Is It The End Of Money? 

With our world growing exponentially digital, millions of people believe that the most significant contribution from smartphones’ coinage is the apps that revolutionized the device in a seamless wallet, remittance and Payment doodad, facilitating financial involvements with absolute convenience to mammoth of unbanked people globally. 

Though paper cash has helped the world exchange value for goods and services for approximately the past millennium, now is high time money updates itself to meet customers unique needs. 

Beyond a shadow of doubt, leading app development companies in Dubai believe peer-to-peer approaches are rapidly eclipsing the conventional payment methods while motivating ecommerce to leverage this opportunity to manifold their business sales.  

Simply put, the digitalization of payment services and proliferating ecommerce businesses are contributing to the growing market trends.  

An Insight Of Industry Trends 

#Trend 1

In 2019, the mobile wallet market size encompasses $ 100 billion with transaction value of $ 7.5 trillion and poised to register a gain at over 15% CAGR between the time period of 2020 -2026. Undoubtedly, these figures are inspiring ecommerce businesses, startups, and retailers to adopt online payment solutions and owing quick yet reliable payment integrations to their app. 

#Trend 2

With easy availability of VoLTE, the industry is not just witnessing a significant market disruption, indeed a rapid proliferation of inexpensive smartphones. Besides, it’s estimated, smartphones will account for a whopping 77% of the internet-connected devices by 2025.  

Unsurprisingly, banking establishments and technology players are creating multiple proprietary mobile wallet apps for mobiles, spurring the demand for mobile wallet apps.

#Trend 3

Digitalization and technology innovation has significantly impacted the BFSI (Banking Financial Services Insurance) industry. With promising opportunities for the BFSI industry, it enables instant payment convenience without following a long process. Therefore, platform providers are hiring mobile app developers in Dubai to partner with bank and banking services to integrate this technology into apps. 

Moreover, going digital is likely to boost customer engagement and retention. Besides, including services like paying through smartphones will enable banks to reach a behemoth, unbanked audience. For instance, a handful of payment platforms like Google Pay, Venmo, Paytm allow users to do the transaction without adding money to the wallet and transfer the amount straight to their bank account. 

In a nutshell, this is anticipated to drive technology adoption in the BFSI industry and supplement the market’s growth soon. 

In short – “it’s all true”. The unprecedented  rise of mobile Payment Apps are motivating a big number of customers to embrace the idea of opting their mobile to pay for services and goods. As it’s robust, secured, convenient and often referred to offer valuable rewards and discounts, 1.31 billion people would jump on mobile payment apps by 2023. 

That’s not all! 

The COVID-19 outbreak prompted second thoughts about reaching for cash. At the same time, COVID-19 forced most people to stay home and maintain a social distance, this eventual path to a change in their payment and shopping habits. 

Nevertheless, “Contactless Payment” came up as a new option for consumers who are more conscious of what they touch. The ease of cashless payments has caused a sudden drift in demand for contactless payments.  
In a survey by Mastercard Survey, it was found that 79% of people worldwide have already opted for contactless payment to keep safety and cleanliness. These consumers are likely to continue with online payment methods post-pandemic.

Firstly, Let’s shed light At The Key Highlights 

• 360 Degree Outlook To P2P Payment App
• The Advantages P2P Payment Integration Will Bring To Business
• The Must-Have Features To Build A P2P Payment App
• The Cost Evaluation Of An App Like Venom
• The Final Thought

Let’s start!

360 Degree Outlook To P2P Payment App

As the name suggests, P2P payment apps mean Peer To Peer or Person To Person payment apps. These platforms aid people in transferring funds from their bank account to the respective bank account of another person without any hassle. Undeniably, the use of P2P payment apps gained immense popularity in numerous regions across the globe. 

Since it’s easy to use, quick and safe to access, it has gained immense popularity among the millennials who are confident to share their financial status with third-party apps rather than the less-tech savvy baby boomers. A secure P2P Payment app developed by iOS and Android app developers can be used to pay at grocery stores, a cab driver, rent instalments, splitting the bill, utility bills and a lot more.  

Venmo, a mobile payment service owned by PayPal, is one of the internationally known P2P Payment apps that has been widely used for cashless money transfers. Two technology geeks developed it in 2010, which Braintree acquired, a Fintech company, one year later. In 2013, PayPal acquired Braintree for $ 800 million. 

