How to Develop the Highly Popular P2P Mobile App?
The deep entry of smartphones across the globe, added with fast-paced network connections has given the best opportunity for financial services to enable payments through mobile apps. These payment apps work with a motive to enhance the mode of a cashless economy. In these terms, the peer-to-peer (P2P) mobile payment apps have risen to the occasion. This may be a new entity for several businesses but is important to be known if you want to adapt to the latest trends. Keep reading to know more about P2P apps, their key features, and their cost for app development.
What are P2P Mobile Payment Apps?
P2P mobile payment apps are developed to allow users to make immediate payments. It works by easy transfer of money from one user to another via electronic transfer. Here the other person could be a relative, friend, customer who gets this cash transfer immediately to the bank account or receivers’ wallet. It includes various kinds of possibilities like train, movie, bus, bookings, mobile recharge, and many others. While the transfer between wallets is immediate, then with the transfer to bank accounts, it will require from seconds to several days for funds transfer.
Types of P2P Payment Apps
Standalone Payment App: The standalone payment apps consist of an offline wallet that allows users to accumulate their funds before the relieving. Several leading firms are suppliers of these types of payment apps and popular among them is Paypal.
P2P Foreign Exchange: These P2P foreign exchange payment apps eliminate the mediators by providing currency exchange. This will save more than double the transaction fees for the customer.
P2P Lending Apps: These P2P Lending apps are beneficial to the users who need to monetize their funds. It offers users with small quantity loans having lower interest rates than the banks.
Bank-Centric Payment Apps: Bank-centric payment apps consist of a bank as one of the transaction parties. These types are classified into two types, one of them consists of a bank app and another one which lets the P2P apps send the money through the partner bank.
Features to Include in Your P2P Payment App
P2P payments apps are offering the best opportunity for businesses to excel. But it is possible when businesses partner with app development experts who can guide with accurate knowledge. The success of the app depends on the addition of some key features in the app without which it is not possible to reach the target customers. Such key features are as listed below:
Unique ID: A unique ID is the OTP (one-time password) is important for the users to validate the transaction before the amount deductions. To enhance the safety of P2P payment apps it is key to include the unique ID or OTP feature in the app for every transaction.
Transaction summary: Users will always be required to check the history of all the previous transactions performed by them. Hence, you have to make a proper plan for discussing with the app engineers that will include the transaction history in the app.
Bank Transfer: As you know, there are various models for P2P payments, while some may have a minor service fee for every transaction, and some of them don’t. The P2P app must be having the ability to let the money transfer to a bank account from the app.
Fingerprint Security Lock: Since P2P is a payment app, there are huge risks linked to them since they consist of bank information and important credentials. Hence, every business that owns a P2P app should offer maximum security to the app and ensure that user data is intact. The fingerprint feature is crucial for offering maximum security to ensure that only that particular customer can access vital information.
Notification: How does the user get to know about receiving or deduction of payment? It is possible only via notifications on every kind of transaction about the app. As you hire expert app developers, they must include the notification feature in the P2P payment app. The type of notification for each transaction can be decided for every type of app depending on the customer and business requirements.
Cryptocurrency: Cryptocurrencies have gotten huge attention across the globe for several years. Hence, it is ideal for apps to let the users perform transactions related to cryptocurrencies. Due to the huge competition in the market, it is important to give such futuristic aspects to be in a leading position than other players in the segment.
How much does it cost to make a P2P mobile app?
If you are looking to build a P2P mobile app, then you must be thinking about the cost of development. There is not a single-figure answer to this question but there are some important aspects that impact the overall cost of development.
App Size: The development of a P2P app will involve a different kinds of features and functionalities. Hence, with the inclusion of more features, it will be directly proportional to app size increasing the costs.
App Design: App design should be attractive but simple and navigable to engage the app for longer. Rich-looking Ui will enhance the quality of the app but will require advanced graphics and other design elements which will increase the final cost of the app.
Type and Number of Platforms: The target customers for your business may be from one platform or multiple platforms. If you are developing a native app that gives rich features, it will cost you more than cross-platform apps that require a single program for multiple platform development. Research on target customers is key to be done before deciding on these factors.
To wrap up:
P2P payments are changing the way small business owners do business. Partner with a reliable and skilled mobile app development expert such as Brillmindz to develop your product. The team is diverse and filled with experts who can strategize the best plan as per your business requirement and increase profits like never before.