Peer-to-peer (P2P) payments are digital transactions that allow individuals to send money directly to one another without the need for a traditional bank. This process typically occurs through mobile apps or online platforms, making it quick and convenient for users to transfer funds for various purposes, such as splitting bills or paying for services. These payments often utilize digital wallets or payment apps like Venmo, PayPal, or Cash App. Users can link their bank accounts or credit cards to these platforms, enabling seamless transactions. P2P payments have gained popularity due to their ease of use and the ability to send money instantly.