New apps are available to split electronic money between parties. Gone are the days of bringing cash wherever you go. Instead of handing the dough over to friends or family when you owe, you can send them money virtually. Now, that is REAL money, but sent virtually. In the world of virtual reality, this idea has become reality. It is not the virtual that has become real, but that the real money can move virtually. What are the advantages of these apps? What people or groups may find these apps helpful? Are there concerns that the payer may have? What about concerns of the payee? Can you think of when the use of a P2P app is unacceptable?
Users of apps such as Zelle or Venmo have found out that if they mistype a phone number or an email address, they will send their cold hard cash to a stranger, and may not get it back. Failure to send money to the correct person may mean that you lose that dollar amount and “repay” funds to the correct individual.
Read the attached article to learn about the new peer-to-peer apps in the marketplace. After reading the article, research to see what the state of Florida has to say about the use of these type of “cash apps.” Create a guide to P2P payment apps for students. Include three sections:
Use the graphic and articles to investigate how P2P apps are used fraudulently. Use the Better Business Bureau and Consumer Reports to compare and contrast two different peer to peer payment apps.
SS.912.FL.2.1: Compare consumer decisions as they are influenced by the price of a good or service, the price of alternatives, and the consumer’s income as well as his or her preferences.
SS.912.FL.2.3: Discuss that when buying a good, consumers may consider various aspects of the product including the product’s features. Explain why for goods that last for a longer period of time, the consumer should consider the product’s durability and maintenance costs.
SS.912.FL.2.5: Discuss ways people incur costs and realize benefits when searching for information related to their purchases of goods and services and describe how the amount of information people should gather depends on the benefits and costs of the information.
SS.912.FL.2.7: Examine governments establishing laws and institutions to provide consumers with information about goods or services being purchased and to protect consumers from fraud.
SS.912.FL.6.8: Discuss the fact that, in addition to privately purchased insurance, some government benefit programs provide a social safety net to protect individuals from economic hardship created by unexpected events.
SS.912.FL.6.10: Compare federal and state regulations that provide some remedies and assistance for victims of identity theft.
Created by Deborah Kozdras and Brittany Sampson