How to Make a Peer-To-Peer (P2p) Marketplace?
The disruptive potential of digital transformation is vast, but it shouldn’t come as any surprise. The Internet has forever changed how we live our daily lives, and it’s only growing. It’s dramatically impacted how we shop, learn, and work. It’s brought both convenience and new opportunities for growth and development.
On the other hand, transformation in the finance and commerce industries has led to endless opportunities for growth and development. For example, there are now endless P2P payment applications in the marketplace that enable users to transfer money to others via credit/debit card or other contactless ways. This has dramatically impacted how we shop, learn, and work.
The surge in building a peer-to-peer marketplace has led businesses to soak their feet into it. However, multiple factors must be considered, and to make this easy; we have brought you this blog post; just read…
A Quick Word About P2P payment
Electronic payments are becoming more prevalent in our society. This can be seen with the increasing use of electronic wallets and payment platforms. One example of this is peer-to-peer payments or P2P Payments. This mechanism is used from one individual to another with the help of a P2P Payment Application.
How to build a P2P app?
Select P2P payment app type
First and foremost, you must select the P2P app type, whether you want to bank, stand alone, or be social media-centric.
Select the mobile app platform
You need to select the app platform you want to build the app; however, with cross-platform technologies, you can build on both platforms, and that will help you grow.
Define app features
Yes, this is one of the significant aspects where you need to define the app features and decide where and how you want to proceed.
Security
Don’t forget to consider every security aspect seriously, so your users don’t face attacks from cyber thieves.
User Experience
Your app needs a super smooth user experience that can enable users to access the app intuitively.
Features that you must consider
To build a p2p payment app, the app development company must include a few critical features which would make their app a sure success.,
User Digital Wallet
A digital wallet in a p2p app is a safe and convenient place to store your credit cards or debit cards and funds. This feature can be especially beneficial for those who do not have a bank account. Some p2p apps, such as PayPal, also let users store funds in their budgets. These apps make it easy for users to quickly and easily purchase items or withdraw money from their accounts.
Notification
Push Notifications are a great way to keep your customers informed about something special on your site. They are critical to p2p applications, as they allow a service to keep a close eye on how users use their site and alert them when they are doing something against the TOS.
Send & Receive Payment.
Payments are the core aspect of every P2P app; whether you are sending, receiving, or requesting payments from customers, you always need a trusted payment solution to keep your transactions secure. When it comes to payments, there are a few things that you need to keep in mind if you want to make your app as successful as possible. First and foremost, you must ensure that your payment solution is secure. You must ensure that your transactions are protected from hackers and thieves.
Send the bill & invoice.
Suppose the user needs to scan the bill for the person who has to make the payment. For this to happen, the p2p app must have a feature or a camera that allows the user to scan the bill and pay the bill right away. This is a p2p app, not a payments app.
A p2p app must generate an invoice for the transaction, which both the sender and the receiver can receive. This will help to keep track of who owes what to whom and reduce paperwork.
Transaction History
A p2p app must have an essential feature that allows the users to see the summary of all their past transactions to manage their finances better. Seeing all of the transactions in one place can help the user to make better financial decisions, and it can also help them to stay aware of any potential scams or fraudulent activities that may have taken place while they were using the app.
Unique ID/ OTP
A p2p app must send a unique ID or OTP (One-time password), so the user can verify it before any amount gets deducted from their wallet or account. If a p2p app is not sending a unique ID or OTP, the user may be tempted to steal the funds they have deposited. This can be risky because the thief may not be able to withdraw the money they stole if they get caught.
Transfer the amount to the bank
If your p2p app doesn’t support transferring money, then there are other ways for users to remain anonymous on the Internet — coming up with some new way to pay with cryptocurrency and never using a bank. In general, p2p users like it if the peer-to-peer payment app allows them to transfer the money from the app to the bank account. This makes it more likely that people will feel comfortable using the app.
Fingerprint security lock
P2P payments are becoming increasingly popular, with many people feeling they are a safer way to make transactions than traditional banking options. However, several risks are associated with these apps, and it is essential to be aware of them if you consider using them. First and foremost is the risk of carrying out transactions from a compromised device, as this contains essential bank account details and credentials. Another issue to be aware of is the possibility of fraud, as scammers may try to take advantage of you by convincing you to make a payment you do not need to make.
Henceforth, the app must be security-proof to avoid any security breach.
Chatbot
Peer-to-peer payment solutions need a chatbot that can handle all the queries. If the user can’t get through to their chatbot, they should be able to get through to a human at the payment gateway. This helps to reduce the common problems that delay the disbursement of funds. With this in mind, we’ve created a chatbot that can perform all the primary functions of peer-to-peer payment solutions, such as handling all the chat interactions and sending out text and email notifications.
Buy/sell cryptocurrency
You can provide this feature through a P2P digital payment app provided by your application or mobile app. This app should give users a convenient and straightforward way to securely buy and sell cryptocurrency and securely store their digital assets. It should also integrate with the secure messaging app.
How much does it cost to build a p2p App?
Well, a p2p app development cost largely depends on the features, technology, developer location, and functionality involved. It is hard to give a fixed numerical figure for it and can go anything from $60,000 to $10,0000 or beyond.
It would help if you got in touch with your chosen app developer to get a ballpark figure for the app.
Final thoughts
Peer-to-peer payment applications are redefining how we make national and international payments in many ways, and they will keep doing so in the coming years. With these applications, you no longer have to depend on the traditional payment gateway or bank. All you need is a phone and an internet connection. This has many benefits, the most important of which is that it cuts down on time it takes to make a payment.
It’s now the best time to Outsource App Development and invest your time and money in developing a robust P2P payment app to gain the first mover advantage. Built-in payments and loyalty programs will allow you to target users that are most likely to be interested in your product, and you’ll also be able to tap into new markets as the app grows. Make sure you have a good team, as this will be a long-term investment.