How to Build a P2P Payment App Like Venmo & Square Cash?

The arena of digitization has captured every industry and business domain beautifully. To be précised even the area of our utilities has got largely influenced by technology.

Today, we all love to access the benefits of technology in every possible manner and this has not even left the mode of payment we prefer while shopping or simply transaction in our day-to-day lives.

In this run, one app genre which is garnering the maximum attention from the users is the peer-to-peer (P2P) payment application or the money transfer apps.

P2P apps let the involvement of the third party and allow the users to carry out the money transferring with ease & comfort.

3 Categories of P2P Payment Apps Are:

  • Social Media Centric – It is a very popular category, where certain mobile payment gateways get the collaboration with social media companies and access the users’ bank accounts with a small payment involved.

For instance: Facebook Messenger & Google Wallet

  • Bank Centric – Such apps require bank involvement to make money transactions. And require financial transactions to be taken place.

For instance: Popmoney

  • Standalone – Such apps work on their own mechanism, sans the involvement of any banking or financial body.

For instance: SquareCash and Venmo

Eventually, you need to understand that Peer to Peer (P2P) payment is the platform that allows users to transfer money from the linked bank account into the bank accounts. 

Undeniably the convenience P2P apps bring along with, is beyond imagination and cannot be explained in words. Indeed technology is the source of relief, however, there are a couple of factors that need to be taken into serious consideration.

And one of the most important factors is the set of features to be included in the P2P app. 

In the market, there are several existing and popular apps that are creating a stir, but making a payment app that can really work magic for your business as well requires detailed research and analysis before proceeding.

Further, in this post we’ve jot down the features to be included in your P2P app, let’s take a look ahead.

Must-To-Be-Added Features in P2P App

Let’s take a quick look at some of the features which must be included in your peer-to-peer payment app.

  • Fingerprint Security Lock– It goes without saying but security is the utmost concern, which must be addressed by your app at every given cost. Ensure that your app provides the RIGHT security measures to the users.
  • Account Balance/ History– The app must include a feature allowing users to check their account balance and transaction history.
  • Constant Support– A mobile app with P2P functionality is the platform where multiple users would share their sensitive information, and a breach of security or any technical glitch can really raise eyebrows. Therefore the support without a break must be a part of your app, to gain the trust of the users.
  • Bank Transfer– The ease of bank transfer has to be an inevitable part of your app, wherein users would get the convenience of transferring money into a bank account.
  • Notification– For a successful mobile app to come into the picture, the integration of the notification feature is necessary. This helps the users to get notified about new offers or any other new functionality offered.

How Much Does It Cost to Develop a P2P App Like Square Cash or Venmo?

Eventually to get an app developed like Square Cash or Venmo requires a well-planned analysis and the selection of the features that can help you gain recognition in the market.

Here the integration of the right skilled team would really be an advantage as such a company would let you pick the best MVP model for your app concept. 

On average P2P Payment App Development, with advanced features would take around $40K- $50K for one platform. And for both, it would be around $60K-$70K.

To help your P2P app come into existence get in touch with a leading company like LeadMuster, which has already crafted some of the most remarkable solutions for the big tech industries in the globe and can help you get an impeccable app solution.

Grab your phone now and make a call to the LeadMuster team today and help your app get noticed by the niche audience in no time.

Share your love
LeadMuster
LeadMuster
Articles: 20