I allowed to send money to?
Is there a fee for my transactions?
What security or anti-fraud measures does this company take to protect their users?
App #1 Name:
Primary Purpose & How the App Works:
Who can you pay? Fees to send money Fees to cash out Pros Cons
App #2 Name:
Primary Purpose & How the App Works:
Who can you pay? Fees to send money Fees to cash out Pros Cons
App #3 Name:
Primary Purpose & How the App Works:
Who can you pay? Fees to send money Fees to cash out Pros Cons
Part IV: What Do You Think?
Which of the apps you researched would you use? Why this one?
Compare your answer to #5 with a partner. Which app did they choose and why?
What top 3 criteria would you recommend someone use to evaluate an app they are thinking of using? Explain your reasoning.
Why do you think P2P apps have become so popular?
