Paytm  clone E-Commerce Apps have the latest deals at cheaper rates, items directly from the retailer or seller come to you without needing intermediaries. Plus, it’s simpler to compare prices and find a better deal. discounts and sales are also offered by many shopping

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With this, you must be aware of PayPal. PayPal is used largely by most of the businesses today around the globe. PayPal offers its customers a great user experience. This is what has made it the pioneer and leader in the P2P market today.

In addition to it, there are several features that PayPal possesses to set it apart from its competing payment apps. However, if you are here, you must be wondering how to create an app like PayPal to stand out in the market. Well, it is believed that the number of users to make digital payments is most likely to rise in the coming years. 

This is when it becomes more important to create a PayPal App clone. Read on to know about the features and steps to create the app in detail. 

Why is PayPal the best payment app?

Whenever a particular object or stuff is referred to as the best, it is because the object possesses those characteristics which others don’t. Similarly, PayPal has a lot of features that have considered it the best payment app.

PayPal is an online financial service that allows its users to make online payments, regardless of time and location. In addition to it, it is quite trusted. PayPal is considered the safest and secure payment platform used by the people in each corner of the world. 

To sum up, PayPal is a payment app. It permits you to transfer cash from one registered bank account to the other registered bank account. 

In fact, with the unwanted entry of the deadly coronavirus, the government has imposed several restrictions. These restrictions include making payments in cash as well. With this, many people are now switching from paying in-person to digital payments. This avoids all the close contact done with each other thereby avoiding getting infected by the novel coronavirus COVID-19.

Moreover, the best feature of PayPal is that you can send or receive or make any transaction from one country to another. This is an amazing feature. Not all online payment apps own this feature. Sending money abroad charges very minimal money for the transfer. 

Noticing and realizing the growth of these digital payment apps, a lot of businesses are on the verge to invest in the financial sector to build a payment app like PayPal.

What are the features of PayPal?

The most important feature is that PayPal users are capable of withdrawing funds in around 56 currencies. With this, they can hold funds with PayPal in 25 different currencies as well. 

Apart from this, there are several features that the PayPal App contains. Those are,

• • Barcode scanning
  • Credit card reader

• Online invoicing

• Bill me later
• Easy registration
• Express checkout
• PCI Compliance
• Mobile card reader

The features include:

• PayPal works in 2 ways. It works as a payment gateway and a merchant account
• PayPal charges no setup fees. It does not charge any cancellation fees as well. However, it charges a certain fee for its service and the transaction.
• The customers and users can control peer-to-peer payment transaction with the help of PayPal
• Users can link up their bank accounts, debit card, and credit card with PayPal
• PayPal has high-end security features. Its security features include encryption, address screening, and fraud screening. 
• PayPal owns a robust KYC (Know Your Customer) procedure as well
• PayPal users can send cash to anyone around the world. In addition to it, they can manage their money, as it can track each transaction made by the user.
• The consumers of this app can access PayPal on the web. They can utilize its iOS and Android App as well.

How does PayPal work?

The main objective of apps like PayPal is to offer an easy transaction experience to people all over the world. The overall working of the app depends on the way you use it. You can either create a normal user account for your access, or you can even sign up for a business account. Both depend on your requirements. 

With the help of PayPal, you can carry several transactions. Some include online shopping, store shopping, making transactions such as sending or receiving money, paying several bills, etc. 

You can do this by simply linking your credit card, bank account, or debit card with the PayPal app to carry out your transactions. Apps like PayPal do not charge an extra fee or make any transaction through different means.

PayPal charges fees only once. That is when a user tries to send money abroad, by using his seller account or doing a transaction by credit card or debit card. The prime advantage of using an app like PayPal is that it is super flexible, affordable, and has great security features. 

Due to these features that PayPal offers, a huge number of business tycoons are making efforts to dive into this online market by building an app like PayPal. 

If you wish to know how to create an app like PayPal, read on.

How to create an app like PayPal?

Creating an app falls in the category of a software development project. Thus, a software developing project for creating a digital payment app like PayPal contains several steps. 

To create an app like PayPal, you need to pay attention to the following steps.

Scope your project

Outline the scope of your software development project so that it includes the provision of having an iOS version, web version, and android version.

The key online features that are a must in this project are the opening user account, merchant account, transaction reporting, balance reporting, online payment, etc. in addition to it, it should have CRM features, push notifications, and ID verification.

Select the appropriate SDLC Model

It is recommended to launch an MVP model along with the key features. However, this model should target particular geography with a certain set of features. With time, you can improvise your app as you start receiving feedback from the market.

