Are you looking to know how to build a P2P payment app? Or the process, features, and cost behind P2P payment app development? If not, then you landed on the right blog.

In the technology world, there is simply no shortage of convenient payment methods these days P2P payment app development company use. The hassle-free way to send and receive money using the P2P Payment App Development really may have a significant impact on transferring real time payments securely. The super-simple mode of transferring money straight to another person’s account is becoming an interesting concept nowadays. Especially after the pandemic time, people are more prone to choose this efficient and secure option in their day-to-day transactions rather than looking for some nearby banks or visiting them. So, in this blog, we will explore how to make a P2P payment app with its cost, features, and other important factors.

Due to the migration of peer to peer payment systems into the app development, there is no need to carry something like a wallet. You just take off your smartphone and buy anything with a single tap of your finger, with no worry about where you are. You can use this simple cash app in your daily life from any place. 

Let’s go straight to the point if you are interested in the fact that these seamless peer-to-peer payment networks became so popular in just a decade then it is the right place for you to get more insight about the desired topic. 

With this blog, we are going to assist you with some of the important points that should be included in making a high-end P2P payment app development platform. 

So, here we go.

What are the P2P payment applications?

how to build a p2p payment app

Peer-to-peer payment systems act as an intermediary platform for two transacts from your financial institution to some other bank account using the application which is known as a peer-to-peer payment application. 

The payment p2p app development is designed in such a way that they have offered maximum benefits to people without having any kind of worry about their money.

The platforms are so reliable and user-friendly that they are coming to be most especially among the next generation. With the advancement of technologies like AI ML and blockchain, such peer-to-peer networks are much more secure and reliable in sharing money. Especially when we look at the youth or younger generation, they are more interested and feel safe in quickly adopting such fast software.

You just need to create your account and connect it with your bank account or your credit cards, debit cards, that’s all. For further security and personalization, you can add more details to your account like your email address, phone number, and beneficiary, and set your amount limit. The platform is highly aligned with passwords and additional financial data of both sender and receiver to prepare a solid and secure platform for its users. 

These platforms are simple and super fast. You need not switch to some other platforms while transaction. This can help you to save your money while transferring your idle money. 

Using such platforms gives no headache to add a bundle of details, or for every transaction remember the user ID and transaction password stuff. Just have your phone, your payment application, and a proper internet connection. That’s all; there is no kind of agitation which makes everything super simple. 

 Related Post: 7 Ways AI and ML are transforming Fintech Industry in Unexpected Ways 

How Does the P2P App Interface Work?

We come to the most interesting part which is how to build a p2p payment app and how the P2P payments work. We have already come to know that these real time payments are extremely simple and exciting and the transaction will take just part of a second. But that’s not enough to get to know the detailed workflow. 

Payments are part of our life for regulating our daily work. For any of our needs to get accomplished we would require some kind of money transfer every day. From having dinner with friends or buying some medicine from the online E-commerce market, P2P payment platforms are a real savior. Having our money in our hands can give us so much confidence that we can buy anything. The digital mode of payments gives us an instant option for money which will not let us keep in any kind of weird situation. 

  • The first important thing is registration and the login process. 

P2P payment app development company has already geared all the basic functionality required to work with our payment gateway. The setting process is super easy with P2P. Just enter the details like name, phone number, address, etc., and a strong password.

  • Add beneficiary 

The next step is to add the names and bank details of the person you want to transfer the amount to. Before that do KYC to get secured your money to perform.

Recommended Read: How to Build a Loan App

  • Set the amount limit

This is the important feature that would restrict you from unknowingly transferring large deductions to your accounts. Before the transfer, you should have to change the set limit to more. 

  • Add transaction password and login password

For the first time you are doing the transaction, you must add passwords and then the cash app will invoke you and add a pin which will get everything super fast for you. You further need not remember your passwords.

  • Receipt generates

At the end of the successful transfer of money, automatically generated the invoice or receipt. Like in the physical banks, you have your passbooks. 

Many reasons in the past decade would impact the sudden growth in these futuristic payment modes. The major reason is that it is a super-fast money transfer option, saves so much time for the user, and gives a high level of security in their minds. 

Using a single tap the user can get access to the app and perform any kind of money payment within seconds. These payment options are secure, convenient, and optimal for international and regional money transfers. 

P2P Payment App Development

Challenges That Can Be Faced to Build a P2P Payment App?

Even after the integration of many new technologies and market analysis, you need not be aware of some of the areas where your cash application platform could lack. You must understand that having prior knowledge about the loopholes and the challenges existing in the sector will help you build a money transfer app or user-centric application. Let’s explore how to build a p2p payment app with an easy process.

The fintech app development company is facing two important challenges, which are further distributed into the main areas;

Technical Aspects

  • Security

It is the major concern you should have to focus on and add parameters that would help your ecosystem work. As the peer-to-peer payment network is dependent on several third-party integrations, it is important to defer security to the users so that they can easily attach their bank details to your platforms and do transactions. 