By, now you must be enthralled to know what benefits it brings for your business? But, before you dive deep to unfurl the benefits, it’s advisable to understand the different types of P2P Payment apps.  

How Many Types Of P2P Payments Apps Are There? 

1. P2P Foreign Exchange App

These P2P foreign exchange payment apps cut out intermediaries by offering currency exchange, therefore saving client’s over 50% of transaction fees. 

2. P2P Cross-Border Transfer App

P2P apps in the cross-border transfer app allow the transfer of funds to another country. With these apps, remittance is not costly, and transactions are very secure and safe. 

3. Standalone Payment App

There is always a need for proficients that can accelerate money transactions in standalone payment apps. These apps have an offline wallet that enable users to store their funds before offloading it. The forerunner service providers are Venmo and PayPal. As PayPal is available in around 200 countries, other platforms to list here is Square Cash and Airfox.   

4. P2P Lending Apps

The app developed for this specific niche offers users a microloan that, too, with a lower interest rate in comparison to the banks. They are beneficial to users who are on the lookout to monetize their coffers. 

5. Social Media Oriented P2P Payment Apps

In the past years, different social media platforms have developed P2P apps. Numerous mobile app development companies in Dubai have integrated this feature into their app. Like Facebook has a payment integrated part to its messenger, allowing users to transfer funds on the app. Not to forget, Google acquired Softcard to follow Facebook’s lead. 

6. Bank-Centric P2P Payment Apps

The app dwelling from a niche of banking is coined as a bank-centric P2P payment app. To be precise, it has a bank as one of the transaction parties. These apps can be further classified into two categories by app proficients – one where the bank has a mobile app, and the other where P2P payment apps can transfer money through their partner bank. Some famous bank-centric P2P payments consist of Popmoney and Zelle.  

Advantages Of P2P Payment Apps For Your Business

The BIGGEST Advantage – “Secure and Comfortable To Work For Transactions” 

Undeniably, mobile payment apps bring the utter convenience of transferring funds anytime to any account that too instantly. Still, on the contrary, it puts users under a dilemma whether it’s safe to use?

Of course, it is!

The reason being, P2P services are grounded on the decentralized platform where two individuals can easily yet directly interact with each other without depending on third-party services. Since it’s impeccably safe, people will not rely on banks in the near future for their payments. Besides, maximizing the payment security in your P2P app has just become a matter of hiring the right resources, whether it’s an Android adroit or an iPhone app development expert. All you need to check is for the skills and experience of developing an app by meeting data security and efficiency.  

With the increasing trend of digitization, people will incline to use digital wallets or cryptocurrencies, but at the same time, they expect to have a safe platform to not take a chance for their personal data at risk during transactions. 

So, if you are a budding startup or an ecommerce venture with a vision to integrate a mobile payment system in your business app, then make sure to offer uttermost security to your customers. Hence, they easily rely on a security structure.

 Now, you might be wondering how to leverage this feature?  

Here’s the answer! 

Adding high end security to the business app, you need to integrate technologies which are a little complexed to decrypt like Blockchain.  So, for the businesses trying to establish their digital presence and stepping ahead to a P2P payment service integration should keep these things in mind: 

• The cost to develop a business app integrated with the latest payment security technologies.
• The level of app security system 

Usually, small firms prefer to start with the apps already present with payment wallets like WhatsApp, and WeChat. While, established names prefer to develop their own business app with mobile payment integration to deliver high-end customer services. A little aside from this, regardless of your project complexities and budget, creating a successful mobile payment app actually consumes time and finances.  

A handful Of Other Benefits P2P Payment App Brings 

• Offering loyalty points and rewards to customers.
• It leads to a better user engagement as they find all the features and functionalities in one app. 
• Offers ease and convenience of making a payment with P2P opening up better sales opportunities for businesses. 
• Cutting down on the need of paying expensive transfer fees to middlemen like banks. 
• Offers affordable cross-border transactions without keeping user’s data at potential risk.  

So, by fusing developers innovation and skills, mobile app development companies in Dubai drastically changed the way users buy and purchase something or even pay for the services and goods. Indeed, instant cash transactions and credit cards sound like a thing when tigers used to smoke. 

