Peer-to-peer payment apps such as Venmo and PayPal have made transferring money between friends incredibly convenient, but as Kimberly Palmer of Nerd Wallet points out, there are certainly risks involved.
Errors can occur, whether it’s sending money to the wrong person or accidentally inputting the wrong amount. Fraud is also a concern, with scammers finding creative ways to exploit these platforms. Additionally, the ease of sending money might tempt some to overspend or lose track of their finances.
