Mobile app payments are taking us to the cashless world. With the technological interference in the banking system and account management, we got able to survive and thrive well in the almost cash transaction free world. Mobile apps are encouraging businesses to make payments through cash wallets in promoting customers to adept the new practices As Quick as Possible.
The daily inventions over the platform for making the world digitized are not only showering the tremendous options for saving the time managing the cost reduction and trimming down the unnecessary expenditures levied. Next is cashless, cardless, one-click payment systems which have optimized everything splitting transactions bills, remittance, trip booking other expenditures. The new world we will see with digital wallets peer-to-peer payments and mobile transactions. It is not too far that one day will see the completely Bank Les world.
What is the peer-to-peer payment?
The next generation here to clear payment apps would be Bank less, cashless and cardless. Not long ago there was a time when Western Union was the only significant way to send money to your friends all relatives any of your creditor. This was p2p called peer-to-peer or person to person payment method. The peer-to-peer payment app is the app developed by mobile application Development Company used for transferring money to your relatives, friends, and colleagues and for non-professional payments. The market of e wallet app development is expected to rise above $336 billion by 2021.
P2p payment apps have some unique characteristics. They are as follows:
1. The payment of p2p apps is less secure as they are used for sending money to relatives, friends, and colleagues. This is why they have lower transaction security than commercial apps
2. The transaction time sometimes takes up several hours to a few days, depending on the nature of the transaction.
3. The requirement for funding varies with the app.
Capabilities of peer to peer app:
- Payment of rent installment.
- Payment for cab services
- Setting the borrowing limit for a friend and allow him to withdraw the fixed amount.
- Sending and receiving the payment from anyone of your known.
- Splitting bills among the friends
- Sending a gift and paying utility bills
- Peer-to-peer beyond the ordinary
P2P foreign exchange:
Some peer to peer apps is a belt for the advanced transactions to go beyond your friends family colleagues and relatives. These apps bring the world together with currency exchange and save up to 90% of transaction fees for the customer. The cut out the banks intermediary and brokers.
P2p lending apps:
P2p cross border transfer apps
These apps leverage the transaction from one country to another country. Transaction through them makes remittance less costly. Now mobile apps have made them more secure.
Still, if you are visiting your bank for money transfer fund transfer to your friend then E wallet app development can make this possible without even stepping out of the door.
Peer-to-peer payment application has a different business model, which also affects the cost of development:
The famous bank-centric apps like clear change, popmoney are a few prevalent bank-centric solutions. Many banks provide their customers the payment application or payment devices to customers, alongside ensuring their merchants have a point of sale acceptance. These apps draw from and directly to bank accounts in place of stored currency account. The mobile network operator is responsible for the quality of service.
Stand-alone payment app:
The new initiative of mobile wallet app developers took the world to stand alone financial apps like PayPal, Square cash and airfox. These apps offer offline and p2b payment with the wallet feature to store the liquid. The nonbanking payment system has proven to be useful in some developing nations, where the reach to the bank is comparatively tough.
Social media payment app:
You can find any mobile app development company working over this dream project. The huge social media apps like Face book and WhatsApp are hugely popular among the population. With so many users, it would be a huge convenience, to transfer money through these mediums. With the WhatsApp integrated payment app, around 200 million people could be able to leverage the easiness.
Mobile device payment app:
The conglomerates such as Samsung and Apple are working over e wallet app development for integrating the Payment system to their device.
Cost of building a peer to peer payment:
The coat of e wallet app development also depends on the cost of hiring mobile wallet app developers, as they are in great demand. Development of p2p payment apps is an expensive journey and takes a lot of expertise and experience. The cost of developing the cash payment app could be started from $20000 and rise upto $138750 depending over the features to be included. The cost of development depends over factors like the number of mobile app developers, team size and the location.
With huge conglomerates working constantly over the digitized transaction, Future is hardly supporting the cash transactions. Building a p2p app can earn a huge profit. Adapting the change is the only best way to survive.