Digital payment platforms facilitate the electronic transfer of money between individuals, typically using mobile apps or online services. These systems offer a convenient alternative to traditional methods like cash, checks, or wire transfers. Two prominent examples of these platforms enable users to send and receive money directly from their bank accounts or stored balances.
The rise of these platforms has streamlined financial transactions, offering speed and accessibility for everyday payments. Their convenience has made them particularly popular for splitting bills, repaying debts, and sending gifts. They have also altered the landscape of peer-to-peer financial interactions, removing friction and creating new opportunities for digital commerce.