diff --git a/packages/api/src/constants/index.ts b/packages/api/src/constants/index.ts
index b8eec4fcaadf..4fb2e4a827f4 100644
--- a/packages/api/src/constants/index.ts
+++ b/packages/api/src/constants/index.ts
@@ -1,3 +1,2 @@
 export * from './countries';
 export * from './onfido';
-export * from './payment-method-icons';
diff --git a/packages/api/src/constants/payment-method-icons.ts b/packages/api/src/constants/payment-method-icons.ts
deleted file mode 100644
index 039ca45c975f..000000000000
--- a/packages/api/src/constants/payment-method-icons.ts
+++ /dev/null
@@ -1,5 +0,0 @@
-export const PAYMENT_METHOD_ICONS = {
-    bank: 'IcCashierBankTransfer',
-    other: 'IcCashierOther',
-    ewallet: 'IcCashierEwallet',
-};
diff --git a/packages/api/src/hooks/p2p/useAdvertInfo.ts b/packages/api/src/hooks/p2p/useAdvertInfo.ts
new file mode 100644
index 000000000000..ba6747fc0390
--- /dev/null
+++ b/packages/api/src/hooks/p2p/useAdvertInfo.ts
@@ -0,0 +1,45 @@
+import { useMemo } from 'react';
+import useQuery from '../../useQuery';
+
+/**
+ * This custom hook returns the advert information about the given advert ID.
+ */
+const useAdvertInfo = (
+    payload: NonNullable<Parameters<typeof useQuery<'p2p_advert_info'>>[1]>['payload'],
+    options?: NonNullable<Parameters<typeof useQuery<'p2p_advert_info'>>[1]>['options']
+) => {
+    const { data, ...rest } = useQuery('p2p_advert_info', {
+        payload,
+        options,
+    });
+
+    const modified_data = useMemo(() => {
+        const p2p_advert_info = data?.p2p_advert_info;
+
+        if (!p2p_advert_info) return undefined;
+
+        return {
+            ...p2p_advert_info,
+            /** Determines whether the advert is a buy advert or not. */
+            is_buy: p2p_advert_info.type === 'buy',
+            /** Determines whether the advert is a sell advert or not. */
+            is_sell: p2p_advert_info.type === 'sell',
+            is_block_trade: Boolean(p2p_advert_info.block_trade),
+            is_deleted: Boolean(p2p_advert_info.deleted),
+            is_active: Boolean(p2p_advert_info.is_active),
+            is_visible: Boolean(p2p_advert_info.is_visible),
+            /**
+             * @deprecated This property was deprecated on back-end
+             * @see https://api.deriv.com/api-explorer#p2p_advert_info
+             * **/
+            payment_method: p2p_advert_info.payment_method,
+        };
+    }, [data?.p2p_advert_info]);
+
+    return {
+        data: modified_data,
+        ...rest,
+    };
+};
+
+export default useAdvertInfo;
diff --git a/packages/api/src/hooks/p2p/usePaymentMethods.ts b/packages/api/src/hooks/p2p/usePaymentMethods.ts
index 41bf71517f7f..a7ca84bcc756 100644
--- a/packages/api/src/hooks/p2p/usePaymentMethods.ts
+++ b/packages/api/src/hooks/p2p/usePaymentMethods.ts
@@ -1,6 +1,5 @@
 import { useMemo } from 'react';
 import useAuthorize from '../useAuthorize';
-import { PAYMENT_METHOD_ICONS } from '../../constants';
 import useQuery from '../../useQuery';
 
 /** A custom hook that returns a list of P2P available payment methods **/
@@ -21,8 +20,6 @@ const usePaymentMethods = () => {
                 ...payment_method,
                 /** Payment method field definitions. */
                 fields,
-                /** Icon for each payment method based on the type */
-                icon: PAYMENT_METHOD_ICONS[payment_method.type],
                 /** Payment method id */
                 id: key,
             };
diff --git a/packages/hooks/src/useP2PAdvertInfo.ts b/packages/hooks/src/useP2PAdvertInfo.ts
index 19bceaffa7eb..5078e8cc7d49 100644
--- a/packages/hooks/src/useP2PAdvertInfo.ts
+++ b/packages/hooks/src/useP2PAdvertInfo.ts
@@ -3,6 +3,7 @@ import { useFetch } from '@deriv/api';
 import { TSocketRequestQueryOptions } from '@deriv/api/types';
 
 /**
+ * @deprecated Please use `useAdvertInfo` from the `api` package instead.
  * This custom hook returns the advert info for a specific advert by calling 'p2p_advert_info' endpoint
  */
 const useP2PAdvertInfo = (id: string, options: TSocketRequestQueryOptions<'p2p_advert_info'>) => {