HomeBusiness PointSurvive The Mobile Payment...

Survive The Mobile Payment Market With P2P Payment Apps

When it comes to functionality and productivity, the digital revolution has had a significant impact on a variety of businesses. The financial sector is no longer an exception to this. People won’t use banking institutions for various financial transactions in the future. People will instead use (peer-to-peer) P2P Payment Apps online.

Numerous sizable enterprises are currently using sophisticated P2P payment solutions provided by mobile app development companies. Globally, downloads of the top 10 P2P payment apps climbed by around 12% to a total of 235.44 million across the iOS App Store and Google Play Store. This sum has increased by 32.3% since two years ago. The most popular app was Google Pay, but PayPal replaced it as the market leader.

WHAT ARE P2P Payment Apps?

With the aid of a program known as a peer-to-peer application, the peer-to-peer payment system serves as a mediator to assist a person in transferring money from their bank account to another person’s bank account. P2P Payment Apps have become extremely popular among young people, who are typically more trusting of exchanging their financial information with outside software than the older, less tech-savvy generation.

You set up your account and connect it to your bank or credit card. Additionally, you can transfer money to another person using their email, phone, or account. Usually, the mobile app development company uses passwords or additional information about a sender and a recipient to confirm a transaction’s validity.

P2P networks allow money transfers between holders of different bank cards without the use of middlemen, which saves you money on commissions. These apps are frequently accessible; however, there can be modest costs depending on where your money comes from.


1. Standalone Services

These specific online mobile payment apps are independent of banks and have their own system for handling and keeping the money without any connection to other financial institutions. Each one of them has a wallet feature that allows users to store money before depositing it in a bank account or sending it to friends.

Since its establishment, PayPal’s user base has expanded to more than 202 countries, where millions of users conduct thousands of transactions annually, typically using 100 different currencies.

2. Bank Centric

Bank-centric peer-to-peer payment apps are peer-to-peer programs that include a bank as one of the parties in the transactions. This category can be additionally separated into two types. One, where each bank has a separate mobile app. Second, peer-to-peer payment  that transfer money via various financial sector organizations like credit unions, a company that provides financial security, financial institutions, and partner banks.

One of the safest platforms ever created by reputable US banking institutions, Zelle complies with all banking sector safety regulations.

3. Social media Centric

Another category to take into account while creating mobile payment apps is social media-focused apps. These mobile apps, which the social media behemoths released, let users transfer money using their credit or debit cards without leaving the network. SnapCash, Softcard, and Google Pay are a few examples.

HOW TO BUILD A P2P Payment Apps?

1. Select a P2P software type

Hire mobile app developers to first choose the P2P Payment Apps type from the available preferred services, such as banking and standalone solutions. In addition to these, you can create apps that accept real-time payments.

2. Put the mobile platform first

You can select between developing an iOS or Android app if you have app budget constraints. Knowing which platform your users prefer and having room to create one additional app version for different platforms are two benefits of prioritizing your mobile app development platform.

3. Set features for your P2P application

The features determine the success of your P2P app it offers. Start with the fundamentals and gradually introduce the USP’s core components. Include information about the path your users will take while utilizing the app. Select the appropriate technology stack as well.

4. An approachable UX design

Your P2P payment app’s user interface and UX design must be simple and clear. Try to keep in mind features that are simple to read because you don’t want your active users to waste time trying to figure out how everything works.

5. Security

Your P2P payment app development process must incorporate security protocols. Incorporate cyber security and data protection elements like a fingerprint, face recognition, scanners, etc. into your P2P app at the same time. For optimum compliance, make sure to use two-way authentication.

6. Testing

Another key stage in the creation of a P2P payment app is testing and quality assurance. Your team of quality assurance experts must carry out every testing procedure in order to find and solve defects as soon as they arise. Even so, you could need professionals to monitor the beta testing of your app’s p2p payment solutions.

