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Peer-to-Peer Lending, also referred to as P2P Lending, is basically the process of lending money directly to different people or companies over the Internet, such as through online peer-to-peer lenders matching lenders and borrowers for a specific amount. Peer-to-peer lending is relatively easy to find because it is more often than not found on the Internet. In fact, there are more lenders on the Internet today than there are offline banks and lending institutions. Most people use these services because it is the easiest way to receive a loan, especially if they have a bad credit history. Since these loans are secured, they offer better rates than other types of loans. Factors such as lesser operating cost and lower market risk for the lenders and the borrowers is driving the market growth of peer to peer lending. Growing digitization in the banking sector is again adding impetus growth to the market of peer to peer lending. According to the World Bank study, 140 million unbanked individuals opened their first-ever account to receive digital payments in 2017. Growth in the number of small business lending entities coupled with the emerging countries such as India and China is further anticipated to foster the market growth of the peer to peer lending. Read More @ https://coherentmarketinsights-cmi.blogspot.com/2020/11/digitalization-across-banking-sector-is.html

This is the digital age and paper checks are a thing of the past . From small to medium size businesses, it's high-time to carefully choose the types of payments not only for the present but future too.

The National Payments Corporation of India recently issued a circular stating that all merchant transactions done through PPI will be charged an interchange fee of 1.1% on the transaction amount of more than Rs.2000. However, all bank to bank UPI transactions are still free.