Mobile payment app development is not a child’s play as it requires advanced feature-set and business tips. A professional mobile app development company can take care of the advanced features. For tips, you must read this blog. We had a chat with our finance app consultant who shared 3 vital tips to consider while developing a mobile payment app. Here, you will read about these tips that you must keep in mind when you decide to invest in creating a payment app like Venmo.
No one carries much cash these days. People make payments via cards or prefer a mobile app for payments. With a digital wallet app, even if someone forgets their wallet at home, they can send money online instantly and carry out day to day transactions with ease.
Mobile payments have become a norm and the trend of making payments through mobile is only increasing. According to statista.com, the global number of mobile proximity payment users is estimated to surpass 1 billion by 2020.
This increase owes to the reason that people prefer to use a mobile app to transfer money instead of handling cash. There is a good deal of instant money transfer apps available in the market. Apps like PayPal, Venmo, Skrill, Zelle apps are doing great in this marketplace.
Being an adroit mobile app development company, we have also developed a fair share of online payment apps. PayNow for Stripe is one of our favourites. This app makes card payments easy, fast and secure. In fact, it supports NFC tap payment and also fills the card details automatically using a smartphone camera.
It is ranked 3rd in the top innovative apps in Australia and has over 50K users in Australia only. It has been covered by AppAdvice, Gingerich and Business News.
Talking about another popular app in the market, Venmo is a P2P money transfer app (peer to peer payment app) that has been particularly consistent in its growth and expansion. It can be considered a great example of a mobile payment app.
The net payment volume of the Venmo app amounted to the US $24 billion in the second quarter of 2019. In fact, the company had over 40 million active accounts at the end of the first quarter of 2019. You can see the growth in the image.
These stats do make investing in mobile payment app development more appealing. If you are planning to make a payment app like Venmo, you should have a look at these 3 tips from our financial app consultant.
3 Tips From Finance App Consultant to Consider During Mobile Payment App Development
1. Maintain secure transactions
All users of a P2P payment app are concerned about the security of their data. Most of the users save sensitive data like card number and CVV number in their accounts. This is why it also becomes a concern for the app development company to make sure this data is secure.
Best payment apps are reliable and trustworthy. Transactions made through them are fast yet safe. To make your virtual wallet app safe and the best mobile payment app, you can integrate the following features:
- A security lock feature that allows biometric, touch ID, Pincode or CVV entry depending on a user’s choice.
- Instant alerts via push notifications, email, text messages after any transaction and suspicious activity detected in a user’s account.
- Best online payment apps also provide customer support and fraud protection services.
So, being a finance startup, if you have planned to develop a payment app like Venmo, make sure that you consider this tip and make your p2p app as secure as possible.
2. Provide convenience to users
Providing effective, convenient and affordable service to the P2P app users is the most important aspect of mobile payment app development. Including features like instant money transfer as it will complete transactions within minutes. This allows the app users to send money instantly to another user in a bank account.
Taking an example of Venmo, users can carry out transactions with millions of retailers on mobile and web, that too without any charges. If you also make your mobile wallet app affordable, the user-base will increase.
A feature to make, split and share purchases with other app users will decrease trivial mismanagement. In fact, they can easily keep track of their finances.
Source: Venmo App
The Venmo app keeps users informed about what they owe or what others owe them and what they have bought using Venmo account. This way, the app adds value to a user’s life by making it more convenient.
Even you can add features that will increase the convenience of using your app.
3. Careful and profitable partnerships
Venmo has teamed up with Uber and lets people pay for rides and food via UberEats with the money that is available in their Venmo account. This Payment Gateway Integration also enables people to easily split the cost of food orders and rides with their friends within the Uber app.
This is a unique tip that you must consider in your case. Not only does this feature provide a seamless way to pay for the services that matter most to the customers but it also makes the service more ubiquitous.
You have no restrictions and can collaborate with other taxi-hailing apps and delivery apps. This will help to face competition from other apps like Zelle.
Recently, Venmo partnered with MasterCard and launched a card that allows Venmo users to pay anywhere MasterCard is accepted. In fact, this card can also be used at an ATM to withdraw funds from the Venmo account balance.
Source: Venmo App
Even you can make careful and profitable partnerships as a part of your mobile payment app development.
So these are three vital tips for your own mobile payment app. These will help you to make the best money transfer app that highly preferred by users.
There are few good mobile payment apps available and there is always room for improvement. Learning from the best virtual payment app and implementing it to your mobile payment app development would take your app a notch higher.
After reading about tips, you may have a clearer idea about how to make money transfer app that users prefer. You can cross-verify your idea with us, we are an eminent android and iOS app development company and have developed over 3500 seamlessly running apps for iOS, Android and web platforms.
In any case, if you still have any query or confusion on peer-to-peer payment apps development, how to make an app like Venmo or Cash app, app development cost breakdown, how long does it take to make an app like Venmo (P2P Payment app), how to make money with an app idea, then feel free to connect with us through our contact us form. One of our sales representatives will get back to you and resolve your queries.
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