When consumers spend their money, they don't just spend it on businesses and organizations in exchange for goods and services. They also spend it on each other.
Whether it's giving a gift to a grandchild, splitting a restaurant bill with a friend or providing a tip to a waitress, households typically spend thousands per year on person-to-person transactions, the name the payments industry gives to money that's paid, given or transferred to another individual (not a business, school or organization).
Most P2P payments are offered in cash, but the growing use of smartphones could change that.
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