P2P Payment App Development involves various factors covering features and cost. This blog covers everything to help you understand it in a better way.
Digital Transformation has resulted in major transformation for the fintech sector and Peer to Peer Payment is one of the greatest contributing factors which have made our lives easy. It not only lets people send money on a real-time basis but also allows them to draw funds in emergencies. This accessibility and facilitation of technology have powered apps like Cashapp and Paypal. This blog discusses the cost and features of payment app development related to peer-to-peer payments.
Introduction to peer-to-peer payment
P2P payments or Peer-to-peer payments let an individual send money in a direct way to another individual. It is a type of electronic transfer that a person makes to another with the help of a particular mechanism that is referred to as a P2P payment application. As soon as the transaction gets completed the application’s account balance records it and directly pulls out the money from the bank account of the person and transfers it to another person.
This system is used in apps like CashApp and PayPal and it facilitates users and individuals to receive and send money from their smartphones through linked cards or bank accounts. With this type of payment system, users can send money quickly while keeping the details of their bank account private. All that is needed to complete the payment is the e-mail address or the phone number of the recipient.
How Does the P2P Payment App Work?
Let’s discuss what is P2P payment from a technical point of view. P2P transactions as mentioned above are electronic transfers of money that are directly made from one particular account to another account through an app or web-based platform.
Everyone probably has used applications like CashApp and Paypal. So it is important to understand how they work. The user creates an account and links that to his credit card or bank account. Through a phone number and e-mail address, one can send money easily. Usually, the transaction’s legitimacy is verified by utilizing passwords or any type of authentication system to send money safely. The P2P system works on an end-to-end basis without involving any intermediaries or commission-based agents.
P2P Payment Software Creation
Here is a step-by-step guide to help you with P2P payment app development:
Draw up a list of all the features for the P2P app
It is significant to make an appropriate list of required features that you need to consider for Payment app development. It is important to initiate with the basic features and then additional features should be added.
Select the appropriate technology
The next step is to select the appropriate technology on which you are looking to develop an app. Technology stacks like react js, angular, etc. can be considered for payment app development.
Providing sufficient security of the application
When developing a peer-to-peer payment application it is significant to think twice about security. It is important to utilize all the features of security built into apps like face recognition and fingerprint scanner. It should be completely encrypted to avert data leaks.
It is a significant part of security because the application must comply with the standards of payment. It is important to select a target region and develop a P2P payment application following its recommendations and laws.
Finding a software development team and testing the application
It is significant to find a development team that is experienced so that ideas can be brought up to life. At the end stage of the project, it is important to test the application to identify the bugs and fix them.
Cost of P2P payment application development
The cost of developing a P2P payment app is a significant factor. Considering every factor the cost of developing a P2P payment app is approximately $30k to $50k.
P2P payment software development- Features
Here are various features to consider for Payment app development:
Request and send money: there should be a seamless and secure platform to perform the transactions.
User wallet: this is a significant feature of money transfer apps to store money in the form of a wallet.
Push notifications: The users should be notified about transactions, updates, or new features related to the app.
Transaction history dashboard: The users should be able to view the transaction history inside their profile. This feature should be designed particularly for providing a brief overview of the transactions performed by the users.
Sending money to the bank: A smooth experience is provided by the P2P payment application so that people can perform any type of transaction and if needed can send back money to their bank account.
Features of security: Security features can be added like a smart face lock or fingerprint lock to add another level of security.
Have a unique one-time password or OTP: Another significant factor is the one-time password which can be used to authenticate transactions.
These apps not only offer a way to perform transactions or send/receive money but can also facilitate sharing of dinner bills, splitting rents or vacation bills, etc. The scope of P2P payment android app development is quite wide in the market. Looking to develop a payment app like CashApp or Paypal? Alphonics can help you get a secured and legitimate P2P payment app with best features.