P2P lending is a popular financing system that brings together lenders and loan seekers on an online platform stated Bahaa Abdul Hussein. P2P payments is a system that allows users to send payments to each other directly. Both systems rely on direct interaction using technology without the need for an intermediary.
P2P lending and P2P payments
Getting a loan from a bank or a traditional financial institution is not easy. That is why P2P lending has become popular. It involves a platform that uses technology to connect loan seekers and loan givers. There is no intermediary involved and the two parties interact and finalize a long agreement. P2P platforms make it convenient for people to get loans. It allows individuals to lend their money to others and earn interest on it.
P2P payments uses technology to transfer money from one person to another. It can be done using an online tool like PayPal, Google Pay or any other tool. The system does not require you to use the bank to transfer money. Your banking detail will be kept confidential. Money can be transferred instantly making it a very convenient way to send money.
Integrating P2P lending and P2P payments
Users who interact on P2P lending platforms finalize a loan agreement where the terms and conditions are finalized. All this is done on the P2P platform and is agreed upon by the lender and the loan seeker. Once the agreement is finalized, the lender has to transfer money. This can be done using a peer to peer payment system.
The benefit is that no intermediary is required. The system is secure and most importantly payment happens instantly. It is possible to integrate both P2P lending and P2P payment. Such an integration ensures convenience for the users of the system. The platform that offers P2P lending can integrate peer-to-peer payment.
Such an integration will allow payments to be done instantly using the platform. The benefit is that user details like bank details, etc. need not be shared. The money can be transferred on the click of a mouse or tap of a button. Repayment can also be done in the same way. Adding a P2P payment system ensures convenience. Since transactions would be in bulk, any fee charged for payments would be minimal.
Conclusion
It is possible to integrate P2P lending and P2P payments in a single platform. Such an integration would allow lenders and loan seekers to transfer payments instantly using the same platform. Thank you for your interest in Bahaa Abdul Hussein blogs. For more information, please visit www.bahaaabdulhussein.com
