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Person to Person Payments (P2P) - E-Payment System, E-Commerce Video Lecture | E-Commerce - B Com
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FAQs on Person to Person Payments (P2P) - E-Payment System, E-Commerce Video Lecture - E-Commerce - B Com
| 1. What is a person-to-person payment system? |  |
Ans. A person-to-person payment system, also known as P2P, is an electronic payment system that allows individuals to transfer funds from their bank accounts to another person's bank account. It enables convenient and quick money transfers between individuals without the need for physical cash or checks.
| 2. How does a person-to-person payment system work? | |
Ans. In a person-to-person payment system, users typically need to have a registered account with the payment service provider. They can then add their bank account information to the system. To make a payment, the sender needs to provide the recipient's bank account details or their unique identifier within the payment system. The payment service provider facilitates the transfer of funds from the sender's bank account to the recipient's bank account electronically.
| 3. Can I use a person-to-person payment system for online shopping? | |
Ans. Yes, person-to-person payment systems can often be used for online shopping. Many e-commerce platforms and websites integrate with popular P2P payment providers, allowing users to make payments directly from their bank accounts. This provides a convenient and secure way to pay for goods and services online without the need for credit cards or other traditional payment methods.
| 4. Are person-to-person payments safe and secure? | |
Ans. Person-to-person payments are generally safe and secure. Reputable payment service providers employ strong encryption measures and secure networks to protect users' financial information. However, it is important for users to exercise caution and only use trusted payment platforms. It is also advisable to verify the recipient's details before making a payment to ensure the funds are transferred to the intended recipient.
| 5. What are the advantages of using a person-to-person payment system? | |
Ans. Using a person-to-person payment system offers several advantages. It provides a convenient way to transfer money to family and friends, eliminating the need for physical cash or checks. P2P payments are often faster than traditional methods, with funds reaching the recipient's account within minutes. Additionally, P2P payments can be done anytime and anywhere, as long as there is an internet connection, making them highly accessible for users.
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Nov 23, 2024 Last updated |
Video Description: Person to Person Payments (P2P) - E-Payment System, E-Commerce for B Com 2024 is part of E-Commerce preparation.
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