How to Develop an Online Payment App? A Complete Guide

In this age of digitization, many applications avoid payment problems. These applications have become the primary method of payment for many. However, the question arises- how to develop money transfer software? However, they are not yet accepted as an official means of payment. This article explains the process of collecting money transfer app.

Money transfer software is also known as P2P payment solution. P2P or peer-to-peer money transfer requests act as intermediaries and help people send money to the other end. The transfer takes a few minutes and is instant. However, the period may be lengthened due to various factors such as distance and banking requirements.

Now, as we’ve learned the increased popularity of payment apps, we know the process of creating money transfer apps.

Types of P2P payment transactions

Mobile payment solutions fall into several broad categories based on who provides them and why. These types are:

Banking applications. Many banks are launching P2P payment applications for their customers to enhance customer service. Frequent mobile banking users show the highest level of satisfaction with their primary bank – 71% compared to non-users at 44%. P2P banking apps also allow financial institutions to expand into a new niche market.

Individualized services. Private mobile payment services have been created by startups that want to enter the fintech industry. These are solutions like PayPal or Venmo. They give people e-wallets to add bank cards for peer-to-peer payments.

Mobile OS systems. These P2P systems are not exactly mobile apps but work very similarly. Solutions like Android Pay and Apple Pay allow users to transfer payments and use NFC technology to pay with their smartphones in stores.

Publisher platforms. Some social media platforms have also started investing in building P2P payment apps. Now, users can customize links directly from the publisher to make them more effective. Read: How Much Does It Cost To Develop P2P Payment Apps Like Venmo/PayPal?

Top features to consider during money transfer app development

Most money transfer apps have overlapping features. These are tasks for connecting users and completing payment transfers.

Here is the list of essential features in a money transfer app:

Login. A login page asks users to enter credentials and may include two-step authentication. For example, the person needs to provide an email address and password, followed by a code sent to their mobile phone. Facial recognition is a popular technology adopted for user identification in financial applications.

User profile . The profile is where the user must provide their personal and contact information. Here they can also choose the language and fill in other basic settings.

Link the card to the bank account. This feature allows users to add their card or bank account to the app for future payments. They can also view card approval status and edit or delete accounts.

The e-wallet. Users can manage their finances and perform transactions using the app or mobile device.

Payment requests. With payment requests, employees ask someone to make a transfer. After entering the desired amount and payer details, the appropriate person will accept the request.

The reports. People are shown how much they spent and received during the selected period. In P2P apps, ads need to have very granular segmentation.

Currency conversion. Since people often use money transfer solutions for international payments, they need to do currency conversion. Additionally, they may want to save money in a different currency, so you need to enable them to switch.

The reports. Push notifications notify users about applications and other milestones in their accounts.

Real-time support. Chats are the best way to solve customers’ problems. In addition to in-app chats, the P2P payment platform should also offer email and phone support.

Transaction tracking. Transaction tracking provides customers with sufficient information about their accounts. The best tracking apps will have an intuitive design and smart filters based on the most powerful information found.

Connect to the POS. Point-of-sale integration allows applications to integrate with POS systems, seamlessly with those used by various retailers. It allows detailed information to be exchanged between two systems in real time, including QR codes and NFC-based payments.

Private OTPs . Using one-time passwords with each individual authentication and transaction is an easy way to enhance the security of the money transfer application.

You do not have these features in the mobile payment application process. They are great for personal financial management and transfers between accounts. It is the foundation of what users expect from any mobile payment app.

There must be Actions to create a P2P Payment App

So, you have decided what kind of product it is. We will share the list of P2P payment app MVP features with you. And you know what you need to add to your project.

1. Digital Wallet (E-Wallet).

It would help if you created a place in the app where users can store their bank cards. They can also store their money in a digital wallet. Therefore, having this feature in your project is a very important step.

2. Transfer to Bank Account

Users want easy card-to-card transfers. But they also want to transfer their money to bank accounts. The security of financial P2P transactions is also important for senders and receivers.

3. Real-time payments

People buy tons of different products every day. They pay online anywhere in the world on their smartphone. Users appreciate when they can make a purchase with few clicks. Therefore, this feature also holds an important place in your future product.

4. Transaction Description

Each of us has been in a situation at least once where we needed to get a paycheck quickly. We immediately recall various P2P payment applications where it is easy to get lost in the history of calls. But you can acknowledge that companies often do this process in a way that isn’t always useful and understandable. Therefore, you can check the mistakes of the competitors and offer the best option in this direction.

5. Submit Invoices and Invoices

Some users may use P2Pmoney transfers for billing purposes. So, this feature can create business representatives for your new solution.

6. Unique User ID/OTP

This process enhances the security of your product. For example, the user needs to enter an OTP (One Time Password) to access features and make payments. Plus, your users can add the ability to do such things by holding fingers.

7. Currency conversion

Yes, people can go to currency exchanges, but they can only do so online. The second option is safer and faster. Users can transfer money between their cards in different currencies.

8. Push Notifications

Users appreciate when they can receive a notification in the app. For example, someone is waiting to receive money on their account. And the other person is waiting for a bill from his business partner.

9. Customer Support And Chatbots

Customer service makes your product more attractive in the market. Users feel taken care of by asking about unexpected problems in the app and transaction status or whatever. Also, if you want to upload your project to Google Play or the App Store, customer support can be a deciding factor. You can also use chatbots in your P2P payment app.

10.Cryptocurrency payments

Cryptocurrency is becoming more popular every year. And some companies in the market are allowed to pay for their products and services using cryptocurrency. Therefore, you can use this method to create a modern product.

11. Admin Panel

The admin panel is what you need to manage the app. For example, you may want to add a new feature or remove an existing one and more.

Wrapping

In short, the new concepts of digital financial services are laying the groundwork for future widespread adoption. Consumer centric digitization is increasingly replacing conventional means of providing financial services. Furthermore, the most popular technologies give new meaning to future advancements in money transfer app development.

Despite frequent challenges in implementing systems, banks and remittances are placing a premium on easy, inexpensive and quick maintenance of such applications. Especially when an app development company offers to share its best practices to create robust and efficient solutions.

Therefore, prepare your company for online success. Our mobile app developers are always ready to quickly bring your greatest money transfer app ideas to reality!