Strategize for an approach to development

You can go for a PaaS platform for the web version of your app, and an MBaaS platform for your mobile version of the app. You can implement the key or core features here later with the help of SDKs and APIs. To speed up the project, you can use frameworks and IDEs.

Construct a scrum team

Agile projects require scrum techniques.  Build a proper team that involves the important roles necessary in the process of building an app. The team should comprise skilled business analysts, a web developer having expertise in Node.js, ios developers having a swift skill, UI Designers, android developers with skills in Kotlin, a project manager, and a group of testers.

Cloud services

For start-ups, cloud service platforms come in handy. This is because they do not wish to invest tons in IT infrastructure. To develop it quickly, go for managed cloud services. They provide features such as a server, storage, runtime environment, networking, middleware, operating system, and ready-made infrastructure.

Grab an online payment solution

To create an app like PayPal, you need an SDK or API solution. This step can be executed as a part of the key feature. You can then start making online payments instantly with its built-in solution. Moreover, these platforms are usually compatible with the web, iOS, and Android.

ID Verification solution

An online payment app needs to have an ID Verification solution for being compliant with the regulations of the governing financial institutions. For this, you need to have an ID Verification solution that can function for verifying the IDs provided by the government. It must have AML and KYC processes as well.

Pay attention to the CRM Solution

Once you develop your P2P app, you need to integrate it with an entire range of business activities. This is why you require a strong CRM Solution.

Purchase a bulk SMS Solution

Once the app is deployed, you will wish your users to remain engaged with it. To obtain this aim, you can go for push notification. Incorporate a bulk SMS solution. It will permit you to send constant push notifications to all of your users. 

Set-up IDEs and download

For creating an app like PayPal, you need access to a certain set of developmental tools. Download the following IDEs for achieving this step.

• IntelliJ IDEA, (for web app development)
• Android studio ( to code the android app)
• Xcode (for iOS app development)

Go for testing

Before launching your mobile and web applications, do not forget to test them on multiple devices and browsers.

Build your web app

Once you are sorted with the development tools and SDKs/APIs, get on with developing your web app. It is better to use the js for coding the web app as it makes the app comparatively scalable.

Look into your UI for the mobile app

Make sure that your user interface stays simple. It should be easy and hassle-free. Ensure that the mobile app appeals to the visual sensibilities. Combine them to your user base with smart technology. Select the navigation structure keenly, blend the color schemes, themes, and icons properly.

Analyze, code, test and deploy the android version

Once your android version moves into the developers’ hands from the drawing board, you need to accelerate the coding process with the help of Kotlin. Incorporate SDKs/APIs in your code.  Test it for one last time and station it on Google play store. 

Develop the ios app

To launch the ios app, you will need coding by Swift. Swift creates fast apps. Develop your app using the Xcode and then go ahead with testing it on multiple mobile devices. Integrate SDKs/APIs as well. Later, publish it on the Apple store.

Now that you know how to create an app like PayPal, you must now know what are the essential features that you need to incorporate in it.

What key features should you incorporate into the app?

Below are the key features that you need to assimilate in your app while creating it like PayPal.

Digital wallet 

Make sure your app has a digital wallet space for the users to store their data cards.

Request and send money

This is a simple feature where the users should be able to request or send funds on the same platform from the other users.

Send invoice or bills

There should be a scanning option available to scan bills and invoices. Each transaction should generate an invoice.

Push notifications

This is an important feature. It acts as a reminder for due dates to pay bills, and instances. 

OTPs/Unique IDs

To make any transaction, the user should confirm the OTP and Unique IDs. This ensures safe and secured payments.

Linked with the bank account

The app must have the ability to transfer money regardless of the platform. It should transfer funds to a card or bank account as well.

Versatile in terms of currency

Your application should have the feature to receive or send funds in multiple currencies as it will work globally.  PayPal has this feature as it manages transactions globally. 

Track all payments and save history

App users must be able to track their transaction history. The history should say about the received and sent payment date, time, etc. 

Send monthly or weekly reminders and emails to your users by informing them about their updated transaction history.

Chat feature

The chat feature is beneficial. It is important for users if they wish to seek any clarification regarding their payments. In addition to it, this feature will act as an advantage in your app as it will reduce the chance of any possible mistakes. 

Messaging feature

Many times, users ask for details together with the transaction that they make. You can do this by introducing this messaging feature in your app.

Admin panel

This feature turns out to be more beneficial to the owner of the app. You need to create a web admin panel. This will help the owner of the app in several ways such as editing, removing, etc.

Conclusion

With this, we come to the end of our guide on how to create an app like PayPal. Generally, any project which involves building or creating an app is not everyone’s cup of tea. It is quite complex. However, with the correct guide and assistance, you can create your online payment app by using SDKs, IDEs, APIs, and several guidelines. 

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