If you are reading this article, you consider writing an app that takes the hassle out of the payments industry. But what do you think of your current payment method? What do you think of these procedures?
What is a P2p payment application? How does it work?
Before you think about building a money transfer app, you need to understand what a p2p payment app is and how it works.
It is effortless. Peer Money Transfer app is like a mediation program that helps users send money to friends and family.
The app is linked to the user's bank account, credit or debit card, and the user can contact family or friends to send money. Remittances can take anywhere from a few minutes to 3 days, depending on various factors, such as distance from the bank's specifications.
The development of P2P Payment applications is also gaining popularity. Now that you know how the p2p app works, you will learn how to create a mobile payment system.
How to create a P2p payment application?
Here we will walk you through the exact steps to develop a Money Transfer App. Please do not take it because you will need it later.
- Choose the type of P2P application.
- Plan the essential features of the P2P payment application
- Resolve legal and security issues
- Choose a skill stack.
- Choose the characteristics of your P2P application.
- Choose your revenue model.
Types of P2p programs that can be created
Before we explain how to write an app like PayPal, let's look at the different P2P apps and understand how a P2P payment system works.
The types of P2P applications can be classified into two categories:
- Based on an application vendor or manufacturer.
- Depending on the currency you send.
Third-party seller
Here data can be saved via third-party providers. This includes bank account and credit card information. Providers use this information to facilitate the flow of funds between individuals. This method excludes the current intervention of the bank. You need to download the app to complete the transaction.
In addition to banking information, the ID also includes an email address. You can use this address to receive funds from anyone using the app. Many apps use this method, but the most common is PayPal. Make sure you maintain high-quality performance in your marketing as you are the third partner here. Otherwise, the number of registered users may be so small that you might have a competitive advantage over your colleagues.
Social media
Confidential envisions people who currently do not have social media. Millions of users often communicate on networks. In response, p2p payment service providers such as Facebook and WeChat have offered a p2p payment method that allows users to send funds when sending text messages. As the user base grows, this p2p payment method is set to become one of the most common transfer technologies in the market.
However, in some cases, 3rd party vendor apps may work with your bank/credit card company for smooth transactions. This includes the categories above. However, it is recommended to follow one of the following three methods. This ensures consumer clarity and determines the direction you have left.
According to the type of currency (fiat currency, cryptocurrency)
We are all familiar with the different types of currencies used around the world, such as the US dollar, British pound, Euro, etc. However, it is not the only currency.
There is another world of money, the world of cryptocurrency. Bitcoin, Ethereum, and Litecoin are part of the growing cryptocurrency community. And these two currencies require different types of P2P applications.
P2p payment application in fiat currency
The payment request is valid. Fiat currency is the right term for physical money. P2p apps (like Venmo or Square Cash) make it easy to do small, everyday tasks like paying for dinner or paying friends. Whether it is a third-party application or a banking application, a p2p application makes it possible to settle payments directly to individuals or providers.
P2p payment application for cryptocurrency
Now, if you use cryptocurrency a lot, you might be wondering if there is a p2p payment app for cryptocurrency. Therefore, all blockchain-based money systems are created by the method of creating a P2P payment method.
This is why cryptocurrency wallets can be used to make various p2p payments. Apps like Breadwallet, Mycelium, Dropbit, and other apps like P2P apps have perfect cryptocurrency, where you can smoothly perform transaction encryption.
There is also an exchange request. Binance, Kucoin, Bitmax, and other platforms are cryptocurrency exchange platforms that help users trade P2P currencies.
What are the essential features of the P2P payment application?
Now let's look at the features you can use to make your p2p payment app profitable. These features should be unique enough to enable quick conversion. So what qualities do you need to build an app like a payment app?
Unique identification
In each transaction, the user is given a password one by one. You must confirm your password to complete a transaction.
Alternatively, we can provide a fingerprint system to improve security. As you know, all risky digital platforms are hacked. We need to make sure the information is safe and secure. We introduce the security section in the blockchain section.
Digital wallet
In the current monetary system, we need to have a real portfolio with us wherever we go. Thanks to the ATM card system, you no longer need to save a lot of money, so the burden of carrying your cash is not low, but there is a false drop.
Notification
Use this tool to notify users whenever they make or receive payments. Users are informed of activities and changes occurring in their digital wallets.
It also comes with a personalized alarm system on the next invoice payment date. This provides a significant advantage for users who are reminded of the date without scheduling. It is often challenging to plan a busy workday. Here this particular p2p payment feature is helpful.
How to Create a Peer-to-Peer Payment Application with Correct Transaction Records?
What if I have an app? Of course, it would be more convenient to check the history without leaving the comfort of your home. You do not need to visit an ATM or bank branch to issue a statement. It can save users time and money.
