Digital Payment Platforms - Deepstash

Digital Payment Platforms

Digital payment networks include PayPal, Square, and the Cash App. Individual accounts are primarily funded via ACH or credit card, at which point the platforms then serve as a centralized/single bank used by all accounts. As a result, all transfers between users of the same payment platform are effectively just reassignments of money held by the platform itself.

Payments are instantaneous and when money is sent between friends and family, these platforms typically charge no fees. But when a business is paid, 1.5–3% transaction fees to the business are common.

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carrmck

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