Paying bills is a daily life necessary task. Everyone has to do money transactions at every single or minor purchase, ultimately building strong economic infrastructure. However, various online PayPal business payment methods can expand the capability of the firms for simplified cash transfers.
Moreover, nowadays, global transfers are the common necessity of business firms and people like us. This makes users buy products from various international to local markets with ease. This calls for a powerful and secured transfer mechanism that forces a user to find a solution for "how to create an app like PayPal."
International payments consist of money transfers to other countries. Therefore, it requires the transaction to be lawfully operative to comply with the local government and app or E-wallet software developing companies' restrictions and guidelines.
Making payments are still a big part of our daily lives. However, the transaction processes are not as boring as they seem before. It's not as stressful as earlier because of digital wallets and mobile payment applications.
Mobile applications and digital wallets also streamlined transfers, allowing more and more users can avail the services of mobile payment mechanisms. It expands the unified scope of each payment portal developer. Even the opportunities are also segregated into growth strategies.
Various analysts also reported that a growing number of people are already engaged in mobile payment applications based on P2P or Peer to Peer payment mechanisms. For justifying their statement, they also clubbed it that the market value of mobile payments is approximately 600 Billion USD. The telecommunication carriers will use this platform to upgrade their development approach.
If you are thinking of building a digital wallet like PayPal, this article will serve as a comprehensive guide. It includes step by step information for building a mobile money
PayPal application expected features, cost of developing the app, etc. But, before that, let us have a look at PayPal's overview.
Thriving Facts – Why and How to Create an App like PayPal?
PayPal Money APP is one of the most effective and prevalent payment platforms based on the P2P payment mechanism. It has a huge user base of approximately 286 million active users operating in more than 20 markets. It enables its vendors and regular consumers to have a hassle-free exchange of funds in almost 100 currencies.
Active PayPal users can withdraw their funds in 56 currencies and hold funds with PayPal in approximately 25 currencies. In addition to these, PayPal has the following amazing features that encourage the developer to find the answer to “How to Create an APP like PayPal?”
Even if PayPal app builder had been a bank, it would be the world’s largest bank of the 21st century. In 2018 PayPal earned 15.45 Billion USD, whereas, in 2019, it crossed a figure of 17.70 Billion USD.
Also, in 2015 eBay acquired PayPal by paying a whopping amount of 1.5 Billion USD.
Moreover, Peer to Peer payments is popular among tech-savvy youth as they believe in saving their time and efforts by splitting and paying their bills at a single click. P2P Payment mechanism enacts as a middleman for hassle-free fund transfers at zero cost. Currently, P2P applications categorized into two major groups:
- Mobile Payment applications like Google Pay, PayTM, Square Cash, PayPal, etc.
- Payment services company in collaboration with various financial institutions like banks etc.
Detailed Process – How to create an App like PayPal?
Scope of the Project
This is the primary step of the create app online process, which includes details about:
Whether to build a web-based or an IOS or an android application.
Discuss what features need to be incorporated in the application, like:
- Easy account opening and ID verification for the vendors and users.
- For governing relationships among the users and vendors, the required CRM features.
- Push and upgrade notifications of the application.
Select an appropriate SDLC Model
Start with the Minimal Viable Product or MVP model targeting the specific location or geography and a particular set of features as per the developers and consumer's preferences. Finally, the app development in India by incorporating all the inputs received from the users.
Formulation of Development Strategy
For saving huge costs, the development strategy needs to be formulated in advance. Even developers can consider the following features to figure out "How to create an app like PayPal."
- Use platforms like MBaaS (Mobile Backend as a service) and PaaS (Platform as a Service) to create and develop mobile and web-based applications.
- Implement various features like CRM, online payment, push notifications, and ID verification of the user or vendor using SDKs (Software development Kits) or API (Application Program Interface).
- To speed up the development process, use frameworks and IDEs (Integrated Development Environments.)
- You have to remember the best practice of "app internationalization' for future expansion to different areas.
Appoint an Agile Development or Scrum Team
Agile implementation seeks various scrum methodologies. Therefore, having a perfect team is required to implement these methodologies. UI designers, iOS developers, Business analysts, testers, Android developers, and project managers are part of such a designated team.
However, the project manager plays a vital role as a scrum master that forms small-sized cross-functional developing teams known as "scrum teams." The team members should have a specialized skill set for implementing the strategies.
Get managed cloud services
In comparison with large business firms, the startups need to avoid significant upfront investments in IT infrastructures. These companies want a quicker and managed development. So, for these platforms, offering managed cloud services can assist them.
- Using a Paas or MBaas platform helps in web and mobile app development in the following manner:
- These platforms offer cloud infrastructure, server, database, operating system, network, and runtime environment so that the developer can focus only on the application's coding.
- With these platforms' help, the developer can easily integrate the third-party API and database within the application.
- For agile projects, DevOps is the most relevant and important tool. However, various PaaS and MBaaS offer various excellent DevOps tools.
- Even PaaS providers have an appropriate auto-scaling solution – APM "Application Performance Monitoring' to well-scale your developing application.
Evaluate Best Online Payment Solution
An API or SDK solution is one of the essential steps of the process "How to create an app like PayPal." These can be seen as the key aspects of online payment. These automated solutions assist you to have an instant online payment process. These platforms are generally iOS and Android compatible. Moreover, these solutions have the following features:
- An application developed with this solution will receive payments electronically and process them.
