The basis you should know to develop effective P2P Payment Application


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. 

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  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.

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  • Banking services. These ones are pretty common and simple in usage. All you need to take advantage of utilizing bank-centric platforms is a user account with the key provider.
  • Social media P2P. The issue of using social networks for sending payments is debated. WhatsApp is a prime example of a messenger that launched the transfer of funds system. However, security and legality cannot be guaranteed when developing an app like that.
  • Discrete service P2P. PayPal, Venmo, and other systems are not connected with particular banks. You can keep the money in the digital wallet, make payments directly through banking cards. This type of service supports both Mastercard and Visa, so you don’t have to withdraw your bank account funds. 
  • Mobile OS P2P. Quite the opposite of Venmo, that type of P2P isn’t an app in the common understanding. Apple Pay, as well as Android Pay, is built into gadgets. Please, bear in mind that only recent models support NFC technology. Do not confuse these platforms for contactless payments with peer-to-peer iPhone apps or Android apps, available for download. 

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:

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  • customer digital wallet. It stores your card information and money. 
  • sending and requesting funds as a primary function.
  • sending and requesting invoices/bills. By using a camera, customers are able to scan bills and send files to other people. Speaking about other processes of P2P apps development, generating and submitting invoices are equally important. 
  • unique ID/OTP is a handy tool for providing security and unwanted transaction prevention. It’s all because users have to verify and reaffirm both ID and one-time password. 
  • pushing notifications that let users know about receiving funds, payment dates, or special offers.
  • chatting platform created for clarifying pay-off details and avoiding possible mistakes. 
  • admin panel, allowing you to edit the app and make corrections promptly. 
  • history, so consumers can use templates for making pay-offs and send another time or date. 

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.

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  • The commission is widely used by various companies as the recurring revenue allows businesses to grow sustainably. On average, the commission is 10% or another fixed fee.
  • The subscription fee requires a recurring payment. Customers are free to choose different categories of costs, such as annual or monthly. 
  • Freemium allows visitors to test-drive the platform, getting familiar with the functionality, and then fully engage in regular paid services. However, some additional tools are fee-based from the very beginning. 
  • Advertisements are another way of P2P monetization. Services tend to implement this model only after finishing mobile research and development stages and forming a stable customer base. 
  • Featured Listing provides platforms with huge visibility. The scheme is quite simple: if suppliers want to attract potential customers, they pay for listing on the web page.

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. 

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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.


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