Origin of Peer-to-peer payment app development, Venmo, a mobile payment app, becomes all the rage with many users since it has started.
Within five months of the app's launch, it became much famous and used by more potential users to be purchased for millions by Braintree, a PayPal company.
Initially, Venmo combines the concept of a payment wallet app with that of a social network. At present, the app allows making secure, cashless transactions for users by linking their bank account or their credit card.
Technically, the Venmo clone app is a digital wallet and a free to use payment platform that helps account holders transfer money to others via an app. It primarily allows you to pay and request money from your friends. Its parent is a well-known Paypal. In the Venmo clone, no credit card, no wallet is required to access. The process is to link the app to your card. It is as simple as that. The app is available on highly used digital platforms like Android and iOS.
Things to keep in mind before building a P2P app
- Make sure the app supports all the primary methods of online payment.
- Give assurance to your users by not exposing the user's card details. It is done by enabling 2-factor authentication and OTP.
- Enable users to have push notifications in the app to keep your users updated.
- Having the Unique ID and OTP verifications ensure users not switching to other payment apps and make them potential users.
- Must have feature is, having a Transaction History of all their credit and debit payments.
Conclusion
Now you know what you should consider in the first place in your P2P payment app development. Users need peer-to-peer payment apps to transfer and receive money in the fastest, most convenient, and safest way. Give a quality application to them, and go ahead and start by putting together a development team that makes your P2P payment app into a successful and workable product.
