“There are no boundaries or borders in the digital age,” states Karim Rashid, the famous Industrial Designer. The world is becoming more and more digital. Payments are made across the globe with ease. People needn’t carry their wallets nowadays. Mobile phones act as a wallet themselves. People prefer safe and secure digital transactions over cash. The coronavirus pandemic has pushed people to adopt cashless transactions. This is because transactions via cash can act as a source of contracting the disease. In this era of digital transactions, developing a digital wallet app is highly beneficial and profitable.
In this blog, you’ll get to know the development of a P2P payment app like Venmo, Paypal, etc.
Digital wallet apps are on the rise
Now, why should one develop a digital app? To answer this question, let’s take a look at the facts that support the growth of digital wallet apps.
It is estimated that the transactions made through mobile wallet apps will reach a value of $14 trillion by 2022.
Almost 64% of smartphone users prefer mobile payments in the last year.
Almost 48% of smartphone users have at least one mobile wallet installed on their phones.
WeChat Pay, a popular digital wallet, houses 600 million users.
The mobile wallet market size is expected to grow at a CAGR of 27% between 2019 and 2026.
The global digital market is expected to grow at a CAGR of 13.7% between 2020 and 2025.
The digital era is revolutionizing payment options of people. All these facts signify that the market is flourishing and can house multiple competitors.
How does a Peer to Peer payment app work?
Let’s take an example of Peer to Peer payment apps like Venmo to know how it works.
Initially, users download the app and register in it with their basic details. They can use their social media handles to sign up, as well.
SMS authentication is done to prevent fake profiles.
Users can add their account details securely in the app. They can add money to their wallet as and when possible.
By signing up via different social media handles, users can add or search friends through the app. They can even invite their friends to use the app.
For any payment, they can send/receive money to individuals or friends by selecting their contacts.
The amount gets debited from the account, and users get instant updates regarding the same.
The updated bank balance details are displayed to users.
This is how a Peer to Peer payment app usually works. One of the major advantages of these digital payment apps is the easy accessibility of these apps. Users needn’t enter their bank details every time. Their details are encrypted securely through digital wallets. This leads to increased usage of these digital wallet apps over other modes of payment.
In this pandemic season, the use of digital wallets is on the rise. We can provide you a Venmo clone to instantly launch a digital wallet app in the market.
What are the essential features of a digital wallet app?
It is the features of a digital wallet app that determines the sustainability of the app in the market. Separate apps for Users and Merchants are available. Let’s discuss some essential features of a digital wallet app,
User Registration: Users can register in the app via different social media handles.
Integrating bank account: Users need to specify their bank details and integrate the account in the app.
Add/Check balance: Users can add money to their account balance for future transactions. They can check their balance at any time they desire.
Money Transfer: Users can transfer money to their friends/family through the app.
Pay Bills: With the digital wallet app, users can pay bills instantly. Even mobile recharges are done in no time.
Transaction History: Users should have easier access to their transaction history. This way, they get to know their expenditure, and transfers through the wallet.
Unique QR: Merchants can create their unique QR code. This way, it becomes easier for users for transaction purposes.
EMI payments: Merchants can provide their users with EMI options and plans. This can greatly benefit and attract users.
Promotional offers: Merchants can provide attractive discounts to users and enhance their business.
Push Notifications: Merchants needn’t access the app every time. They are updated instantly via push notifications regarding user queries, payments, etc. Push notifications can greatly conserve time of users and merchants.
What are the stand-apart features to be integrated into a digital wallet app?
Your app must stand apart from the rest of the apps available in the market. To do so, you need advanced features to be integrated into your app. Let’s discuss them here,
Syncing Users’ calendars: You need to satisfy users to the maximum extent possible. An efficient way to do so is by syncing users’ calendars for payments. Users needn’t remember the dates of the payment. The digital wallet app can remind them in the form of notifications instantly. This is greatly beneficial for users paying EMIs.
In-app camera: This feature can come in handy if you wish to let users scan QR codes. Users can make instant payments to merchants by scanning these QR codes.
Offering Digital Receipts: With this feature, users can generate digital receipts. They can share these receipts to any of their contacts through the app.
Chatbots: Chatbots can greatly help in solving users’ queries instantly. Moreover, chatbots can guide users through the app. This feature greatly increases the reliability of users as it attends to the needs of users instantly.
How can digital wallet apps benefit people?
What is a service if it doesn’t benefit people? Digital wallet apps are greatly beneficial to people for a number of reasons. Let’s discuss them here,
Ease of Use: Digital wallet apps are easy and reliable to use. Customers and merchants find the app user-friendly. They can do transactions safe and secure almost instantly.
Secure payments: They can do transactions safely, securely and almost instantly. Secure payments greatly add to the credibility of the app.
Increased productivity: The use of digital wallets eliminates mistakes made through other modes of payments. Moreover, with time conservation, digital wallets increase productivity, as well.
High transparency: Using digital wallets, the transparency of the operation increases manifold. The system becomes reliable and increases the trustworthiness of both users and merchants.
These benefits greatly add to the scalability of the app. Are you ready to benefit people and scale your business simultaneously? We can provide you a Paypal clone that is completely customizable according to your needs.
How can one generate revenue through digital wallet apps?
There are multiple ways of revenue generation through digital wallet apps. Let’s discuss them here,
Credit card payment charges: Business owners receive commissions if transactions are made through credit cards. By integrating a credit card payment facility, business owners can generate revenue continuously and can add to a steady source of income.
Instant transfer charges: Certain users need to transfer money instantly. For an instant transfer, business owners can charge a certain amount of money as commission. This way, business owners can generate revenue through instant transfers.
Merchant charges: Digital wallets incur a small amount of charge to merchants as merchant charges. This is because they bridge the gap between users and merchants. Merchant charges are the common source of revenue generation for business owners.
Ready to generate revenue through digital wallet apps? Get our ApplePay clone in no time and reap revenues in the market.
Digital wallet apps are gradually gaining importance in the modern world. People prefer cashless transactions, as they are safe and secure. It is essential to know how a P2P digital wallet app functions before venturing into the market. Integrating best-in-class features can greatly benefit the app in the long run. Digital wallet apps can benefit people in more than one way. While there are multiple ways of revenue generation, make sure you encrypt the system thoroughly with the latest security options. It is an ideal choice to venture into the market with clone apps. What are you waiting for? Go digital and build a reputation in the market!
Looking to Startup a P2P Payment App like Venmo and Paypal?
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