Sending money to friends and family is becoming a common necessity, whether you’re splitting the cost of a lunch tab, paying someone back for a shared birthday present, or even paying the babysitter. One of the fastest and easiest ways to do that is to send money digitally using peer-to-peer (or P2P) payments.

P2P payments enable you to send money to another person right from an app on your mobile device using a linked bank account, credit card or debit card. You can think of it as a digital replacement for cash or checks. Sending money this way is more convenient than writing checks or handling cash, and it has quickly become a popular way to send money across many age groups. In fact, nearly one in five Americans utilized P2P payments in 20201.

Friends in a park having a party at a table.

There are many P2P payment options available and it’s typically easy to enroll and start sending money. Apple Pay, CashApp, Google Pay, Venmo and Zelle® are a few services you may have heard or read about. Whichever option you choose, you can use your mobile device to enroll, then depending on the service, you can link your bank account, credit card, or debit card. Once you’re setup, you can start sending money to friends or family who are also enrolled with your platform of choice.

Sending and receiving money is usually just a few clicks away. You choose whom to send money to, the amount you want to send, add a message to indicate why you’re sending money, and send. Depending on which P2P payment option you use, the time it takes for the recipient to receive their money can range from a few seconds to a few days.

One of the popular P2P payment options is Zelle®, and it’s coming to the Credit Union of Denver app and online banking (desktop version) in July. With millions of active Zelle® users, you can send and receive money even if your friend or family member doesn’t bank at Credit Union of Denver2.

1 Logica Research, The Future of Money, 2020.
2 U.S. checking or savings account required to use Zelle®. Transactions between enrolled users typically occur in minutes. Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.