Put your hands up if you consider today you are living in such a fantastic world! Through the digital revolution transforming almost every part of life, with one way or the other, we all are investing energy and time.
For starters, you could do sofa shopping, hold meetings, explore new locations, acquire new skills, book tickets, and even sending and receiving money directly from the phone.
Talking of transferring money, the P2P payment applications have left their debut as a capable mobile app, including a reliable and secure method of payment.
How are peer-to-peer apps just so much widely known?
Peer-to-peer billing apps have gained more significant momentum over the past couple of years, especially in comparison to funding transfer applications. The overall number of visitors for online banking has risen from 2015-2017 though by 10 percent since 2015.
Whereas the installations of peer-to-peer apps in America has almost risen from 17 million over 46 million in 2017.
The main reason that contributes to such outcomes is the ability that allows its customers for peer to peer exchange of funds only with one click on their mobile phone.
Just connect your bank account with the application once, and admire a quick, secure, and efficient way of transferring money.
Features which should be available in the P2P application
To create an application that enables peer to peer payments, the smartphone application development organization must provide a few crucial features which will make the application a guaranteed success. Without such features, survival in the market place is practically impossible.
Notifications
This tool is essential because it alerts the client when they trigger or receive the money.
It also notifies any operation on the wallet. Besides that, apps for person-to-person transactions also expanded their business to deliver notification of the bill due to schedules and ticket reservations.
Technical stack: Chrome alerts, Rest APIs, Cloud networking of Amazon SNS, APNS, and Firebase.
Transaction History
The app should have a service that allows consumers to have a list of all previous payments made by peer-to-peer payment applications.
Unique ID/OTP
Each mobile financing solution must submit a unique ID or OTP (One-time password), so the client can validate well before any cost gets withdrawn from its wallets or account.
To render the protection even tighter, few P2P payments mechanisms also demand OTP any time a client logs in to the device.
Transferring money to the bank
Users usually prefer it if the peer-to-peer payments system allows users the ability to transfer funds from the network to your bank account.
Every money transfer application has different markets, which means they start charging a modest fee, which fluctuates with each app.
Chatbot
Peer-to-peer payment services should have a chatbot that can address all the queries which can occur during an exchange of money, incorrect account/wallet withdrawals, or in case the customer drops the internet connection.
Buy/sell cryptocurrency
Cryptocurrencies have always been the city's talk for the past few years, particularly Bitcoin.
You should provide the users with such a feature in the P2P online payment applications that enables them to purchase or sell cryptocurrencies efficiently and adequately.
This characteristic could be a massive success because it will entice many individuals who have a great interest throughout the cryptocurrencies, such as bitcoin.
Obstacles encountered while trying to develop a P2P payment application
Either way, what kind of online payment system you are developing? There is going to become a series of difficulties you had to conquer. Let's glance at those problems, then.
These are divided into two main types that are for comfort.
- Technical considerations
- Non-technical
Technical challenges
Security
It's just the toughest hurdle that any wallet application development firm faces.
Throughout, scammers had also improved on the most famed and secured systems such as PayPal and bank NIC Asia.
As these applications contain an enormous amount of sensitive data with one location, the danger is often higher. Therefore it becomes crucial for the operators of P2P services to ensure full proof protection.
Currency Conversion
Transformation of money is a problem that all the P2P payment systems experience.
Converting the money in real-time also becomes challenging because there are rather than 180 usable currencies throughout the planet.
One should construct peer to peer application in a manner that the exchange of wealth occurs in the shortest time frame.
Non – technical challenges
Regional Restrictions
Another issue that's prevalent for most P2P digital payments is that their geography restricts them.
There isn't even a peer-to-peer app currently, which can enable a user to transfer money across borders. P2P applications have to go through their geographic restrictions to grow as a leading industry.
Sluggish changing mentality
Payments done by the peer to peer through P2P applications are quicker and much more comfortable.
People do feel confident using the existing payment system, i.e., through cash, although.
The upcoming era of peer-to-peer payment systems
The marketplace for the P2P digital payments is all expected to see stiff competition as new competitors entering throughout the past couple of years is seeing the growth of messengers, which have in-built P2P payment systems.
In years ahead, we will see many other positive improvements.
With potential convergence of Blockchain technology as well as for cryptocurrencies, the potential of P2P digital payments looks a bit better.
Blockchain is about trading information, a record that is distributed by thousands of computers over the world but instead of being controlled by one person.
Those hundreds of computers need to form a compromise to validate a transaction.
If it is legitimate, then they will be applied to the prior transaction history. The thus constructed payment network is called the blockchain.
The blockchain Digital payments applications already saw massive investments produced by behemoths like JP Morgan Chase & Co with these transformative benefits.
They here have submitted an action for a patent with united states patent and trademark.
