Person to Person payments or P2P Transfers, is an online-based technology in which allows for people to pay or transfer money from their own bank accounts to another person’s account, usually made through their phones. In general, there are many perks to P2P transfers, especially when it comes to online transportation companies such as Lyft. With Lyft, the driver and the customer are both extremely satisfied with P2P transfers as they are less of a hassle.
P2P transfer satisfaction has been growing rapidly over the past couple of years due to its benefits. Many companies have been using these person to person transfers, also called peer to peer transfers as they’ve become extremely accessible. Below, we’ve compiled a list of reasons why these type of transfers within Lyft are swift and straightforward.
IMAGE: PEXELS
Cash Uncertainties
Whether you’re coming back from a night out, or you’ve just gone to the cinema, you may be wanting to go back home. Instead of waiting outside until a cab passes by, you take out your phone and order a Lyft. Since you’ve spent most of your money on the night out, and you’re uncertain whether you have enough money to cover the ride, you use your credit card to pay for the ride. By the end of the ride, the trip has been paid for and the driver has received the fees.
Although the rough estimate of the ride is usually there, it’s hard to know the exact price of the ride. Sometimes there will be an extra cent or dollar, and many of us don’t carry around change, or don’t have it available – whether that’s the customer or the driver. With these transfers, the exact amount could be sent without the worry of change or lack thereof.
Due to its convenience and ease, there are sometimes promo codes that are given to those who use these types of transfers the most. You can use codes for lyft if you’re planning to use that particular service as they, as well as other companies that are similar have the same promo codes. So, if you’re having limited cash flow, these promo codes could help you out and save some extra cash in the bank, in this case. Some of these promo codes go as far as 40-50 dollars per ride which is a hefty number for the low price of using this type of transfer.
Convenience
Person to person transfers are extremely convenient as, with ride-sharing apps like Lyft, more than one person could be riding the same vehicle. When it comes to the end of the ride, instead of trying to do the math and trying to split the available cash evenly, one person could pay the fees. After that, with other online P2P applications, the money could then be transferred to the person who paid. This increases the customer satisfaction for both the driver and the customer, and since there technically is no “middleman”, the money is transferred with no deduction.
Not only can this be convenient for you, this can also be convenient for friends. For example, if your friend or family member is in another area and needs cash to order a ride, you can personally order it for them. If you know their location, you can send a Lyft, and it’ll deduct from your account without them having to pay any cash.
A third way this could be extremely convenient is if there is an entire family connected to an application such as Lyft. P2P transfers usually support the concept of “group” transactions. For instance, a provider for the family could want to create an account solely for the purpose of letting his or her children use this service when there’s an emergency. So not only can he or she transfer the money, they can also create a secondary account for emergencies.
Speed
These transfers are extremely fast. In the past, such as transfers, these would take about 2-3 days to be transferred. In recent years, though, Lyft started using Express Pay which means that drivers could be paid in one of two ways. They could either have a weekly installment in their account or get instantly paid through their bank account. The drivers get to choose how they get paid, but either way the money transaction is pretty much instantaneous. It is then must faster and more convenient for the driver as well as the customer is given that the money is sent as soon as the ride ends.
Secure/No Scams
There have been many cases where there were issues with the payment of money. Either people don’t pay at all, the money is not real, it’s lacking, etc. With P2P transfers, however, there are no scams at all since the entire transaction is basically through a bank. Almost all P2P payments are encrypted, or concealed and coded, and banks and transportation companies have a ‘fraud-monitoring’ system that denies any sort of hackers or scammers to enter.
Good For The Ecosystem
The future of monetary transactions is through technology. Online transfers are better for the ecosystem as paper money will be used less and less. Overall, millions of dollars are lost or torn, and new money needs to replace that. Trees are getting chopped down more and more due to the frailty of the money, which is terrible for the ecosystem. With money transactions staying online, they limit the amount of paper that needs to be used and turned into money.
There have been numerous studies conducted recently on the satisfaction of person to person transfers. The amount of people all over the world who have *registered* mobile phones has reached 5 billion people. That goes for the majority of the world, having the capability to possibly access the internet. This means then that person to person transfers are and will be a growing success, for all types of businesses and consumers.
Besides the mentioned qualities of person to person transfers when it comes to transportation, an extra quality is that you don’t need the credentials or any account specifics of the person in front of you. As long as both are using the same app, these transfers could be extremely quick and easy. Almost all banks support person to person transfers since many people are more satisfied using such services.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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