The P2P payment app market is booming with the ewallet trends. After the success of apps like PayPal, Venmo, Squarecash, people have started perceiving the apps to transfer money. Recently, we, at Space-O Technologies, came across an app named Chipper Cash. This app is the first and only platform in Africa to allow users to send mobile money across borders and across phone carriers instantly. It has raised $6 million to expand its service in Southern Africa. We, along with our app consultants, have curated 3 lessons that you should consider for successful P2P app development.
Got a peer to peer payment app idea?
But are you bothered about the mobile wallet app market? Thinking about its scope?
Need not to worry. The sharing economy is one of the hallmarks of a 21st-century economy. From homes to cars, food to online shopping, nearly every industry has an impact in some way by the rise of shared goods and services.
People pay their friends for food and utilities through mobile payment solutions. The pioneer of the cheapest way to send money was set by PayPal and since then a plethora of apps are taking place in the p2p app segment.
We are not making stories. If you are not believing us, we have global statistics to prove our point and to validate your payment app development idea.
P2P Payment Statistics and Facts
- A third of all the U.S. smartphone users make at least one peer-to-peer payment a month. There are an estimated 69.2 million users in the U.S. as of 2019. It is estimated to rise upto 73.8 million by 2020.
- There are over half (51%) of millennials, 18 to 34 years old, who regularly use P2P payment apps, and Gen Xers, 35 to 54 years old, (48%) are only slightly behind. Thus, millennials are using instant money transfer apps almost regularly for their chores.
- People are engaging more with online banking and the best way to transfer money, they are adhering to the trend of secured P2P payments.
After looking at these statistics, you can easily figure out the growing trend of mobile payment apps. If you are planning to develop a payment app like Venmo or Chipper Cash, you should consider the Chipper Cash app’s insights and lessons for a successful payment transaction across the platforms.
Chipper Cash: Top Peer to Peer Payment App in Africa
- The fintech company is co-founded by Ghanaian Maijid Moujaled. The mobile payment app has more than 600,000 active users and has processed more than 3 million transactions on its no-fee, P2P, cross-border mobile-money payments product, according to Serunjogi.
- The San Francisco-based company offers peer-to-peer payment service in six countries like Ghana, Uganda, Nigeria, Tanzania, Rwanda, and Kenya.
- Recently it has raised a $6 million seed round led by Deciens Capital. With this latest round, the fintech startup has raised more than $8 million in seed capital.
- The fintech app aims to become a leading platform in the digital finance market. The Chipper Cash app plans to expand in Southern Africa, which is the hub for the advanced economy and mobile money business.
3 Lessons to Consider for Successful Payment App Development Curated by Our Experts
#1 Provide users with a C2B mobile payment service
In this era of workaholism, an individual urges for a platform that can help them pay their bills related to mobile, electricity, ecommerce shops, school fees, and other miscellaneous expenses.
For instance, the Chipper Cash app allows their online users to send payment via a checkout account. This account helps them to transfer the amount through any payment gateway integration with no fees. That particular amount gets collected under the Chipper account from where a user can send money to their relatives or other businesses instantly. A user can top up their mobile money account anywhere, as it gives the liberty of ‘cash in from any network.’
Image Credit: Chipper Cash
Being a fintech app startup, make sure you give a seamless payment transfer experience to your users. The app is judged by its user experience and navigation, place an attractive catalog of your online finance service.
#2 Facilitate users with QR code scanner and safety volt for their transactions
In today’s digital world there are customers that still visit the brick and mortar shops. For them, your finance app can be an ewallet app. You can create your own niche, by providing a QR code scanner. Make sure you provide your online users with safety volt which opens up with an authentic pin manually entered by them. Avoid fraudulent transactions through your app.
If you are planning for a payment app development, while deciding every feature or functionality, you need to come up with a security framework. A small mishap can hamper your online brand and user engagement.
#3 Integrate a seamless feed where users can have a look at their previous transactions
To make your app more interactive, you can take inspiration from Instagram, Whatsapp story sections. With a single tap on a friend or a relative’s photo, make your users see all the past transactions made to them.
Allow users to send and request money for free from anyone, even contacts that are not your users. For better user experience, you can provide them with easy add or withdraw money to and from the app’s wallet to a connected mobile money account.
Image Credit: Chipper Cash
Provide Gen Z with a proper enterprise mobility solution for finances. Being in the finance industry you need to bring the service seekers and providers on the same platform. Through finance applications, you can bridge the gap of legal advice and consultation or the online transfer of funds. You can easily manage the whole process of p2p payments without any miscommunication or middlemen commission.
Now, before ending this blog, let’s have a quick look at the best payment app in the app world, who have satisfactorily served the online users to date. If you are someone looking for more fintech app ideas and top fintech apps in the fintech economy then you should read our 8 Best Fintech Apps in 2020.
Top Popular Payment Apps
PayPal is a large platform with a total user base of 277 million accounts. It has long functioned with eBay as a convenient payment system. It is among the best money transfer apps as it is a no fee to transfer money to or from family and friends who have a PayPal account. It charges a minimal fee for transferring funds to or from those who do not have a PayPal account. The purchasing ability of the app is virtually universal and is available in most of the countries.
With Venmo users can send money and make purchases at approved merchants. It allows online consumers to pay family and friends, either using funds they have in the account or through a linked bank account or debit card. It is free to use if one sends money using Venmo account balance, linked bank account, debit card, or prepaid card. If a user uses a credit card, he is charged a standard fee of 3 %.
When a user makes purchases using Venmo through PayPal, Venmo does not charge any additional fees.
This payment app has become very popular with banks and credit unions. Many offer it as an instant transfer system. It helps in sending money to nearly anyone a user knows who has a bank account in the US. And that person does not have to be a Zelle participant. However, the recipient who is not a Zelle app user has to wait for up to 3 business days for a transaction to go through. If a user is using the app without a bank account or credit union, the weekly sending limit is $500. Unfortunately, the limit can be neither increased or decreased. Zelle app is not used for online purchases or as an in-store payment method.
There are many other payment apps like SquareCash, GooglePay, ApplePay, which are functioning worldwide providing utmost security to its users. Thus, make sure that you consider as much as security to protect your app users’ accounts by offering them such features in the app to transfer money, and where users can pay for their bills through virtual cards.
Do You Have P2P App Development Idea Which is Worth Converting into an App?
Being an entrepreneur, if you want to create a P2P payment app, allowing people to transfer/receive money and cryptocurrency, make sure that you consider including some of the top features that help users to make payments with just a few simple taps.
Besides, to facilitate money transactions, if you are having an idea on P2P app development and are searching to hire Android app developer, then you can cross-verify it with us as we are a leading mobile app development company and have over 200 associates including designers, developers, app consultants, and experts. We are constantly growing and hiring new members in the team to better serve our clients. In fact, we are hiring for the following positions:
Still have any query or confusion on P2P app 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), mobile app quotation sample? You can get in touch with us through the contact us form and one of our sales representatives will revert to you as soon as possible. The consultation is free of cost.
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