Making payments is always an important part of our day to day life. The transaction systems do not remain as tedious as before. It is not so stressful as in the earlier day because if the mobile payment apps and wallets. Researchers have proven that more and more people are now involving themselves in the mobile payment system. This platform is well used by mobile carriers. The P2P payment app development has made it possible to do these actions quite easily.
The P2P payment app development makes the money transfer convenient and problem-free. The mobile app development services are the ones which are responsible for developing these peer to peer app.
The mobile app development services are the ones who have discovered the P2P apps are the ones that are in most demand now and in this article, we are going to discuss what P2P apps are and their various features.
What is a P2P Payment App?
P2P means Peer to Peer or Person to Person. Peer to peer apps is an app which helps in the transaction of funds from the bank account of one person to another. The use of these apps has become popular in recent days in numerous countries of the world. The mobile wallet system has become popular in the app market very soon because of the easy transaction system. It is expected that their growth will show an increase in the upcoming years. The peer to peer app is more than transaction systems. They include app services, bill splitting, utility bills, and several others.
Types of P2P Payment Apps
● Standalone Payment App
The stand-alone payment apps are developed in the USA which allows the money transactions to be accelerated in the systems. The stand-alone payment apps are composed of an offline wallet that allows the users or the clients to store their funds. The leading apps are PayPal and Venmo with PayPal leading.
PayPal can be accessed in over two hundred countries. Airfox and Square cash are the other such stand-alone payment app which is well used in the USA, for easy money transaction
● P2P Foreign Exchange
These apps namely the P2P foreign exchange allows people to make transactions in foreign currency without debiting the transaction charges and thus save almost 50 percent for the clients.
● P2P Lending Apps
These types of P2P apps are made to loan amounts to the users in values of microloans with a minimum of interest, often lower than that of the banks. They are very useful to the users who want to bring money deals to their coffers.
● Bank-Centric Payment Apps
The bank-centric payment apps are the ones that keep the bank as one member of the transactions. The banks must have a mobile application that allows this kind of transaction and the apps can transfer the amount directly to the Bank Treasury. There is also a type of this kind of app which helps to transfer the amount via one a bank partner. There are quite a number of these kinds of P2P apps. The apps include the names of Clear Change, Popmoney, and Zelle.
● P2P Cross-Border Transfer Apps
The transactions over one country to another is made easy by the development of these apps. The cross border transfer apps help in fund transfer over the border. This makes the transactions very secure and less expensive.
● Social Media Centric P2P Payment Apps
Various social media platforms are responsible for the development of P2P apps. Google cares, Facebook and other social media platforms are very apt in the transaction of funds over the internet. The payment features make the apps more attractive than they actually area and pulls the clients towards them.
Features to Include in Your P2P Payment App
Dedicated app developers are responsible for making up different features for an app and they must include the vital features of a P2P app. The reliability of the app depends on these features and makes the app last longer in the market
The notification feature must always be made in the app as it is responsible for letting the user know that there has been transaction activity on their phone. The notification feature is a very important one and the payment apps must have this. The bill due notifications is also available on these apps.
● Fingerprint Security Lock
The P2P apps are quite risky as they are dealing with payment. They have vital information about the users and they are required to be protected from any external user. Infallible security must be provided to these apps. The security decision can be introduced by keeping an app lock system with the aid of the fingerprint lock and the user can only access the account. This keeps the user and the account safe from the miscreants.
Read the blog- How much does it cost to build Peer to Peer payment app?
● Transaction History Feature
The developers have also introduced a feature in these peer to peer apps which lets a transaction history to be stored on the app. This is an important feature for any kind of payment history that is simply saved and can look at for future references.
● Unique ID
The unique ID system is a useful feature for security status. The ID is asked before the transaction is made to ensure that the user is using it. This is an interesting feature that provides enough security for the app user.
● Bank Transfer
The P2P app must be flexible to make transactions with the bank account and save the amount in your bank account. There are several models that help in these transactions and include very little charge. The time and energy are saved to a great extent when these works are done on the phone.
Buy and Sell Cryptocurrency
Cryptocurrency must have easy access to your phone and the P2P apps must allow the transactions for your cryptocurrency which are now a leading trend in the world. This will be a unique feature that is going to make your app a completely new one and more trendy as compared to the ones developed by your contemporaries.
1. Unlock App With Fingerprints Scan or Security Code
In order to keep your apps completely safe, you must avail of these features. Providing security to the user must be the chief aim of any P2P app. This must become the core feature as you develop your app. These apps are high-security apps as the bank accounts are linked with these. When you are developing the app also as an entrepreneur, you must take care to keep this in mind. Your App Must be enabled only by the user when he or she enters it with the security code or the fingerprint identity.
2. Send/Request Money
The e-wallets are greatly in use because of their ability to send and request money with almost no effort. The apps must be easily about sending or requesting money online. The easy transactions from a friend to friend or to the family must be well availed to. This makes the app convenient for the user for the transactions. The wallet designs must be user-friendly and give a seamless experience.
3. Buy/Sell Bitcoins
Bitcoins are very interesting features and the storming feature of the P2P apps. Buying and selling bitcoins are even more fun as they add to the craze of virtual currency. It is pivotal for your app as Bitcoin is the raging topic of talking in the P2P app world. When you are an entrepreneur, you can develop these apps with these features. This will allow the transactions of the cryptocurrency in the case of the Bitcoin arrangement.
4. Virtual Card
It is very important to have features that are convenient, easy-to-use and fastest for the users. They must be well presented to the user who must find the apps to be friendly in nature. To make a successful peer to peer app, one must make a virtual card feature in their apps. This allows shopping facilities by scanning the virtual card. This makes the user feel secure in shopping as it gives them the feeling of keeping the bank account in the pocket always. The security system must be alt for the user. You can develop these features only when these apps are made completely secure. This allows paying the bills through the virtual cards.
Thus, these are some of the important features of P2P apps. The e-wallet app development has been one of the most famous on demand app development facilities. The e wallet app development has been a very helpful app in this Corporate times. The on demand app development has made it possible to develop apps that are for the facilities of the user's day to day life. When you are thinking of developing a P2P app, you must keep the above points in mind.