Making the payment is the daily need for life. Money transaction at every petty purchase ultimately builds up the economic infrastructure. The online payment methods make the money transactions more capable and support the businesses.

The global transactions are now the common thing. Even the beauty products being ordered online are carried from the international market to the local areas. This requires the robust transaction system which security sends and receives the money.

The international transfers are the money transfers which are made towards other countries. This requires the transaction to comply with the local government restriction and the app developed by ewallet app development company, therefore, requires to be legally operational.


The mobile apps and digital wallets have made the transactions easy and therefore more and more people are involving themselves in the mobile payment system. It extends the integrated scope for every payment gateway developer. The opportunities have been morphed into development strategies.

Making payments is always an important part of our day to day life. The transaction systems do not remain as tedious as before. It is not so stressful as in the earlier day because if the mobile payment apps and wallets.

Researchers have proven that more and more people are now involving themselves in the mobile payment system. The mobile payments are also supported by the fact, that in 2016, the mobile payment market was valued at $600 billion.

This platform is well used by mobile carriers. The P2P payment app development has made it possible to do these actions quite easily. With the extension of payment apps, every mobile app development company is prone to upgrade its development methodology.

Let’s take a look, how PayPal is thriving and why business owners are running behind making the parallel competitor for PayPal:

  • Currently, PayPal has more than 286 million active PayPal users.
  • If PayPal was a bank, it would have been the 21st greatest bank in the world.
  • eBay bought PayPal in $1.5 billion in the year if 2015.
  • On average, a PayPal user makes 36.9 transactions per year.
  • Among all, around 87.5 percent of buyers use PayPal.
  • PayPal made a revenue of $15.45 billion in 2018, which crossed $17.70 billion in 2019.

The most prevalent and the most effective platform is the P2P payment app, that makes the money transfer hassle-free and convenient. The P2P payments have gained a huge attraction in comparison to other payment apps.

Here in this article, we will discuss the features of peer to peer payment apps, the working framework, features, challenges and the cost of development.

What is Peer to Peer payment?

It is called person to person payment method, where the app helps in sending the money for business and non-business context. A great number of mobile application development companies are working over the development of online payment apps.

The e-wallet payment market is expected to cross $336 billion by 2021. There are some unique characteristics of the online payment app.

P2P means Peer to Peer or Person to Person. Peer to peer apps is an app which helps in the transaction of funds from the bank account of one person to another. The use of these apps has become popular in recent days in numerous countries of the world.

The mobile wallet system has become popular in the app market very soon because of the easy transaction system. The companies are targeting it dedicatedly all over the world.

It is expected that their growth will show an increase in the upcoming years. The peer to peer app is more than transaction systems. They include app services, bill splitting, utility bills, and several others.


Peer to Peer payment is the essential technology that traditionally required the sender to write a check and walk to the nearest ATM, but now has evolved into the more wallet-less economy, also with the help of PayPal app development.

The current trend in the market has evolved more into person to person from person to market. In P2P payment, PayPal has dominated the market, but there are also other competitors which are also owning a large share of the market.

The peer to peer market is like a middleman service, which helps people in transferring the fund from the bank account to the receiver’s account using the software applications.

How much does it cost to build Peer to Peer payment app?

P2P payments are now more popular among the tech-savvy young generation because they understand the technology and less concerned about disclosing their financial information to third party software.

Also, there are many apps which people use outside of the business context. Often splitting the bills, sharing the cost of restaurant dinner and lending money for the shows are the common examples.

In true terms, the Peer to peer payment is still immature where multiple services compete for the same segment. The current market f P2P apps comprise two major groups:

  1. The mobile payments such as Google Pay, PayPal, and Square Cash.
  2. Payment services or separate payment services company. These apps partner with the banks or integrate the payment service with social networks.

These services often start on their own, but later join the bigger the players due to the business acquisition deals. The famous app Venmo was brought to the market by Braintree in 2012, which later became part of PayPal. The acquisition also shows the trends in the market and the urge to deliver the peer to peer payment app.

Feature of payment app like PayPal

  1. Make the payment
  2. Link bank accounts
  3. Money transfers
  4. Purchase
  5. Data security
  6. Multi-factor authentication
  7. Bills sharing
  8. Foreign Exchange
  9. P2P lending apps
  10. Cross border transfer

Make the payment

The primary feature of online payment app like PayPal is to make real-time payment. The feature can be used to pay the bill, transfer money and pay someone whom they know.

Link bank accounts

Another important element of a peer to peer technology is the ability to link the bank accounts and cards with the app. The interlinking of the bank account with the cash app leverages the payment straight from the bank accounts without relying on mobile wallets.