  • Merge with PCI-DSS

Using compliance with payment regulatory standards like PCI-DSS would add more security and atomicity to the overall performance of the payment platform. 

  1. Your app must have full proof of management from any of the vulnerabilities that arise during transactions. 
  2. You should have strongly aligned your cash app with the policies 
  3. Make your system super secure and confidential.

Recommended Read: Fintech App Development Companies

  • Easy currency conversion

Today with the speculation of the currencies it would become a nightmare for the companies to create a real-time currency conversion system that would allow people to transfer money from their local places to the international.

If you are under a tight budget you need to talk with your mobile app developers so that they will add an interface that makes the cross-border money transfer super fast. 

Nontechnical aspect

  • Any dispute arises

Sometimes we get stuck in weird situations. We have performed the transaction and money is deducted from the account but it is not received by the next person. 

Such disputes arise many times in the transaction. Your developer must take care of these things to make a surreal experience for the users. 

  • Geographical boundaries 

Although the market is overflowing with many similar peer-to-peer applications, it has some refrain and limitations. To make it versatile and beyond the geographical limitations, you must be aware of such concerns. 

  • Traditional Mindset 

People are happy to follow the same comfort of mind in making cash-based payments. This gives them a gesture of satisfaction and trusts that they have shared the money with the right person in real time without any failure. 

They are feared for money transactions on digital platforms and share their confidential details.

Recommended Read: NFT Marketplace Development

How to Develop the P2P/Peer-To-Peer Payment App?

To develop the core architecture of the solid-proof money transfer payment platform, the p2p payment app development company must include feature implementations and a technology stack. 

Let’s discuss some of the important features of creating a mobile payment app for your peer-to-peer channel without any limitations. 

how to build a p2p payment app

Features implementations

  • Send and request money

Users always prefer to choose a secure and seamless platform where they can easily perform their transactions. The peer-to-peer transaction platform gives them the freedom to spend their money.

  • Push notifications

The user needs to be aware of any important update or notification without a halt. They feature a push notification that helps the user not miss any important payment updates. 

The p2p payment app development company adds this important feature so that users can perform any task well aware of any important update. 

  • User wallet

User wallets are an important feature for payment p2p app development. In a user wallet, the user can add their bank account details and use them as a mode of payment when sending money. 

Related Post: Money Transfer App Development – Cost & Key Features

At times of urgency, these wallets are super secure and aligned with the user account to ensure hassle-free transactions without internet usage. 

  • Send invoices or bills

Once the user performs their transactions they can see the overall transaction bills on their dashboard and can save them or download them for future purposes. 

These invoices are an alternative to the passbooks used at physical banks, and they allow the user to keep track of every transaction they have made in the past. 

  • Transaction history dashboard

The user can view the transaction history dashboard inside their profile area. This space is specially designed to give a brief overview of the first transaction that users have performed. 

With this section users get information about every sending and receiving activity happening in their account and in case of any mishap they can directly contact the application assistant or the connected Bank. 

Recommended Read: Top Blockchain App Development Companies

  • Send money to the bank

Peer-to-peer payment application gives the user a smooth experience 24/7 to perform any transaction with their interface. Our next question is how to make a payment app that is reliable and convenient for the user. The option to give money smoothly makes the wholesome app reflective of the businesses.

The send money to the bank feature allows the user to transfer money to another bank account or receive it directly into their bank accounts from a third-party vendor. 

This is the must-have feature the p2p payment app development company needs to include in the application: letting users perform their bank transactions without the need for passwords, user IDs, KYC, or anything else. 

  • Have unique OTP

One thing that is important during the transaction is the one-time password. 

This is OTP which is automatically generated once the user initiates any kind of transaction from the application this helps to secure their account from any vulnerability.

  • Security features with fingerprint lock

To add another level of security inside your P2P payment application, you can add a security feature like a fingerprint lock or smart face lock. Usually, it is nice to add such kinds of locks to add an extra layer of security to the user when they want to perform any money transaction. 

At the same time, it helps to limit any hacker from misusing the platform. 

  • Chatbots

Chatbots are the real man savior to reduce the workloads of businesses.

Related Post: Chatbot Business Model: How to Start a Chatbot Business? 

With the advancement of technology, machines, and bots have their minds. As a business owner, you always need a solution where you could save the time of your users and also retain some good money without wastage by hiring a physical support assistant. 

And so the better alternative is Chatbots. These are user-friendly companions who can assist them at the time when they are facing any kind of problem while using the application or they need to rectify their query based on the payments or similar things. 

