How has the rise of P2P payment systems impacted the way society handles money?
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How has the rise of P2P payment systems impacted the way society handles money?
The rise of P2P (peer-to-peer) payment systems has significantly transformed how society handles money by making transactions faster, easier, and more accessible. These platforms, like Venmo, PayPal, and Cash App, allow individuals to send and receive money instantly through mobile devices, reducing the need for cash or traditional banking services. As a result, people can settle transactions, split bills, and send money to friends and family with just a few clicks, promoting a shift towards digital financial interactions and encouraging the use of cashless payments in everyday life. This change has also led to increased financial inclusivity, as individuals without traditional bank accounts can participate in the digital economy.