Chiara
Wed Oct 02 2024
|
5 answers
871
How can you lose money with P2P?The Risk in Using P2P Payment Apps Once the money is sent, it's gone. When you send money outside of your financial institution through a peer-to-peer app, it is under no obligation to refund your lost money. Instead, you are bound to the user agreement terms within the P2P app utilized for the transaction.
So, let me get this straight. If I use a peer-to-peer payment app to send money, and something goes wrong, like the person on the other end doesn't send me what they promised, I'm basically out of luck? There's no way to get my money back, and I'm stuck with whatever the terms of the user agreement say? That seems pretty risky, doesn't it?
