13. August 2019
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Developing the mobile payment app is not a child's play as it requires advanced feature sets and business tips. A professional mobile app development company can take care of the advanced features. For tips, read this blog. We talked to our finance app consultant who shared 3 important tips to consider when developing a mobile payment app. Here you will read about these tips to keep in mind when deciding to invest in creating a payment app like Venmo.
Nobody has much money these days. People make card payments or prefer a mobile payment app. Even if someone forgets the wallet at home, they can send money online and easily carry out daily transactions.
Mobile payments have become a norm, and the trend of making payments via mobile is only increasing. According to statista.com, the global number of mobile payment users is estimated to exceed 1
This increase is due to the reason why people prefer to use a mobile app to transfer money rather than deal with cash. There are a good number of instant money transfer apps available in the market. Apps like PayPal, Venmo, Skrill, Zelle apps do well in this marketplace.
As an adroit mobile app development company, we have also developed a good number of online payment apps . PayNow for Stripe is one of our favorites. This app makes card payments easy, fast and secure. In fact, it supports NFC printing payment and also fills the card details automatically with the help of a smartphone camera.
It is ranked 3rd among the latest innovative apps in Australia and has just over 50,000 users in Australia. It has been covered by AppAdvice, Gingerich and Business News.
Venmo is a peer to peer payment app (P2P) that talks about another popular app in the market and has been particularly consistent in growth and expansion. It can be considered a great example of a mobile payment app.
The net payment volume for the Venmo app totaled $ 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 picture.
This statistic makes investing in mobile development app development more appealing. If you are planning to create a payment app like Venmo, take a look at these 3 tips from our financial app consultant.
3 Tips from the Finance App Consultant to Consider in 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 store sensitive data such as card number and CVV number in their accounts. This is why it is also a concern for the app development company to make sure this data is secure.
Best payment apps are reliable and reliable. Transactions made through them are fast, yet secure. To make your virtual wallet app secure 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 the user's choice.
- Instant alerts via push notifications, emails, text messages after every transaction and suspicious activity detected in a user account.
- Best online payment apps also offer customer support and fraud protection services.
So being a financial startup, if you are planning to develop a payment app like Venmo, be sure to consider this tip and make your p2p app as secure as possible.
2. Provide user-friendliness
Providing efficient, convenient and affordable service to users of the P2P app is the most important aspect of developing mobile payment apps. Includes features such as instant money transfer as it will complete transactions within minutes. This allows app users to send money immediately to another user in a bank account.
Users can take an example of Venmo and can transact with millions of mobile and network retailers, even at no cost. If you also make your mobile wallet app affordable, your user base will increase.
A feature for making, sharing, and sharing purchases with other app users will reduce trivial error management. In fact, they can easily keep track of the economy.
Source: Venmo App
The Venmo app keeps users informed of what they owe or what others owe them and what they have purchased with the Venmo account. This way, the app adds value to the user's life by making it more convenient.
Even you can add features that will increase the convenience of using your app.
3. Close and profitable partnerships
Venmo has teamed up with Uber and allows people to pay for tours and food via UberEats with the money available in the Venmo account. This Payment Gateway Integration also allows people to easily share the cost of food orders and trips with their friends in the Uber app.
This is a unique tip to consider in your case. Not only does this feature provide a seamless way to pay for the services that matter most to customers, but it also makes the service more ubiquitous.
You have no restrictions and can collaborate with other taxi apps and delivery apps. This will help meet competition from other apps like Zelle.
Venmo recently partnered with MasterCard and launched a card that lets Venmo users pay anywhere MasterCard is accepted. In fact, this card can also be used in an ATM to withdraw funds from the Venmo account balance.
Source: Venmo App
Even you can be cautious and profitable partnerships as part of the development of your mobile payment app.
So these are three important tips for your own mobile payment app. These will help you create the best money transfer app that users prefer.
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 for your mobile app development would have taken the app a notch higher.
After reading some tips, you may have a clearer idea of how to earn the money transfer app that users prefer. You can cross-verify your idea with us, we are a prominent 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 questions or confusion about developing peer-to-peer payment apps, how to create an app like Venmo or Cash app, app development cost, how long does it take to create an app like Venmo (P2P Payment app), how to make money with an app idea, and then contact us through our contact form. One of our sales reps will come back to you and resolve your questions.
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This page was last edited on August 13, 2019 at 9:32 pm.
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