In 2018, there were more than 80 million mobile payment app users in the US alone. This speaks volumes of how important mobile applications have become. No wonder why many developers, engineers, and investors want to make a payment app on Android and iOS and disrupt the market. The following article discusses some key ways to create a payment application that users want. Read on.
What are P2P Payment Apps?
Peer-to-peer payments refer to transactions transferred from one application to another. P2P payments can be anything, such as lunch, car rent, or ride. PayPal is one of the first platforms that worked on P2P payments. According to the article by Topflight Apps, more and more companies are wondering how to create a mobile payment app because half of the smartphone users in the US will be transacting with P2P mobile apps by the end of 2022.
Tips to Make a Payment App in Android and iOS That Works
P2P payment applications are used by individuals as well as businesses. Merchants, for instance, can receive payments for their products easily using their cards, and they don’t need to withdraw any cash to buy the products. P2P payment applications also allow people to transfer money internationally. No wonder why money transfer app development is becoming so popular.
1. Ensure the Application Support All Online Payment Methods
To cater to all kinds of customers, companies should create a money transfer app that can support different modes of payment like online eCommerce payments and on-the-stop retail payments. However, simply supporting these payment modes is not enough. Companies should not only think about how to build a payment app to send and receive money. To build a P2P payment app that also sells well, you need to provide a seamless experience to the users by adding features, such as:
? Installment plans for merchants
? Chance of sending and receiving a borrowing request
? Discount calculations
2. Keep the Customer’s Information Secure
Any payments like cash, even though an application, require safety and security features. After all, mobile payments are associated with credit cards. Therefore, applications should always come with a mobile payment gateway. For instance, Venmo’s app architecture is particularly known for being very safe and secure, which is one reason why so many people trust Venmo’s services.
Since many users use their mobile payment applications in front of the retailers, the application should never expose their details, such as credit card numbers, to the surroundings. The application should also be protected using two-factor authentication, so no one else except the intended user can access it. For instance, fingerprint identification has become quite common these days. Many applications also rely on data encryption, PCI-DSS, and various other regulations compliance.
3. Leverage AI & Crypto
The finance industry is becoming technologically advanced at a rapid pace. Accordingly, applications can stand out by leveraging the current technologies. For instance, a chatbot in the P2P payment application can improve the user experience and help resolve customer concerns, such as incorrect debits.
Cryptocurrency is also growing rapidly every day. Companies now allow products and services to be bought using cryptocurrency. Accordingly, applications should give opportunities to users to make payments through cryptocurrency.
4. Pick the Right Technology for the App
The right technology can help in making the P2P payment application more interesting and functional. For instance, NFC is a prominent innovation in the FinTech industry. But there are also technologies like Artificial Intelligence, blockchain, and RTP that can be used to make the application more convenient.
Blockchain solutions are particularly useful because they offer a high level of transparency to the app users while keeping the application secure from any third-party interventions. Plus, it’s important to test the application and make sure it runs correctly using the existing architecture. Make sure the application works well on different OS versions and devices effectively. A good way is to test the app with real users to get their feedback.
Final Takeaway
Companies are increasingly trying to become part of the FinTech industry and make payment apps on Android and iOS. However, good applications are those that offer a seamless experience to the users and make use of the latest technologies.