Developing payment apps: the P2P guide
Payment apps are the future of transactions because through their services and solutions you can make and carry out all sorts of money transfers, including cryptocurrencies.
Today, we are faced with the fact that people are already using their mobile devices for the existing payment systems to interact with decentralized crypto-apps and currencies.
Users can get new solutions from companies as Binariks that are focused on a fully peer-to-peer world of the future. So by integrating an account with whatever payment app an individual prefers to use, all transactions related to cryptocurrencies could be possible through them.
Using one will become more universal as time goes on, but building one that meets the requirements of worldwide legal systems will need caution. As such, for payment apps to have a future they need to not be so much more than payment apps.
If you are interested, you should find the following information of great use for your payment app development.
P2P: what is it and how can you use it?
Peer-to-peer apps consist of money transactions conducted electronically between two parties using the said application. Through them, all payments are made into an account directly.
One such application is Payoneer, which is seen as one of the more popular versions. They work simply, with the first step being the easy creation of an account on a preferred platform which then connects to your current bank account.
Once the app has been successfully set up, payments are made by using the other party’s bank account although contact details will do. This transaction is verified via a unique password that only both parties know, which removes the middleman, making all transactions more secure and cheaper.
Features of quality P2P app
If you are looking to build an app of this type or use it, there are a few things it should possess. These features are what will separate a quality app from those of lesser standing. The following are a few of those features:
- Currency converter: this allows you to automatically change currencies, which helps facilitate international transactions.
- Digital wallet: this is the point from which all money is kept and spent.
- Security: this would come in the form of password and identification data that reduces and in most cases eliminates the risk of fraud.
- Transaction history: this simply keeps track of all transactions.
- App to bank transfers: this allows users to move the money between different cards as well as back and forth from card to account.
- Money requests and sending: these apps should allow for seamless payments and requests to be made amongst users.
- Transferring bills and invoices: this allows for anyone in possession of the app to make their bills, receipts and invoices.
- Notifications: this allows creators to instantly send a multitude of information such as new features, competitions, promotions and updates.
Building a useful P2P app
With all the above features your app should have in mind, you can begin the process of building it. The following is a guide curated for just this process, let’s check it out.
Step 1: Choosing the right type of app
The types of P2P apps vary in what they do and how they apply to any specific variation. The following are just a few to choose from:
- The bank-based variety, which includes the bank as a party to all transactions as they are created by the institution.
- The standalone variety, which is a provider separate from all banks and requires a digital wallet to be made.
- The social media-based variety, which allows users of the platforms to perform the same tasks offered by similar apps.
- Mobile software varieties which are offered on the device used for transactions.
Step 2: Creating a list of features
Choose all the features you want the app to have. This list has to include all of the features written above, but can include others such as crypto payments, fingerprint capabilities and chatbots.
Step 3: Choosing the perfect tech
There are many pieces of technology that can be implemented into your app. You only have to figure out what is important and fits. This may include biometrics, AI as well as all things the blockchain has to offer.
Step 4: Focusing on the security of the app
Security is the most important part of an app of this nature and all information of all parties has to be protected. For this reason, tools such as biometrics as well as IDs and passwords are created.
Step 5: Ensuring that the apps meet certain regulations
Each country has its laws concerning finances, which means that you should do your best to ensure that these laws are kept. This will reduce the risk of legal ramifications, which will ease your conscience.
Step 6: Focusing on the app design
The app created should no doubt be functional to the highest degree. However, it should also have an attractive design that is user-friendly and easy to use, which can be tested by seeing if all the buttons work.
Step 7: Finding the developer and making proper testing
This is an important step that requires you to find a developer to create the app based on your requirements. This developer should be able to carry out the task while having great expertise and doing it affordably. After the app is built, you can now test its installation speed, functionality, WiFi capabilities, security, and other features.
There’s no better time to create your own P2P app
With the growth of digital payment and new technologies, it is only right for anyone looking to create their own app to consider that the platform has to be of great quality. This can only be achieved through the above steps and the partnership with experts and developers.
For potential users, an app in this lane can be advantageous on quite a few levels which include affordability, security, mobility, and overall convenience. The world will soon become reliant on such technologies which means that there is no better time to get into the field and create your own scalable peer-to-peer payment app.