- Vendors build a hybrid mobile app to find all the relevant data of online payments and online sales to their customers.
- It has a worldwide presence with various most common payment methods, including Apple Pay, Car Payment, Samsung Pay, PayPal, Venmo, etc.
- Annual billing, upgrading account, and robust monitoring are other main features.
- Various API and SDK solution provides multiple integration solutions for applications and platforms.
Provide a solution for ID Verification
The developer of native mobile app must comply with the financial institution's regulations. For achieving this, a secure and powerful ID verification solution is necessary. The solution must be capable enough to verify the ID provided by the government. Moreover, it should be dealt with the AML (Anti Money Laundering) and KYC (Know Your Customer) process.
Get a CRM Solution
Once my PayPal app is developed, the developer needs to incorporate it with a broad range of business activities. However, you require a strong and safe CRM solution.
Choose and Purchase a Bulk SMS Solution
If a developer wants the customers' involvement at the time of apps for PayPal deployment, then push notification is one of the best ways to accomplish this goal. For this, a bulk SMS solution can be incorporated into the application to allow your users to receive constant push notifications.
Downloading and Installation of IDEs
This step involves downloading and installing various IDEs to accomplish the goal of "How to create an app like PayPal." The following IDE setups are required.
Android Studio, for the coding of the Android App.
IntelliJ Idea, along with the Node.js plugin, for the development of a web app.
Xcode for the development of the iOS app.
Execute Testing
Before launching the develop a hybrid app like PayPal application, the developer needs to conduct testing with a wide range of mobile devices and internet browsers. However, it's not easy to test it with open-source frameworks. Here developers need to find an appropriate testing solution.
Development of Web App
Till this step, the developer has been sorted with the selection with the platforms, development tools, and SDKs or APIs. Now it's time to develop the web application. However, the developer can use JS for encryption of the web application to improve its scalability.
Design User Interface of Application
The app developers should ensure that the UI or User Interface should be simple to use. Moreover, the application users must feel the application appealing for smart technologies in combination with visual sensibilities. The developer also needs to choose the navigation arrangement with the utmost care and mix it with the right colour schemes, icons, and themes.
Coding, Testing, and Deploying of Android Application
After the android application moves to the developer's hand from the drawing board, the coding process can speed up through a powerful functional language like Kotlin android. Then, integrate the API/SDK into the application code. Test and deploy the ready application to the Google Play Store.
Development of iOS Application
Developing and launching the iOS app development involves the coding that results in the applications' fast and effective performance. The developer can develop the application using Xcode and, afterwards, test it on various mobile devices. The next step is to integrate APIs and SDKs with other third-party software. Finally, launch the application on the Apple store with proper compliance with the guidelines.
Effective Measures for Managing the Project
The scrum team or app developer companies have to perform the following effective measures for managing the project.
Evaluating and prioritizing planning iteration criteria for sprint planning meetings.
Tracking of project status by conducting daily stand-up meetings.
Sprint review meetings for the sprint approval and post demonstration of the application.
Essential Features
Following are the recommended features that a developer needs to consider for creating a PayPal application.
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Request and Transfer Funds
This is the most simple and important feature of apps to build that enables users to transfer or request funds from other users or saved contacts.
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Unique Transaction ID and OTP
The user must have his/her unique transaction ID and One Time Password (OTP) for making a financial transaction via a P2P application. The user can verify and track transactions with the integrated feature of fingerprint scanning.
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Easy Bank Transfers
This feature of app developer software will enable its users to transfer funds to other users or saved contacts and a linked bank account to the wallet.
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Issue Invoices
Any user by using I build an app can send invoices and bills to other users with a tablet or smartphone camera. Also, the individual transaction can generate an automated invoice.
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Alerts and Push Notifications
On the debit and credit of funds from android create an app, the user will get a notification. Even the user will get reminder alerts for paying their various utility bills.
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Chat Box
The feature of Chat Box is one of the helpful important mechanisms for the user to clarify the malfunctioning of the apps banking or suspicious payment. It also added a competitive edge to the application. With this, potential errors will be minimized.
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Check Past Records of Payments
Users must be able to track app making money i.e. the financial record like payment amounts, time, date, etc. The users need to drop a mail to get the exact details about the payment history.
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Safe and Secure Networks
In a payment application like PayPal, confidentiality is of the utmost importance by considering the high risk of vulnerabilities like data transfer and storage. However, blockchain technologies will help application users to take benefit from P2P networks.
Cost Factors
The development and deployment of the e-wallet and online payment gateway focus on their different set of users, which also influences the app making cost or development cost. Undoubtedly, developing a payment application needs skilled, experienced professionals and quality productive hours for the development. Moreover, the specific time frame, constructivist paradigm, and enriched user experience will ultimately pay for the developer.
The deployment of the application doesn't finish with the development. Even after the development, every application needs post-launch support. So, the company can meet its clients' expectations. However, the choice of appropriate platform, maintenance, and user security requirements plays a big role in calculations of android app development cost.
Wrapping Up – How to Create an App like PayPal?
Develop an App like PayPal is not an easy task as it seems to be even after using various platforms, IDEs, APIs, SDKs, other development tools, and guidelines. However, this article will enact a comprehensive guide for the reader to get an insight into PayPal and its development process.
Also, the article enlists some of the expected features of the developing application. However, deployment of applications needs post-development support that can be a costly affair depends on the factors like Security, Platform, and Maintenance. All you have to follow the steps and resolve the mystery How to create an app like PayPal?
