READ: Explore Person-to-Person Payments - Personal Finance

Name _________________________ Hour ___________

READ: Explore Person-to-Person Payments

What we now know as P2P, or person-to-person payments, really got their start with the company PayPal at the turn of the 21st century. Complete this activity to learn more about P2P. All links to videos and articles are available on my website at cooldogpf.links Part I: How does P2P work? Use the promotional video for Popmoney (located halfway down the webpage) and the Person-to-Person Payments Definition to find out.

1. What is P2P used for?

2. What information do you generally need about a person to send them funds using P2P?

3. 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?

4. If Beth sends Randall $20 using an app like Popmoney... a. Where do the funds come from?



Last updated: 9/12/18

1

b. Where do the funds go? c. How do the funds travel?

5. What "old fashioned" features of checking accounts is P2P replacing?

Part II: Who uses P2P, and how? Use the Bank of America report, Trends in Consumer Mobility, to learn about current trends in P2P.

6. What percent of Americans surveyed use P2P payments? 7. What percent of American Millennials use P2P? 8. Why do you think there's such a prevalence of P2P usage with Millennials that isn't true of older generations?

9. What types of expenses do young people pay most frequently using P2P?



Last updated: 9/12/18

2

10. What is the most common relationship for consumers requesting or sending funds using P2P? Why might that be the case?

11. Look at the charts on page 5 of the report. What fact from this page is most surprising to you? Why?

Part III: What companies provide P2P payment apps? Use this PCWorld website to learn a bit more about which companies offer a P2P service and key details you should understand about their services.

12. 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 even heard of this

Venmo

Square Cash

Zelle

PayPal Mobile

Google Wallet (2017)

Facebook Messenger for payments

Snapcash

13. This article offers 5 things to know about P2P payment apps. a. Which tip do YOU think is most important for users to understand?



Last updated: 9/12/18

3

b. Why?

Part IV: Wrap Up Now that you've learned more about person-to-person payments, answer the following questions.

14. Your younger cousin asks, "Hey, do you think I should start using a P2P payment app?" Complete ONE of the three sentence starters: Option 1: Yes, you should starting using a P2P app, and here's what you need to know... Option 2: No, you should NOT starting using a P2P app, because... Option 3: It kind of depends on...

15. How do you imagine your own P2P usage will evolve over the next ten years? Why?



Last updated: 9/12/18

4

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download