Digital P2P Payments

P2P payments as a terminology is generally used for two kinds of payments:

1. Personal to personal: It involves technologies which utilize an intermediate for customers to transfer funds from their back accounts/credit cards to another individual’s account through internet or a mobile transaction.
2. Peer to peer: This refers to transactions where users can transact directly without needing an intermediary. One of the most popular use of peer-to-peer technologies has been the introduction of the Bitcoin payment system which was invented by Santoshi Nakamoto in 2008. In the Bitcoin system, transactions are verified by network nodes and recorded in a public distributed ledger. The ledger uses its own unit of account, also called bitcoin.