technology refers to a contactless payment method that enables customers to make card payments using a mobile phone as a point-of-sale device. The merchant’s mobile phone is used as a card reader, allowing customers to tap their card on the phone to make a contactless payment.P2P payments, on the other hand, are transactions between individuals who use mobile apps or online platforms to send money to each another. These transactions can be initiated from a bank account or a digital wallet.
When comparing Tap on Phone technology with P2P payments, there are some notable differences. Tap on Phone technology is primarily used by merchants to accept payments, while P2P payments are used by individuals to send and receive money. If you’re running a business, here are 5 reasons why Tap on Phone technology is the best low-cost payment option for your business.A key difference between the two offerings is the maximum transfer amount. P2P payments are often capped with leading South African providers limiting transactions to R3000. However, with Tap on Phone transactions, there are no limits.Currently, P2P is only available through selected banks, namely FNB, Standard Bank, ABSA and Nedbank.