Pay Near Me is a new service by Payconiq. This unique new feature of the free Payconiq app allows you to pay nearby contacts or even other Payconiq users via GPS. Using any mobile phone, this may be done fully contactless.

This new payment method offers plenty of advantages for businesses and individuals alike. In this article, we will discuss everything you need to know about this innovation in P2P payments.

What Is Peer-to-Peer Payments?

P2P or peer-to-peer payments are transactions that may be used for everything from dividing a dinner bill among friends to paying rent. These payments allow funds to be sent between two people via an online or mobile app, utilising their credit cards or bank accounts. They’re growing increasingly popular among individuals of all ages, and there’s no sign of that trend slowing down. In 2017, 57% of adults in the United States said they used a peer-to-peer (P2P) service. By 2020, that figure has risen to 70%.

How Peer-to-Peer Payments Work

Setting up a peer-to-peer payment account is usually relatively straightforward. Customers will create an account and attach their bank account, debit, or credit card, to whichever platform they prefer. Some apps may demand additional verification details and passwords to strengthen security. People can search for other users with their username, email address, or phone number once their account has been created.

After that, it’s usually just a matter of a few clicks to send and receive money. Users select whom they want to send funds to, the transfer amount, and, if desired, a reason for payment before submitting the payment. Money can be transferred in as little as a few seconds or as long as three business days, based on the P2P payment platform they choose.

Benefits of Peer-to-Peer Payments

Here are some of the advantages of using P2P payment options in your business:

Lower Fees

When sending money internationally, people may encounter various expenses, the most common of which are exchange rates and transfer fees.

Users find low transfer fees to be a very appealing concept. Due to the numerous intermediary banks, brokers, and mediators involved and accountable in conventional international payments mean high handling and service fees. Transactions are transparent and paid directly among two users through a peer-to-peer system, eliminating all of this. While banks typically charge a cost of approximately 5%, P2P service apps reduce this to between 0.5 and 1.5%.

Convenient and Easy to Use

The use of peer-to-peer payments is straightforward. Money can be delivered with a simple push of a button and with minimal effort on behalf of the user. Traditional payment options are significantly more inconvenient, frequently including a trip to the bank or ATM or the painstaking manual entry of account information.

Speed

Conventional methods of transferring payments overseas can take numerous days to complete, which is absurdly long compared to P2P services and cryptocurrencies, which can do it in a few seconds.

Security

P2P payment platforms are generally safe because transactions and banking information and credit card details are encrypted. The security level of different payment applications varies, but on the whole, these programs are secure to use, although not in the same way as bank transfers.

Trustworthy and Reliable

Consumers already have faith in these peer-to-peer payments and the organisations that manage them. A recent study found that by 2020, Gen Z will account for 40% of all US customers. Instant P2P payments are appealing to 79% of this group, more than any other demographic. Customers will feel more secure with a transaction if you provide them payment methods they are familiar with and trust. This will enhance loyalty and the likelihood of repeat business.

Quick, Easy, and Secure P2P Payments with Payconiq

Fintech Payconiq’s Pay Near Me responds to the growing need to make contactless payments and at a safe distance. Payment requests can be made with fixed amounts (specified by the payee) or flexible amounts (determined by the payer).

The new peer-to-peer feature in the Payconiq app is relatively simple: the user opens the app and picks the ‘Pay your contacts’ option. When you activate the ‘Find friends nearby’ option in ‘Contacts,’ the app will use GPS to look for Payconiq users inside a 100-meter radius. This feature is available to all Payconiq users.

As a result, unlike other payment options, you can pay someone who isn’t on your contact list. By selecting the contact person’s profile photo, the payment is made to whomever the money is intended for.

Pay Near Me is all about simplicity and efficiency: users don’t need a bank card to make a payment, and there’s no requirement for a QR code, link, or text message to complete the transaction. Payconiq’s Pay Near Me allows you to make 100% contactless payments from a safe distance. Finally, the Payconiq software is free to download and use on any smart mobile device (iOS or Android), and it functions on an international scale.

Take Advantage of Payconiq’s Payment Platform for Businesses

Make the most of P2P payments via GPS for your business by forming a collaborative partnership with Payconiq. You offer a win-win situation with Pay Near Me: clients can pay swiftly and conveniently while also contributing to the social distancing that is so crucial nowadays.

Are you interested in using our payment options to help you grow your business? Consult with one of our specialists today.

References:

https://medium.com/@PlutusPublications/what-are-the-benefits-of-peer-to-peer-payment-networks-28f6e1855be6

https://www.discover.com/credit-cards/resources/what-are-peer-to-peer-payments/

https://blog.ingenico.us/blog/why-businesses-should-care-about-p2p-payments

https://www.paymentsjournal.com/peer-to-peer-payment-apps-are-diversifying/

https://www.forbes.com/sites/donnafuscaldo/2019/02/28/generation-z-surpasses-millennials-in-p2p-payment-usage/?sh=5862c5d38427

https://www.genzinsights.com/marketing-to-gen-z-in-2020-what-brands-should-know