Peer To Peer Payment App Development Company

Technology and digital transformation have streamlined different aspects of our lives, saving us time and energy in ways we cannot imagine. Making payments these days is not as tedious and problematic as it used to be back in the time. Mobile wallet apps and payment apps have simplified the process. This clearly shows that we are all moving constantly towards a zero-cash economy.

Various services let people send money and receive it in real-time with no need for ATM cash withdrawals and checkbooks. PayPal is internationally trending, to name a few services, while others are confined to countries like Paytm in India. P2P payment platforms are evolving how we use money in our everyday lives, whether local or global.

What is Peer To Peer Payment App?

P2P payment app platforms assist people in transferring money from their bank to the bank of another person. The use of these apps has become trending in various countries across the globe. The mobile wallet app development market is anticipated to grow more than $330 billion by 2021. A mobile app platform created by a mobile app development company in the States can get used to paying rents, cab facilities, electricity bills, splitting bills, etc.

Types of P2P Payment Apps

Standalone Payment App

These P2P app developers in the States have their system that boosts money transfer independently. These standalone payment apps have a wallet offline that allows users to save their funds before unloading it. This service is offered by vendors like Venmo and PayPal, with PayPal leading. PayPal is used in more than 200 nations. App developers have created other platforms in the States like this, such as Airfox and Square cash.

P2P Foreign Exchange

These P2P foreign exchange payment apps drop intermediaries by providing currency exchanges, saving the user over 50% of transaction fees.

P2P Lending Apps

These apps, created by a mobile app development company in the USA, offer users with microloans with interest rates less than banks. They are beneficial to users who want to monetize their offers.

Bank-Centric Payment Apps

Bank-centric payment apps are P2P apps that have a bank as one of the transaction parties. These apps can get divided into 2 categories by mobile app developers into the States: one where the bank has a mobile app and others where the P2P payment apps can transfer funds via its partner bank. The well-known bank-centric P2P payment apps are Zelle, Popmoney, and Clear Change.

P2P Cross-Border Transfer Apps

These apps enable the transfer of money from one country to another. The cross-border transfer apps allow secure transactions and affordable remittance.

Social Media Centric P2P Payment Apps

Different social media platforms have developed P2P apps over the years. A mobile app development company in the States has a payment feature integrated to its messenger that lets users transfer funds on the app.

Essential Features In Your P2P Payment App

You must make sure that the dedicated mobile app development company includes these essential features for your mobile payment platform. These features will play a significant role in the success of your app.

Notification
This feature informs the user when payment has been initiated or received--- it even notifies the user of each activity on the app. When you recruit dedicated mobile app developers, make sure they include this feature as its essential that all payment apps have this. Some apps go far enough to send bill due date notifications.

Fingerprint Security Lock
There are lots of risks linked with P2P payment apps since they contain essential credentials and bank information. These reasons are why mobile app companies must offer infallible security for their apps. The protection can be by rendering a fingerprint lock for the app, making sure that only the user can access the account.

Transaction History Feature
Ensure that you recruit the best developers that understand the importance of including a transaction history feature to the app. This is an essential feature as users will always want to see a history of previous transactions.

Unique ID
A unique ID or one-time passcode is required so users can confirm a transaction before the payment is deducted. It is significant to include the use of OTP or Unique ID in your app to increase the mobile payment platform's security.

Bank Transfer
Your mobile payment app must be flexible enough to let the users transfer money to the bank account from the app. There are multiple models for every P2P payment app- a few include a small fee for every transaction while others don't.

Buy & Sell Cryptocurrency
Cryptocurrencies have been a buzz around the world for a long time now. Your mobile payment app should let users buy and sell cryptocurrencies smoothly and efficiently. This feature in your payment app will set you apart from others.

Chatbot
P2P payment app must have a chatbot that can respond to all the queries that may occur while transferring funds, false deductions from the wallet/account, and when the user loses the web connection.

Challenges to Develop a P2P Payment App

No matter what type, challenges will always be there. There are 2 types of challenges that you might face: Technical or Non-Technical.

Technical Challenges

Security: The biggest challenge any payment app development company has to face is security. In the past, hackers have messed with the most popular and secured platforms such as NIC Asia Bank and PayPal. And because these apps have a massive amount of confidential data in one place, the risk is always higher, and it becomes necessary for the P2P service providers to make sure complete security.

Currency conversion: This poses a challenge when faced by all the P2P payment apps. It becomes challenging to convert the currency in real-time because of more than 180 currencies in the world.

Non-Technical Challenges

Regional Limitations: The common thing with most P2P payment apps is that they are bound to their geography. Today also there are not such P2P apps that enable users to transfer money across borders.

Dispute cases: There are several issues related to P2P payment solutions. For instance, when a user sends money to their friends, the other person does not receive it even when it is debited from the sender's account.

Cost of Developing P2P Payment App

The cost here mainly depends on the mobile app development company you opt for. Developing a P2P payment app is costly and demands a lot of skills and expertise. Creating a peer-to-peer payment app ranges from $20,000 to more than $100,000 depending upon the features included in the app. Everything plays a role in determining the cost, such as team size, location, and developers.

Future of P2P Payment Apps

The future of these apps looks brighter, with the likelihood of Blockchain technology and cryptocurrency integrated. P2P payment apps are redefining the way we make the payment in several ways. The increasing usage shows that users are shifting from physical to digital form of money transfer.

This is the perfect time to invest your funds and time to build a robust P2P payment app to earn a first-mover advantage. This segment will revolutionize the financial industry's future, and you want to be a part of it.