How to Develop an App like Venmo & PayPal?
It’s 2021, and technology is bringing so much revolution. It is ultimately making life simpler. If you want to make the lives of hundreds of people simpler, make an app like PayPal or Venmo to improve their payment experiences.
Without a doubt, peer-to-peer payment options are swiftly replacing conventional payment methods, and eCommerce is taking advantage of this opportunity to enhance company sales. And due to such reasons, businesses and new start-ups are looking to make an app like Venmo or PayPal.
A mobile peer to peer payment app is a blessing for businesses and people who make transactions at the International level in multiple currencies. Continue reading to discover how to create a P2P payment software that can assist users with all of these chores.
As of February 2018, this statistic represents the percentage of customers in the United States who have utilized chosen peer-to-peer payment apps in the previous year. And that’s a good reason for any person or company to make an app like PayPal or Venmo.
So, what exactly are peer-to-peer payment apps?
P2P networks operate as a go-between for those who want to send and receive electronic money. Sending money to friends, family, and contractors has never been simpler, thanks to person-to-person payment applications. These methods have contributed to the trend of cashlessness and have significantly influenced how money transactions are conducted.
P2P applications are popular among young people, who are more willing to share their bank data with applications than our less tech-savvy elders. So, while you make an app like Venmo or PayPal, keep your target consumers in mind and keep it current and fashionable.
Few of the must-have features while developing a mobile peer to peer payment app
Market research and study of similar apps play a vital role when you want to make an app like PayPal. Have you ever considered what features your app should have in efforts to gain customers and be a top peer – to – peer payment app? Here are some essential characteristics that your app should include to provide a smooth user experience.
1. Easy Registration
Please do not complicate things by asking for all information at once while he/she is registering for the app. When you make an app like Venmo, keep in mind that you require more details; ask them section by section. Like – first personal details, then business account details, bank or card details, etc.
Notifications are essential to make a mobile peer to peer payment app. They notify users when they receive a payment or when a payment is requested.
Furthermore, to reduce financial fraud, your app may warn users of any wallet activity. Most modern payment applications also send out reminders for bill due dates and ticket reservations.
3. QR or Barcode Scanner
Nowadays, all sellers especially store owners accept digital payments with a QR code. So, without much details, it proves that to make an app like PayPal, you need a barcode and QR scanner.
Maintaining a record of all transactions is essential for any finance-related applications. Users will be able to view the sum of all their previous transactions and when they occurred.
5. Online Invoices
It would be fantastic if users could scan invoices and email them to the person responsible for making the payment. Additionally, consider adding invoice generating to produce invoices and receive compensation. It is a must-have feature when you want to make a mobile peer to peer payment app.
6. Secure Payment Allowance
Why a user prefers a particular application for the payment, the main reason is the security provided by the application. When you make an app like Venmo or PayPal, all transactions should be on websites protected by SSL (Secure Socket Layer) encryption.
7. Chat facility
Chatbots are beneficial in resolving issues such as incorrect deductions, money transfers, and so on.
Please keep in mind that these are the fundamental characteristics to consider while developing peer-to-peer payment software for iOS and Android. However, you must think outside the box for your app to stand out from the crowd and identify unique and essential features to include in your payment app.
Top 3 things to keep in mind when you make an app like PayPal
There are several app clones to follow as you progress in the mobile payment app business, but here are a few aspects that will assist you to make an app like Venmo:
1. Target Audience
The first thing to ask yourself is for whom you are designing an application. The Venmo app, for example, was designed for individuals who knew each other. People may utilize this mobile peer to peer payment app like Venmo for financial transfers, regardless of whether they are linked, family, friends, or co-workers.
2. The App’s Purpose
The primary goal to make an app like PayPal is to enable individuals to become cashless, to give the ability to borrow money from friends, to divide money easily, to give money as a present, to pay for services, and to do so much more. As a result, constantly strive to make the app’s UI clean and uncomplicated.
Your application should be speedy, straightforward, and easy to use. In a payment app, the app load speed is quite important. However, crediting money to the other person’s account might take days in rare circumstances.
So, these are the points that you need to keep in mind when you want to make an app like Venmo. The last thing to conclude is to hire an excellent company.
We at SYMSWEB having five years of experience and 500+ clients. We are happy to assist you in providing intelligent solutions and help along the road to make an app like PayPal. Our specialized developers’ team will turn your specifications and thoughts about what your P2P payment app should look like into a functional solution. Contact us at email@example.com to know more.