7. Legal compliance with fintech

When creating a mobile payment application, PCI-DSS (Payment Card Industry-Data Security Standard) is a procedure that you must adhere to. To foster market openness and confidence, don’t forget to obtain a PCI-DSS certificate.

Take your time when making your decision because the software developers’ skills will determine the quality of your program. Peer-to-peer payment apps will have a bright future, so jump on board while you still can.

Most Popular

More from Author

Customer Journey Map: The key to Understanding Your Customer

What is the driving force and engine of the commerce universe?...

How to Launch a Business in 9 Simple Steps

Starting a business is not an easy task; it requires time,...

Best Places to Buy a House in Maine

The Pine Tree State is known for its fresh lobsters and...

The Effectiveness and Advantages of Using Billboards

There’s a reason that so many highways are littered with billboards...

Read Now

Top 5 Ecommerce Sites in the UK

Having a website for selling your products is something that can be very beneficial for your business. Whether you sell clothing, toys or furniture, you can be sure that you'll be able to make some sales if you have a good eCommerce site. But which ones are...

A Guide to POS System Software Features and Benefits

A cloud-based POS system software offers many advantages, so it's crucial to comprehend your needs and what attributes you need before making a choice. Here are the six things you should pay attention to while searching for the latest software for point-of-sale. The most important characteristics of the...

5 Must-See Attractions in Dubai

Much of the world we live in today is a result of human ingenuity. Nothing speaks to this more than the city of Dubai. Upon first glance, or even a lengthy exploration of the intricacies of the city, you might never know this now shining spectacle was...

5 Benefits of Digital Transformation in Business

Digitalization is the new market reality these days. With the rapid expansion of high-speed internet and change in demographic preferences, companies have to start their digital journey to stay in business. This has caused a pressing need for digital transformation, which is the integration of digital technologies in...

4 Steps to Hire a Mobile App Developer

When looking for a mobile app developer for software development company in chicago, for your brand, always keep in mind to do thorough research and look for experts with authentic clientele and optimized user interfaces. When you think of creating an application for your business, you have high...

Ethicality Explained: Why It Is Important For Investors

When it comes to investing, there are many things to consider. You have to consider things like risk, return, and diversification. But have you ever thought about whether or not your investments are ethical? In this blog post, we'll explore the topic of ethicality when it comes to...

4 must-have Self-service Features for your Customer portal

Today, consumers want easy and efficient ways to solve their issues, and customer self-service portals give access to all the necessary resources to do so without contacting customer support by phone or email. According to Statista, 88% of customers expect brands to have a self-service support portal. What...

8 Tips and Tricks to Use Pinterest For Business Successfully

Pinterest is a social media website that enables users to "pin" or "gallery" visual content from blogs, websites, images, and other online sources. Users can utilise boards to group items for quick access, and pins enable sharing with others. Marketers and business owners must comprehend how Pinterest...

How to Easily Organize Your Company’s Onboarding Process

Like most business owners, you're probably feeling a bit burdened by all the changes in your company right now. It can be challenging to keep up with staff additions, new software updates, and other developments. That's why it's so important to have a well-organized onboarding process -...

The Importance of a Professional CV

There’s no doubt that a good resume is key to getting a job. But what about the rest of your career journey? Is there anything else you can do to set yourself up for success? In this blog post, we will explore the importance of having a...

Top 7 Best Free Email Marketing Services

Entrepreneurs are continually attempting to enhance their marketing efforts. Email marketing services remains an effective marketing technique, with a $42 return on every $1 spent. It is essential to select software that can drive your email marketing to a new level. Email marketing services (software) is much more...

How to Start a Medical Billing and Coding Business

If you are concerned about getting started with the medical billing and coding business, put off from your shoulders all hassles and complicated medical billing and coding tasks. Medical billing customers are billed for appointments and services by healthcare facilities and medical billing professionals. Check-ups, procedures, testing,...