What is a key benefit of using P2P payment platforms?

The key benefit of using P2P (peer-to-peer) payment platforms is that they significantly reduce transaction costs by eliminating intermediaries. This model allows individuals to send money directly to one another without the need for traditional banking systems or intermediaries, such as payment processors or banks. By bypassing these middlemen, P2P platforms can lower fees associated with transactions, making it more economical for users to transfer funds.

Furthermore, since P2P payment platforms often leverage technology and operate over the internet, they can facilitate instantaneous transfers, which enhances the user experience and encourages more frequent transactions. Along with cost efficiency, the ease of use provided by these platforms contributes to their growing popularity among consumers looking for quick and affordable ways to conduct transactions.