Technology continues to change the world in many ways on a daily basis. While it may not seem like that long ago when everyone was fascinated by the use of smart phones, it has reached the point now where people use smart phones the majority of the time and for a wide variety of functions. One area that continues to grow is the use of peer to peer payment technology. Technology has improved to the point where this type of payment can easily be done in a matter of seconds in a safe and secure manner. Peer to peer payment technology has the opportunity to completely change the landscape of the way people do business and banking today.
Using a Peer to Peer Payment System
The notion of using an outside payment system to pay for goods or services is not anything revolutionary. Going back as far as the 1st initial use of credit cards you can see a style of this being born. However, today the nature of the payment system has become one where hardly any type of interaction between the 2 parties is even necessary. With the steady growth of PayPal, a payment system that has made great use of the Internet and allows people to make payments for goods or services through their system without having to exchange credit card numbers or banking information, it was only a matter of time before other companies sought to take advantage of this technology.
Where the Technology is Going
The technology involved in peer to peer payment continues to grow and expand as people seek faster and more efficient ways to do transactions and safe ways to keep their payment information without fear of fraud or identity theft. The recent announcement made by Facebook regarding the use of their Messenger system as a forum that people can use to send immediate payments to each other has the opportunity to completely revolutionize the system. This system will allow people to easily send money back and forth between family and friends and certainly has the potential to begin to involve small businesses and independent sellers that are looking for fast and easy payment methods. Facebook’s announcement certainly puts other digital payment methods on notice that they intend to be a big player in the peer to peer payment technology considering that over 1 billion people use Facebook regularly.
Internet companies and businesses are slowly moving towards a much friendlier digital payment system. With people already capable of incorporating their smart phones into payments thanks to applications such as PayPal and Apple Pay, it is not surprising that it is likely that society will see more of this type of payment activity. People will easily be able to send money back and forth to each other and to businesses and services in a more safe and secure manner than is available today through the use of credit cards. With so many people worried about identity theft and credit card theft today, peer to peer payment technology is certainly going to be a strong option moving forward to the future.