Konstant Infosolutions

All of us are well aware of the power of the digital revolution that almost changed every aspect of our lives. We can do instant shopping from anywhere, explore new places, book tickets, learn new technologies, get updates for almost everything, and even we are capable enough to transfer money or receive money with one click. Behind any transaction, there is a technique that facilitates fund transfer from one person to another over the internet securely.

The peer-to-peer payment system act as an agent that helps a person to transfer their funds and makes transaction easy. According to eMarketer, in 2018, there were about 82.5 million users (more than a third of the mobile phone population in the US) in the US who use their smartphones for P2P payments. And, expected to cross above 50% of mobile phone users by 2022.

Also, transaction value in the segment of peer-to-peer money transfers amounts to 65,761 million dollars this year. And its annual growth rate is expected to comprise 19.4%. These data show you its gaining popularity and the scope of peer-to-peer payment app development.

So, what exactly are the P2P payment app?

A peer-to-peer payment is an electronic fund transfer from one person to another over the internet or other networks with the help of a website or app. It is also known as P2P Payment Application. It is very successful among the youths who usually trust third-party payment except for the traditional payment system.

How to build a P2P payment app: Features and Considerations

Here, in this blog, I am going to give you some considerations and features that will help you to develop a P2P payment app.

Choose the type of P2P app

Choosing the right P2P app type is the primary consideration that provides end-users with a purposeful way of transaction. There are mainly three types of app:

Standalone Service App

These types of apps have their own mechanisms for fund transfer. They provide a wallet feature that first allows the user to send his money into the wallet from their bank accounts and then use it for further payments.

Bank Centric App

These apps are useful for banks and financial institutions that facilitate digital transaction trend into the banks. These apps work in two ways: one, in which the banks have their own mobile application. Second, the peer-to-peer payment applications that transfer funds via its credit unions and partner bank.

Social Media Centric App

In 2015, Facebook launched its payment feature in its messenger, where users can transfer funds without leaving the app. This is one of the most significant examples of a social media-centric app.

Foolproof Designing

Foolproof design is useful for any app when the system is in overuse. So, it is a must to design such a peer-to-peer app that prevents storage and bandwidth overuse and also setup proper resource allocation and protection requirements.

Plan for essential features of a P2P payment app

The app should include all the possible features to make the payment app profitable and user-friendly. The following are some unique features that help the app to trigger instant conversation.

• Notifications and alerts
• Unique identification or OTP
• Digital wallet
• Send bill and invoice
• Transaction history
• Bank Account syncing
• Information on currency rates and its conversion
• Advanced security features
• Chat facility
• Buy/ sell cryptocurrency
• The blockchain feature

Security and legal issues

These apps are related to finance and fund transfer. Thus, it should be necessary to fix the security and legal issues properly to build users’ trust. Some features that you need to consider to secure your payment apps:

• App security with fingerprint recognition, face recognition, and other advanced technology.
• Apply two-factor authentication.
• Instant notification to notify when money is being transferred or deducted from the account.
• Follow the regulations as per regulatory laws.

Choose the right Technology Stack

Determine the app nature (native/web/hybrid) and work accordingly. Try to make it a native app by design because it is preferred more across the globe. Also, native applications are more convenient to navigate.

Choose the Revenue Model

Every successful app required a good revenue model. Without it, there is no use of features and efforts you put into developing the app. There are mainly two popular methods from which you can decide the revenue model for your app:

• Premium Service Method
• Affiliate Marketing Method

The Bottom Line

The P2P payment app concept is new in the market. Thus, you have an excellent opportunity to grab the end-users towards you and make good revenue. But to create a p2p mobile payment app, you will need a team of proficient developers who are capable of delivering high-end solutions in the market. You need to take every step that keeps you updated with the current trends.