How to Create a Peer-to-Peer Payment Service

No one can argue that today’s payment platforms are great at simplifying our life. The world is civilizing making such software almost indispensable. More specifically, p2p payment resources are turning truly popular. The audience prefers them because they’re easy to apply, moreover, they help to save time.

We are to discuss what peer-to-peer payment service development implies. And, let’s start with the following point.

Benefits of P2P payment systems

We shall determine how persons can take advantage of such programs, and why it’s a great idea to build p2p resources:

  • wise monetization can turn an app into a good source of profit;
  • such software provides its owners with multiple tools to enhance customer relationships;
  • the audience can save their time by transferring funds through the services in question;
  • person-to-person payment platforms are widely available since a single condition to enjoy its features is Internet connectivity;
  • users need only a minimum of data about recipients to send money;
  • people apply p2p solutions, as they ask for lower fees for its service compared to other intermediaries;
  • 3D security system guarantees the safety of clients’ data.

Key features P2P payment solutions must provide

To please the audience and surpass other similar platforms your payment application shall offer the below-mentioned functionality:

  • unique ID/OTP to ensure a high level of data security;
  • reliable money transfers in a few clicks only;
  • funds transfer templates for repetitive operations;
  • on-demand money requests;
  • sending money to a bank account;
  • mobile chatting to discuss critical payment details;
  • digital wallets for storing users’ financial info;
  • generating invoice whenever required;
  • scanning bills by means of smartphone cameras;
  • notifications for clients to stay in the loop;
  • access to users’ transaction history;
  • the support team in case clients need some help.

While building a payment app, one shall find the possibility to implement all presented functions. So, we’re moving to the most interesting part.

Steps to develop peer-to-peer payment software

Let’s figure out what the process of designing an online money transfer system is all about:

# Decide on what type of person-to-person application you’d like to create

On the whole, there could be distinguished the 4 main types of p2p payment programs: banking resources, Independent Service Providers (ISPs), social platforms & messaging services, and mobile OS. It would be nice to learn what each app type represents to decide what solution to go for.

# Investigation phase

This step is required in order to determine the key issues to take care of. Here are the key points to think through:

  • explore who your targeted customers are;
  • study the existing demanded payment software on the market;
  • decide what platforms your application shall support (Android, iOS, or maybe both);
  • work on your general strategy.

# Plan your software functionality

We’ve already mentioned the key features a money transfer system should better deliver to stay relevant and sought after. In the best-case scenario, all critical functions must be implemented, however, with a limited budget you might decide to begin with an MVP model. When such a program having only basic functionality succeeds, you’ll obtain all the required resources in order to expand the app parameters.

# The UX/UI design

Clearly, the service functionality is essential, however, one shall not ignore the importance of the interface itself. Many people don’t realize that the interface is the one to ensure users’ positive online experience. Indeed, an appealing peer-to-peer payment solution shall bring and retain more happy clients.

# Providing a robust security level

It’s about money, thus, customers need to feel comfortable to provide you with their financial details. Meaning, 2-factor authentication, as well as PCI-DSS compliance, are a must-have to ensure save money transfers. You might need some help from online security specialists to take care of all crucial aspects.

# Diversified and profound testing

In order to ensure a platform operates flawlessly, thorough tests shall be conducted. Quality assurance staff will take care of it and send it for rework in case something needs to be fixed.

Monetization model of person-to-person money transfer applications

Each app owner is looking for approaches to earn a profit. When dealing with payment software we’d enumerate the following options:

  • fees for funds transferring services;
  • in-application advertising;
  • paid subscriptions (mandatory subscription & freemium model).

When being serious and smart about peer-to-peer payment system development, one shall easily recover all the funds invested, as well as establish a decent source of revenue.

Summing up

There exist multiple p2p money transfer applications, like, Zelle, Azimo, Venmo, and others. Therefore, it’s vital to brainstorm on how to outwit the competition and succeed. We’d like to highlight the most essential points to take care of in the process of development:

  1. Unique functionality. Of course, you might decide to apply ready-made solutions, however, don’t forget to implement one-of-a-kind functions as well. They are to distinguish your program from similar resources.
  2. UX & UI. The interface must be carefully designed in order to keep it advanced, intuitive, as well as user-oriented.
  3. Regular updating. When striving to develop an innovative service, it’s vital to keep an eye on the latest trends to upgrade your application systematically. There is always room for improvement.