After all, the gospel truth is that an increasing number of people are using mobile phones to make online payments, even, 64% of users prefer to make payments through mobile payment apps over mobile wallet or other payment services. 

The Must-Have Features For An App Like Venmo 

The time you partner with the best resources offering iPhone and Android development services, you must ensure that they sheath crucial features. These features portray a significant role in the success of your app as without them it would be impossible to thrive in the competitive market. 

Pop-Up Notifications

The use of notifications is to inform the user about the payment status – received or initiated. Also, it notifies the user of every activity on the app. When you hire mobile app developers in Dubai, make sure they include the notification feature, as it’s an important feature that all payment apps should have. Some P2P apps like Google Pay also notify you to pay bills before their due date. 

Transaction History Feature 

Before partnering with a firm, make sure to ask your techno-partner to include a transaction summary feature in the app. This feature is crucial as users will always want to have a look at past transactions made.  

Fingerprint Security Lock

Yes, there are many red flags related to P2P payment apps because they contain vital credentials and bank details. These reasons are why mobile app firms need to offer app development services to provide infallible security for their app. The shield can be considered in the disguise of providing a fingerprint lock for the app, which will ensure only the user can access the account. 

Bank Transfer

Your P2P payment app needs to be flexible enough to transfer finances to bank accounts via the app as there are different business models for each P2P payment app – some charge a small fee for every transaction while some don’t. 

Unique ID

Users need OTP (One Time Password) or a Unique ID to validate a transaction before a deduction is made. To maximize the security of P2P payment apps, developers must offer development services, including the use of a Unique ID or OTP in your app. 

Purchase and Sell Cryptocurrency

Quite a long time now, cryptocurrencies have been gaining attraction across the globe. Your P2P payment app must allow users to efficiently and seamlessly purchase and sell cryptocurrencies. Integrating this feature in your app will set your app apart from others. 

The Cost Evaluation Of Creating A P2P Payment App Like Venmo

Finally, creating a groundbreaking app depends on the development time and cost. When it comes to a mobile payment app, then operations are significantly influenced by the different stages, features and development structure of the app. 

So, let’s delve and find how much it will cost you at each development step.  

Research and Discovery Aspect of P2P Payment App Development

In this development phase, it’s essential to do some homework on the market research to determine the features you require to integrate into the app and make it a P2P cashless payment platform. 

And, to do accomplish this, make sure to evaluate: 

• What your target audience would prefer to leverage from your app?
• What type of money circulation channels do you want to have in the app? 
• Are you trying to create a specific app that is solely dedicated to respond to friend-to-friend money transferring requests? 
• Is on-the-spot payments your focus? 

Often, this app development phase takes up approximately 30-40 hours and can cost around $1000+ with the right developer’s $25/hr cost. 

Development Stage Of The P2P Payment App

The exception is always there, and so is here. Creating P2P apps need special attention and focus. So, ensure that the level of app security financial data synchronizing is the topmost priority in payment apps. 

If you are developing a P2P payment app like Venmo, this development aspect will take up around 120 to 150+ hours as there are numerous things to integrate and validate. Although, hiring savvy-experienced app developers will help you funnel down the development life cycle allowing you to market faster, adhering to the client’s budget and prerequisite. With numerous things to develop, to checking on adding fingerprints verification to unparalleled security levels, choosing the adroit for the task is considered. 

Test! Test! And Test! – For Proper Data Architecture

Regardless of which technology you opt to develop and what array of features you have integrated into the app, if it takes never-ending hours to transfer the funds or too long to process the money, users will drop your app. But, to avoid the abandonment rate of your payment app, it’s worth hiring a quality assurance engineer that comprehensively evaluates every phase of the app and ensures seamless working of the app. 

Time and cost estimation of the app testing depends on the app complexity, but you hire a proficient at an excellent price of $25-$49/hr. 

Finally… 

Numerous factors determine the square and fair cost of creating a P2P payment app like Venmo, including the app’s feature set and security measures. Afterwards comes the customization you need to make according to your app, time and man-hours involved in developing the final product. 
Finally, it’s possible to have an estimated ballpark of the cost by experts of P2P payment apps.