What is a P2P transaction, or “send money”?

They are the same thing under two names. P2P — person to person — is money moving from one individual’s mobile account to another’s. In Bangladesh Bank’s published breakdown it stands as its own transaction category.

The difference from cash out is fundamental. In a P2P the money stays inside the system — it simply moves between accounts, and no physical cash changes hands. In a cash out the money leaves the system and becomes notes.

That distinction matters practically, because once received the money sits in the recipient’s account — they can pay a bill from it, buy something, or cash it out later. Sending and withdrawing are two separate decisions.

Check the number at least twice before sending, especially the last three digits. There is a process for recovering money sent to the wrong number, but it is slow and does not always succeed — a second’s checking saves days of trouble.

Sources:

• Bangladesh Bank — MFS statistics