Money transfers

For making P2P payment more powerful, the money transfers are available. The user can transfer the money from Venmo to their bank account and bank account to the mobile wallets.


Mobile payment apps also offer their APIs for enabling the websites to receive the payment through them. The majority of the websites and shopping portals run on mobile phones.

Therefore if the websites are integrated with the payment methods, it becomes easy to purchase and payment. The available Application program interface enables this integration.

Data security

Data security is the biggest fear today. In today’s world, it is not too hard to collect the personal data and always several attempts are going on at a time, which sneaks into the system and steals the information.

The data encryption system in payment apps helps in encoding the passing data and increase the robustness for making that hack-proof.

Multi-factor authentication

An app contains a sensitive money transaction. Therefore it is essential to secure the app with multi-factor authentication. The mobile payment app ensures the security of the data and the user’s information with the help of Multi-factor authentication before letting the user login.

Bills sharing

Most often the tech-savvy young generation uses the apps for splitting bills. This feature is available in apps that allow splitting bills with friends.

The PayPal clone development is also offered by IT companies, which leverages companies with the capacity of developing the PayPal like platform.

Foreign Exchange

Also, these apps like PayPal are used to make the secured international transaction. These apps bring the world financially together and bridge the gap with currency exchange and saving of the transaction fee for each transfer. This also saves money from brokers and intermediaries.

P2P lending apps

Peer to peer lending apps is the apps that offer the subsidized microloans in low-interest rate. These apps are profitable for customers who like to monetize the funds.

Cross border transfer

Also, The online payment apps leverage the transactions from one country to another. The transactions through these apps make the remittance less. Also, mobile apps are more secure. The traditional requirements for visiting the bank is no more the talk of today.

Cost factors of developing payment app like PayPal

The online payment gateway development and ewallet apps work on different business models, which also affects the cost of development.

In the current marketplace, the competency relies on economical development costs. So, you need to organize it so prudently, that would be more constructive towards enterprise goals.

By integrating the updated state of technology, the user experience nourishes. It accentuates more reasons for expected future benefits for your organization.

In this series, the number of extensive features, and their complexity, determine the time and cost of the development. It can be well developed through hiring in house team or freelancer. Again the most influential decision of payment gateway development cost decides the application’s acceptability.

cost paypal

Developing the payment application needs experienced, skillful and quality hours of the development. The multidimensional approach and specific time frame ultimately pay you by enriched user experience.

The app development doesn’t get over with its development. Rather it continues even after rendering the successful project to the client for further development and changes.

So you need to get assured about post-development support, Every experienced and committed developing company hedges the expectation of the client to their optimum level.

Some of the key cost factors need to be considered

  1. Platform
  2. Maintenance
  3. Security


The platform will be an important and key factor while summing up the ultimate cost of app development. In the competitive market, to outreach the customers, every company has been trying hard.

So the role of capital while developing app becomes so important. In this condition, the extensive reach of the companies pays them a more comprehensive approach.

Now, every payment gateway developer, while developing the payment app has to choose it prudently, either Android or iOS or both. Apart from recognizing the importance of app platforms, virtual assistant, IoT products, messaging, etc keep playing their importance as well.


Since your app is ready or has been active, the next big step goes towards necessary updates or changes. Every app has to go through from this stage. You can’t keep that single and same app for a long time with a consistently changing technological market.

Your app updates offer new or different features to your users. Here, it adds up an additional amount to your total development cost.


The adaptability and acceptability of the app depend on the user’s experience. In today’s market, every individual user is much aware and concerned about their data.

So you need to assure them about security. They must be satisfied that their personal information will not be distributed or shared anywhere else without their permission.

Their information will be duly secured in the application. Here, the developer has to follow the stipulated rules and regulations of the government monitoring agency.

Wrapping up

In the era of digitization, the need for efficiently planned mobile application development is at the core of the market. The people are racking up more expectations from the service providers.

As a result, the new alternative of payment came into the picture. Nothing to doubt, there are a lot more improvisations and development yet to come, but the pace it has taken is yielding enormous benefits for the market.

It has reframed the definition of financial transactions. Every enterprise has to follow contemporary technology and develop their app accordingly.

cta paypal

Undoubtedly, the payment app development needs a quality, skilled, adroit and flexible team, that integrates new features with every instant change in the market.

The competitive market is deriving more opportunities for companies. But it also opens up more and more alternatives for the user for switching up to the next alternative.

So while developing a payment app like PayPal, the closer look at your competitors’ skill, work, and customer satisfaction is necessary.

In the coming years, there will be a more streamlined development process. It will be more time-bound and economical. Hence, it is better to constitute your entire development phase with a planned roadmap, so that a shift in the development approach would not harm you least.