  • Buy or sell cryptocurrency

First, we get to know about cryptocurrency or blockchain. They are actually in so much in Trend. These are the autonomous features people are using more rapidly nowadays. Cryptocurrency is a digital currency that is a better alternative to physical money to be easily accessible across the world with full security under the compliance of government policies and with the mutual agreement of everyone which is under the frame of blockchain.

Related Post: Blockchain App Development

Adding cryptocurrencies or blockchain in your application gives more security constraints to your application and enhances the trust of the users towards your platform. 

peer to peer payment system - CTA


Technical Stack for P2P Payment App Development

How to build a P2P payment app? Using the technical stack it would become easier for businesses to create their apps. Let’s understand them. 

  • Chrome notifications
  • Third-party APIs
  • Amazon SNS, APNS, and Firebase cloud messaging
  • Bamboo invoice
  • Rest APIs
  • 3rd party SDKs like Firebase, and Twilio
  • Biometric or two factor authentication, Optical fingerprint, 
  • 3rd party SDK: Facebook messenger chatbot
  • Microsoft Bot Framework
  • BitcoinJ SDK
  • What is the Cost to Create a P2P Payment App?
Cost of Developing the Peer-to-Peer app

The market for peer-to-peer mobile apps is fierce and fragile. For the new players, it is our request to join the race after becoming aware of the consequences and adversaries. 

The cost of the P2P payment app development is another important factor to get to know. As of now, your mobile app development process has been completed. It’s time to calculate the cost bargains. If your app meets every technology and requirement and if not then make it a call to action for further development and modification by the developers or p2p payment app development company.

Then estimate the cost for every factor. How to make a p2p payment app would depend on the nature, technicalities, feature implementation, revenue model, how many steps to reach the final product and the post support.

In conclusion, everything the cost of the P2P payment app development would go around $30k-$45k.

What are the Different Categories of P2P Apps?

The p2p payment apps are widely distributed as follows:

  • Stand-alone P2P apps

Apps like PayPal and Venmo are prominent in offering reliable payment transfer options to people. These apps stand alone as they are single-handedly created by the vendors without any integration of banks.

Usually, the vendors have a P2P money transfer app on their phones to send money to their peer network. It consists of the wallet add-on feature which will be securely capable of transferring money. 

Paypal has successfully helped the vendors in transferring their money more than 250M times. Venmo has shown a significant growth rate of 58% in payments.

 Related Post: Venmo Business Model: How Does Venmo Work & Make Money?

  • Apps centric on bank

These cash apps are primarily focused on the banks with which the banks are involved in the niche payment app. This gives the user more sector options for payments like financial institutions, credit unions, or any partner financial institution.

One of the best examples is Zelle which helps to directly transact the money from the bank account. 

Related Post: Zelle Business Model: How Does Zelle Work & Make Money?

  • Social media-centric apps

Today the social media sectors have so much buzz and thrill everywhere. It becomes the major source for any business to hit success gain decent traffic or become viral on the spot. 

Use the importance of social media channels and add them to your platform to have a positive impact on the growth rate of your peer-to-peer mobile app. 

For example, Facebook is one such social media channel that is integrated with online payments to multiply the chances of traffic reach in the eyes of audiences. WhatsApp also comes with a secured and encrypted payment mode of transfer; which helps the platform both its publicity and lets the users make instant payments without leaving the platform.

Related Post: WhatsApp P2P Payment – Is It the Beginning of an Era?

  • Mobile platform-focused apps

The mobile platform must be fast and surreal to enhance the experience for the user to perform their money transactions. The mobile-centric P2P payment apps are so much in the scenario.

Here the user not only pays their money quickly but has their proof of billing with them. Always connect with some trustworthy service provider to limit any kind of threat in your app. Otherwise, there is a high chance for the users to leave your platform soon.

In the survey it is mentioned that the poor user experience lets the users leave your platform and never come back, the rate is very high at about 48%. 

It is either of your choices to choose any platform to build a p2p payment app but make it unique in terms of any perspective. 


Peer-to-peer applications are playing a nautical role in the enhancement of money transferring over online platforms. Over the years both companies and the government have taken reliable steps to assist the new businesses to enter into this segment. 

As the population is increasing day by day and digital banking solutions require so much headache to enter details before every transaction, it would become a curse for people to use it. So, P2P payment apps are the real leader in controlling everything. 

You have having high chance to come and join the movement and answer the most asked question about how to create a mobile payment app for contactless payment channels and give unique solutions to your audiences so they adapt more to such technologies in comfort. We are a leading p2p payment app development company that delivers result-oriented services. Hire our dedicated app developers to create an app like Venmo for your next project.

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FAQs For P2P Payment App Development Company

Digital Marketing Head

Kamal Kishor is a digital marketing enthusiast and a seasoned writer with a passion for exploring the dynamic world of technology. With a background in computer engineering, Kamal brings a unique blend of technical expertise and creative storytelling to his tech blog.

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