In today’s world, there is a high growth in digital and online payments. Now there are many modern types of money transfer and payments. Option available, you may be aware of few terms in general.
(P2P) Peer-to-peer or person-to-person payment refer to transactions made online or between two applications.That means the first person is allowed to send money from a bank account or credit card, E-wallet or bank account through the app.
Among the different P2P payment systems, the most popular are :
- Online banking services
- Independent services
- P2P mobile payment apps
(B2B) Bank-to-bank money transaction is the newest way of increasing humanitarian values in the internet and mobile technology. With this money transfer application can transfer money within minutes.
Among the different B2B payment systems, the most popular are :
- NEFT (National Electronic Funds Transfer)
- RTGS (Real Time Gross Settlement)
- IMPS (Immediate Payment Service)
- Bank account fund transfers
Cross border digital remittance refers to the cross-border types of money transfer and payments of a bill or invoice between two or more parties through the internet.It usually includes fund transfer between residents, non-residents and earnings transfer from short-time workers from other countries to their country of origin.
This type of international remittance enables its users to directly send money from your mobile phone to their friends and family’s bank account. In this scenario, the amount debited from the sender’s account is credited directly to their friends’ and family’s bank account after applying the applicable charges.
Mobile payment is made for a product or service through a portable electronic device such as a tablet or cell phone. Mobile payment technology is also being utilized to send money to friends or family members where the amount is directly sent to the recipient person.