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The basis you should know to develop effective P2P Payment Application

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A zero-cash future doesn’t sound like something extraordinary anymore, as digital wallets for iOS and Android have genuinely become the in thing in recent years. And official statistics confirm it. eMarketer claims that there were 82 million mobile phone P2P payments customers in the US in 2018. Moreover, the number of people who make at least monthly transactions is projected to reach 52,5% by 2022. So can there be more persuasive reasons to dwell into the P2P Payment App specifics?

First of all, let’s start with the basics. The P2P platforms enable users to fund transfers from one application’s client to another by utilizing banking accounts and credit cards. As you already know, with the help of peer-to-peer apps, you may pay for numerous services, such as ride, car rent, or diner. This kind of transaction is accessible to different banks’ clients and various payment systems’ owners. Creating a P2P account is quite a straightforward process containing two simple steps. 

peer-to-peer-app development
  1. The primary step is registration, no matter what platform you choose.
  2. Secondly, you have to link the card or bank account to the service account itself.
  3. Finally, various apps may call for personal data, passwords, and memorable words for security strengthening.

When the whole process is completed, you can find your acquaintances by entering names, emails, or phone numbers. Through a couple of clicks, native P2P apps allow their customers to send and receive funds. Basically, you just need to select a recipient, the amount of money, and the purpose if it is necessary. In the majority of cases confirming the password plays the role of an additional security layer. The waiting time usually depends on the particular type of service and transfer options you prefer. As soon as money is delivered, users are able to withdraw funds to their accounts.

In this article, we will also consider the modern types of payment solutions, their specifics, as well as key merits. And apart from getting to know P2P Payment App Features better, you will find out more about the revenue model. But first things first. 

The most widespread types of P2P platforms

You have probably heard huge names such as Venmo or Zelle. However, different kinds of P2P apps are suitable for various purposes. Let’s spell them out right now.


Necessary features of payment apps and how to monetize them

Discrete and banking services are definitely two more popular options. If you are thinking about developing payment apps, you should dive into exploring these types of solutions more. Yet another short section will help you to understand more about the significant features of P2P. So integral elements are the following:

Now, when you are aware of the basic elements of P2P systems, you can think over the unique features of your future app. 
Monetization is the next essential step of web payment app development. There’s a lot to talk about in this section, so let’s learn more about revenue opportunities.

web payment app development, web app development

In addition, your solution may сombine the features of several kinds of monetization. The project’s complexity usually depends on the concept readiness, your business goals, and the product’s functionality for the developing process. And the one surefire way to estimate the cost at an early stage is to undertake a thorough cost analysis. 

web app development

Moreover, that is the critical step before conducting discovery sessions. A cost-effective approach will help you to find out if Android or iPhone application development should be fully outsourced or it is possible to create a product both in house and outside a company.

Ukrainian software development company PNN Soft

PNN Soft has been offering cutting-edge corporate solutions for 20+ years. We have created more than 1000 efficient and stable web-products for different industries, including peer to peer apps. Our company provides clients with full-cycle development by giving professional support, and we also promote web-solutions. We do believe that being innovators means continually honing our skills.

When it comes to developing P2P, security is our primary concern. And we know exactly which set of functions spells success to your innovation.

Check out the portfolio for a better understanding of our web products. It’s the right time to take the initial step.

If you consider Ukrainian software outsourcing as an option for developing apps with higher quality, fill in the form below.