Synchronization of A / C bank
This peer-to-peer payment idea aims to change the existing monetary system, but it can be practical at any time by combining the two. You might not be paying attention, but creative ideas that don't undermine the consumer's belief system are much more productive than forcing change on the average person. Please let your user group gradually absorb this idea. After all, it's new to them.
Chat Bot
You can run multiple queries when a user performs a transaction. Even before a simple purchase, users may want to answer a few questions. To solve this problem, we provide a chatbot function. It is a tool that can instantly answer all of your questions. This will increase user satisfaction resulting in higher conversion rates.
Conversion by exchange rate
Different countries have different currencies and exchange rates. Additionally, if you want to trade overseas, you need to convert your funds. So if you can provide the app service, you don't have to rush to the exchange rate centre every time you enter a foreign country. You can also view the exchange rates for US dollars without having to do an individual Google search. This will help you budget accordingly. This is one of the main features that you can use to attract more and more users.
Text notification
I am trying to send written information with transferred funds. This may be confidential information, but it is essential in some transactions. Anyway, isn't that impossible in the current model of money movement? But make it happen! When used in conjunction with a p2p payment tool, users can attach text messages and large funds. This will ensure good communication between the two users.
Converting and transferring cryptocurrency into fiat currency
Cryptocurrency is currently evolving in the financial markets. You may have heard of digital currencies like Ethereum and Bitcoin. They are simple digital alternatives to traditional market currencies. Users can perform transactions, and in many cases, you will want to use them for transactions. It offers the possibility of using digital currency instead of traditional legal tender. In this way, you can grow these users by adding them to your consumer base.
Blockchain function
Here, for this reason, it is assumed that you are familiar with the world of blockchain. But if not, if you want to learn more about the field of blockchain application development and its design, be sure to understand the importance of UIUX design in blockchain applications.
All you need to know about the blockchain here is that it is a public ledger system in which all p2p transaction history is recorded. It is an immutable and secure way to store your transaction history.
3. Determine the security and legitimacy of P2p payment applications
It's not just about developing and running peer-to-peer apps with a p2p payment app generator. It would help if you first adopted rules of legality and security.
Each country / region has regulations for p2p applications. The Asian market is at the forefront of regulatory standards for payment applications. Meanwhile, the United States has its own set of laws for peer-to-peer applications. If you do not comply with these laws, your application will not be able to be marketed.
However, you can use the following methods to protect the security of your payment application.
APP Security: With its security lock function and Touch ID and facial recognition, users can secure the app. This way, even if the phone is stolen, the app's security cannot be quickly compromised.
Two-Factor Authentication: Protects users from fraud or massive hacker attacks. Using only passwords makes it easier for hackers to break into the system. Still, it's much more challenging to break into the system by combining password technology with other proprietary authentication processes.
Immediate notification: If funds are transferred or deducted from your account in this way, you will be notified immediately.
Follow the Rules: Check out the PCI-DSS rules and standards. These payment card industry data security standards are set by major companies such as VISA, MasterCard, American Express, and JCB International.
Nobody wants to use the payment app to play Russian Roulette for this funding and security. So make sure your app is safe and usable.
Choose a skill stack
Choosing the correct battery depends on the nature of the application (basic/network/hybrid). Since you're a native app, developers use their skill stack.
For iOS -Swift / Obj C language, Apple XCode / Intelli Appcode tool
For Android-Java language, Android Studio / Eclipse tools
Judge the nature of P2P payment requests
There are mainly three types of applications: Raw and Hybrid web.
Mother tongue: the best example is Facebook. They are similar to Apple and Android, but you will see the difference if you look closely.
Web: These are server-based applications that can be accessed over the Internet from any platform. Example: Chrome. It looks the same on iOS, Android, and other devices.
Hybrid: These are web apps packed with a basic design. Example: Gmail. It adapts to each operating system's interface, but unlike native applications, it is not specifically designed for applications.
As a payments app, you have to be designed to be. Overall I prefer more native apps. It is designed with a basic structure suitable for Android or iOS. Users find that viewing the native app is more convenient than any other program. It provides a better user interface / UX.
Revenue model
Cash-Aren't you curious about how your app is making money? What is the profit strategy for peer to peer payment applications?
There is a good revenue model behind every successful application. After all, profits are the engine of business development. A reasonable profit model can ensure exceptional annual profits and stable capital flows. Without them, all the ideas, effort, and premium features are wasted. The capital structure of the application is essential to foster its success. This will help entrepreneurs steer their business in the right direction.
Conclusion
There is no problem in seizing the opportunity to develop money transfer apps in advance because p2p payment apps actually seem to be the latest app trends in the market, but you might need help.
We have a team of developers who are experienced in integrated information technology and sufficiently trained to provide high-end solutions to the market. Their long experience in the industry guarantees that they will provide quality service on time.
Our team is here to help you every step of the way and keep you updated at all times. Do you have an idea for a P2P payment application? Do not hesitate to contact our team of experts.