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18 Dec 2020
Madhukar Jangir

Recommendations For P2P Mobile Payment App Development

how to make an ewallet

What is a P2P mobile Payment App, anyway?

How does mobile Payment App Development empower users?

  • Payment to merchants for commodities
  • Seamless payment to cab services
  • Setting borrowing limits (in terms of amount or number of transactions) for children or friends
  • Sending and receiving payment requests
  • Allow money borrowing request from friends and money transfer
  • Restaurant/utility bill split with friends or any contact
  • Cross-country remittance transfer to families
  • Utilities / internet / mobile bill payment

Type of P2P Mobile Payment Apps

4 Business Models for P2P Mobile Payment Applications

Why is it the right time to roll-out your Mobile Payment App?

‘payments and transactions’

Source: Forbes top 50

Technologies that make Mobile Payments Possible

how to make an ewallet

What made them Successful? - PayPal, Alipay, and Airfox

PayPal - the innovator and #1 in P2P Payments

  • Blue ocean business strategy
  • Developed a viable business model
  • Harnessed network intelligence
  • Intelligent partnerships in the ecosystem
  • Timely acquisition
  • Smart expansion of services like POS terminals in retail sector
  • Always technology agnostic
  • Focus on gaining international credibility.

Alipay: Chinese PayPal… only better

P2P Mobile Payment App Development Recommendations

P2P Payment App user journey

  1. Transfer money into the app: The app draws money in from the user's bank account, card, Paypal or other payment gateway. The cash is then transferred into the app's bank account. This amount is registered into the app's system.
  2. Manage funds into the system: The app's system easily transfers money between the registered users in your network. However, the money transfer must be instant, as it only requires value changes in the high level app database.
  3. Money withdrawal: Money in the system is just digits. If the user wants it in cash or in a bank, they would have to withdraw money to their bank account or cards. Most money withdrawals to banks are free of cost but some mobile payment apps charge fees for pay-outs.

Specific features for P2P Mobile Payment App

Conclusion 

how to make an ewallet

Madhukar Jangir

Madhukar is a marketing communication specialist at Nimble AppGenie. A writer by day and reader by night, he specializes in technical blogging. Throughout the time, he has been helping businesses by writing valuable business guides and articles.
Whereas, Nimble AppGenie is an expert in developing solutions for Healthcare, FinTech and EdTech. Nimble AppGenie is helping small-large scale enterprises by providing innovative solutions that excel in the market.

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