P2P Payment App Development – Cost and Key Features

In the technology world, there is simply no shortage of convenient payment methods these days. The hassle-free way to send and receive the money using the P2P payment apps really may have a significant impact on transferring the payments securely. 

The super-simple mode to transfer money straight to the account of another person is becoming an interesting concept nowadays. As per some surveys, it is estimated that the peer-to-peer payment option has reached a revenue of $86 billion in 2020. Especially after the pandemic time, people are more prone to choose this kind of efficient and Secure option in their day-to-day transactions rather than looking for some nearby banks or visiting them. 

Due to the migration of peer-to-peer payment options into the app development, there is no need to carry something like a wallet. You just take off your smartphone and buy anything just with a single tap of your finger, no worry about where you are. You can use this simple application 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 to make a high-end P2P payment app development platform. 

So, here we go.

What are the P2P payment applications?

Peer-to-peer or P2P payment systems act as an intermediary platform two transacts from your bank to some other bank account using the application which is known as a peer-to-peer payment application. 

The P2P payment app is designed in such a way that they have offered maximum benefits to the 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 and 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.

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

You just need to create your account and connect it with your bank account or your credit card, that’s all. For further security and personalization, you can add more details to your account like add your email address, phone number, beneficiary, and set your amount limit. The platform is highly aligned with passwords and additional data of both sender and receiver to prepare a solid and secured 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 passwords stuff. Just have your phone, your payment application, and a proper internet connection. That’s all; there is no kind of agitation and which makes everything super simple. 

How does the P2P app interface work?

We come to the most interesting part which is how to build a money transfer app and how the P2P payments work. We have already come to know that these 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 or 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. 

We have already geared all the basic functionality required to work with our payment platform. 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. 

  • 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

While for the first time you are doing the transaction you must add passwords and then the 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. 

Why are these apps so popular?

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 very optimal for international and regional money transfers. 

What are the challenges faced in a P2P app?

Even after the integration of many new technologies and the market analysis, you need not be aware of some of the areas where your 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. 

The P2P industry 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 can do transactions. 

  • Merge with PCI-DSS

Using compliance with the payment regulatory standard 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 while transactions. 
  2. You should have strongly aligned your app with the policies 
  3. Make your system super secure and confidential.
  • Easy currency conversion

Today with the speculation of the currencies it would become a nightmare for the companies to create a real-time currency converter 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 doing cash-based payments. This gives them a gesture of satisfaction and trust 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. 

How to develop the P2P/peer-to-peer payment app?

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

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

Features implementations

  • Send and request money

Users always prefer to choose a secured 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 so they do not miss any of the important updates of the payment. 

The mobile app development company adds this important feature so that their user can do any of their tasks well aware of any important update. 

  • User wallet 

User wallets are an important feature for money transfer app development where the user can add their bank account details and use them as a mode of payment at the time of sending their money. 

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

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

  • Send invoice or bills

Once the user performed 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 the alternative to the passbooks which are used at the physical banks so that the user gets to know about every transaction which they have had done in the past. 

  • Transaction history dashboard

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

With this section users get the 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. 

  • Send money to the bank

Peer-to-peer payment application gives the user a smooth experience 24/7 so they can 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 sending smoother makes the wholesome app reflective of the businesses.

Send money to the bank feature allows the user to transfer their money to some other bank account the user or they can either receive the money directly into the bank accounts from some third-party vendor. 

This is the must-have feature the mobile application developer needs to put inside the application to let the user perform their bank transactions without the need for any passwords, user ID, KYC, or anything else. 

  • Have unique OTP

One thing that is important while 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 the 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 the digital currency that is a better alternative to the 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 – A Step By Step Guide

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

Technical Stack for P2P Payment App Development:

How to make 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 authentication, Optical fingerprint, 
  • 3rd party SDK: Facebook messenger chatbot
  • Microsoft Bot Framework
  • BitcoinJ SDK

What is the cost to develop the peer-to-peer app?

The market for peer-to-peer mobile apps is so fierce and fragile. For the new players, it is our request to join the race after getting 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 would meet every technology and requirement and if not then make it a call to action for further development and modification by the developers.

Related Post: Mobile App Development Process – A Step By Step Guide 2022 

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

In concluding 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 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 institutes, credit unions, or any partner banks.

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 or gain decent traffic or become viral on 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 multiple the chances of traffic reach and in the eyes of audiences. Whatsapp also comes with a secured and encrypted payment mode of transfer; which helps the platform for both its publicity and lets the users do 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 payments 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. Else there are high chances for the users to leave your platform soon.

In the survey it is mentioned that the poor user experience let 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 for developing your mobile app but make it unique in terms of any perspective. 

Conclusion in a shot!

Peer-to-peer applications are playing a nautical role in the enhancement of the money transferring over the 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 the digital banking solutions require so much headache to enter details before every transaction, it would become a curse for the people to use it. So, P2P payment apps are the real leader in controlling everything. 

You are having high chance to come and join the movement and answer the most asking question about how to create a mobile payment app for contactless payments channel and give unique solutions to your audiences so they adapt more to such technologies at comfort.

Rating

Leave a Comment

Your email address will not be published.

Scroll to Top