PayPal, the best e-wallet app, has come a long way, as indicated by its 286 million active users. PayPal's initial name was Confinity, an organization founded on the premise of being low-cost, offering hassle-free digital payments for consumers and businesses.
PayPal's founders’ idea was very simple and efficient, i.e., convincing customers to share their banking, e-mail, and credit card data in return for fast and cost-effective payments. Within two years, the founders renamed this e-wallet payment application as 'PayPal.' Now, the mobile app is solely focused on digital payments worldwide.
To date, this e-wallet application has earned tremendous growth and profit. The application started acquiring fame when eBay acquired PayPal in 2002 for $1.5 billion.
These Key stats reflect the ever-rising importance of PayPal in today's time –
These facts clearly indicate the rise in e-wallet app development like PayPal. It is high time for businesses to invest in creating an e-wallet app and avail significant benefits. All this has also raised the demand for e-wallet app development companies in current times.
The following images showcase how an app like PayPal looks and what are its essential features. Each snapshot depicts the UX/UI, design, features, and functionalities of the PayPal payment app.
PayPal has ample amazing features that make transactions easier for both users and merchants. Based on consumer feedback and responsiveness, the company continues to update these features. Here’s the list of features that makes the PayPal payment app successful.
PayPal has a very simple and fast registration process that enables users to register via e-mail, phone number, or any social media account. After successful registration, users can securely log in to access the PayPal payment app and experience a hassle-free digital payment experience worldwide.
The simple and interactive user interface of the PayPal e-wallet app allows users to make payments with just a tap. Users have to simply click the ‘Send’ or ‘Receive’ buttons to process transactions. This amazing feature has helped PayPal grab thousands of users’ attention.
This unique one-touch PayPal app feature prevents users from entering their login details every time they purchase or pay via PayPal. Its fraud protection and buyer protection feature ensures that the users’ details are completely safe and secure.
Every account associated with PayPal has a unique QR code that they can use to send and receive money. Senders can effortlessly transfer money to the recipient by scanning this QR code. Apple users can directly scan through their cameras and proceed with online payment.
PayPal offers a standard invoicing template where the merchant can add contact information, logo, and other mandatory fields to generate a professional invoice in no time. Users can also access the template for future transactions and track the payment & billing history in a go.
Not every e-wallet app supports multiple currencies, but the amazing payment gateway integration makes the PayPal payment app unique from the rest. Its multi-currency support feature enables both senders and receivers to exchange money from any corner of the world in just a few taps.
Another amazing feature of the PayPal app is that it supports eight email addresses for a single account. It further makes this e-wallet app more secure, and becomes difficult for Cybercriminals to attack the application or users’ data. It is one of the secure features of the PayPal app.
Instant amount transfer isn’t a concern anymore while using the PayPal app. It lets the users make an instant money transfer to Visa or MasterCard by simply charging a minimal amount. Not every app has this feature, and this is why PayPal has become one of the popular e-wallet mobile applications.
PayPal acts as an intermediate between the app users and the bank. Users can simply add their bank account details, credit card, or debit card information after registering on the app. When making a payment, users can choose an option to send a payment. All the transactions are made through PayPal rather than a bank account.
The amount received at the PayPal account can be used for several purposes, including e-commerce, Point of sale, and transferred to a bank account. It could take a few days or even minutes. Users can also top off the PayPal account with their bank account or assigned card. You can also do the same during e-wallet app development.
PayPal supports multiple payment services for individuals ranging from simple money transfers to check cashing, debit/credit transfer, and e-checking services. For merchants, it includes services like invoicing, PayPal loans, shipping, and working capital. Setting up a PayPal account for availing e-wallet app services is absolutely free, but there are charges for a few services.
PayPal's online payment app isn't restricted to mobile devices but can also be accessed via a website, mobile app, programmatic interfaces, or integrations. It offers high-end tools to support e-commerce, POS, and subscription-based transactions while safeguarding the users with seller protection, purchase resolution, and digital security.
Developing an e-wallet app like PayPal under the estimated budget isn’t a piece of a cakewalk. For that, one has to take care of multiple factors, features, and functionalities. Some businesses try to make their payment app unique by inserting more features. As a result, this increases the cost to develop a PayPal app.
Are you wondering about the factors influencing the PayPal e-wallet app development cost? Here are some major factors that might affect the wallet app development costs. Have a look –
Every factor mentioned here will increase or decrease the cost of e-wallet app development, so be careful while developing an app. You can also hire dedicated developers, share your business idea, and get a perfect app within the desired budget.
The invention of e-wallet apps like PayPal has made it easier for businesses to make digital payments hassle-free. It has raised the demand for e-wallet apps in today’s time, and as a result, businesses are looking forward to develop an app like PayPal. But, before that, every business owner must be well-versed with the e-wallet mobile app development process. So, here we have curated the step-by-step process to create digital payment applications like PayPal.
First of all, conduct proper market research to understand the current market situation and ongoing e-wallet app development trends. It will help you make a better or informed decision and you’ll be able to create a successful e-wallet app like PayPal.
Besides conducting market research, knowing about the competitors is crucial. Referring to similar apps like PayPal will help you know the loopholes, features, functionalities, etc., and develop a digital payment app to overcome such problems.
Make a proper plan to outline the scope of your PayPal-like e-wallet app. Mention all the core features of the mobile app that are required to open user and merchant accounts, make digital payments, process transactions, etc. It will give you a quick of what your app will consist of.
Creating an application’s MVP will give a clear overview of your e-wallet application while helping you get users’ ratings and reviews. It is one of the crucial steps to save the cost of e-wallet app development while resulting in successful digital wallet app development.
To create a better online payment app, you will require API or SDK solutions implemented as a part of online payment features. Users can make instant payment transfers using in-built solution. This feature is compatible with all development platforms.
While creating any business application, it is essential to comply with regulations governing financial institutions. For that, an ID verification solution comes in handy. It further handles the KYC and AML processes while streamlining business work.
Finally, businesses can develop an e-wallet app like PayPal by considering the planned document and MVP. You can also hire dedicated developers or avail assistance from a reliable e-wallet app development company to get a successful app in hand.
Once the app is developed successfully, now is the right time to test and deploy the app. None of the mobile app development processes is conducted error-free, so this is a crucial step to eliminate all the bugs and errors to make your e-wallet app 100% errorless.
Finally, you can launch your app on the Google Play Store or App Store, depending on the digital wallet app’s compatibility. It is the final step of e-wallet mobile app development, so be careful while launching your business application.
When it comes to the best e-wallet apps, undoubtedly PayPal app tops the list. But, this isn’t the only digital wallet app gaining traction and users’ attention in today’s time; there are other successful e-wallets app too. Want to know the PayPal alternative applications? Here you go!
Since its inception, PayPal has opened countless doors for 360 million users in over 200 countries. Since 1998, PayPal has offered businesses and consumers an alternate means of conducting business in a global market. PayPal is thus an essential technology for the future of e-commerce. So, this is the right time for businesses to step into the e-wallet app development process and create an app like PayPal. You've reached the right place if you are also planning for the same. Dev Technosys, being a leading mobile and web development company, can help you create an e-wallet app like PayPal.
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