A P2P (peer-to-peer) transfer is a money transfer from one person to another, most often from card to card or by phone number through a bank app.
In plain words
It is the ordinary “send money to a friend”: you enter the recipient’s card number or phone number and the money arrives on the card. Banks often set separate fees and limits for such transfers depending on the tariff, the recipient’s bank and the amount. A transfer to a card at another bank can cost more than one between accounts at the same bank. Do not confuse it with P2P on a crypto exchange, where a person buys crypto from another person.
Example. You send a friend UAH 500 as a birthday present from your app to their card at another bank. Before confirming, check the fee and the daily limit in your bank’s tariffs.