Want to Create A P2P Payment App? Don’t Miss These Features

The ‘cashless future’ is not a myth. And with the growth of different P2P payment applications in today’s market, this is becoming very much real.

People can now receive and send money in real-time in a hassle-free way. No need to withdraw cash from ATMs, no need for checkbooks. All thanks to the different Peer-to-Peer payment apps.

You already know about PayPal, which is a globally popular P2P payment service. On the other hand, apps like WeChat (It is a popular P2P payment service in the Chinese market) are confined to local markets.

Be it global or local- these cashless P2P payment app services are undoubtedly transforming the money-transfer scene.

In this article, you’ll find a pithy guide to develop a P2P payment application along with a detailed idea about the must-include features in a Peer-to-Peer payment app.

Let’s Take a Look at the P2P Payment App Market Now

In the US, the number of P2P payment users is significantly growing. By the end of this year, it is expected that the number of P2P payment users will rise to 73.8 million.

P2P payment apps like Zelle and Venmo are the reasons why P2P payment services have become so popular in the US market. Where conventional bank services are comparatively slow in terms of providing inexpensive and simple money transfers, these peer-to-peer payment apps are becoming handy.

According to market experts, by 2022, almost 52.5% of mobile phone users (which is more than half) will make at least one P2P transaction per month.

So, if you are thinking of investing in an app in this sector, get in touch with a mobile app development firm having experience in creating P2P payment applications.

Must-include Features in a P2P Payment Application

No matter how great and unique your app idea is, without the right set of features, it won’t become successful. So, to build a profitable P2P payment app, don’t miss these features to include.

1. Digital Wallet

This is a space for the users where their card data and funds will be kept. Also, they can make electronic transactions from their respective digital wallets. All the information is stored in the cloud. So, you can easily access it with your id and password at any given time from anywhere.

Thus, all your information is safe even if your smartphone is lost somehow! All you have to do is to maintain a certain amount in your digital wallet.

2. Push Notifications

Do not forget to include the push notification feature to let the users know about any activity that occurs in the app. For instance, successfully money received and sent, the due date for bill payments, any special discounts and offers- the users will get notifications about every activity.

3. Unique Identifications

Any digital platform comes with the risks of getting hacked. So, to prevent unwanted transactions and increase the security of money transferring, users need to verify and confirm the One Time Password (OTP) and a unique ID. This OTP will be sent to users’ registered mobile number.

If the device has any fingerprint scanner, users may confirm the transaction with fingerprint scanning as well.

4. Transaction History

With this P2P payment application feature, users can check what transactions they have made so far. Here, they will get a detailed report about all received and sent payments with the exact date and time. Users find this feature extremely helpful as they can keep track of every transaction they make.

5. Request and Send Money

This feature is as simple as it seems. When you are making an app for transferring money, it is pretty obvious to include a feature where users can send money to anyone and can request an amount from the other users of the payment app.

6. Chat

Consider adding the chat feature to enhance the user experience of your P2P payment app. If a user needs to mention any additional details regarding the payment they are about to make, this chat feature becomes handy. Most importantly, with this feature, the chances of occurring possible mistakes can be reduced.

7. Send Invoices or Bills

When a P2P payment service can generate and submit invoices, the user experience automatically increases. So, don’t forget to add this important feature in your app. Also, make sure your app can use the device’s camera and scan the bills so that users can effortlessly share it with the other concerned users.

8. Admin Panel

This feature is needed for you, as the app owner. Through this admin panel, you can manage and control the app, remove and edit things.

These were some of the basic features to include in your P2P payment application. Of course, you can think of more interesting features to add. Get in touch with a trusted app development company and make a successful P2P payment app with the assistance of expert developers.