Today, there is innumerable Peer-to-Peer (P2P) applications for mobile payments in the commercial arena that empower clients to move cash to others through credit/debit cards or other contactless ways. These applications not just simply avoid the hassle of going to banks or ATMs, but even act as an ideal buddy for expenditures like paying out to one another, shopping, bills, rents, etc
.
An aftereffect of this is that the worldwide P2P revenue is all set to hit almost $370 billion just as we are on the verge of surpassing 2021. Furthermore. we anticipate an almost $3300 billion worldwide P2P market revenue in the next 3 years, by 2024, for mobile payments.
What are “P2P” payments?
P2P refers to ‘Peer to Peer’, wherein payments take place through an electronic exchange made by one person to another with the assistance of a so-called Peer to peer mobile payment application. Through these applications, an individual’s account gets connected to another individual’s wallet and when the exchange happens, the account shows the balance accordingly, while pulling the cash sender’s bank account and sending the same to the receiver application wallet, completing the transaction.
Features to Be Prepared for When Building a P2P Mobile Payment App
There are a few functionalities that are a must-have in a mobile payment P2P application. These are the ones that surely go places in making a Fintech app a runaway success over competitors in the quickly prospering Fintech world.
● OTP Requests
Each Fintech application must send across an OTP generated during an individual registration and signing-in process that is even deployed to the sender before cash is deducted from a wallet or bank account. To make applications considerably, even more, safer, some P2P Payment Service Providers even request an OTP when each time one opens the application.
● Activity Notifications
This is another key highlight of a mobile payment P2P application allowing people to be informed at all times, especially when a transaction starts and when it ends. Additionally, users are always notified regarding any kind of wallet or transactional action such as bill installment, ticket booking, and so forth to help users be up-to-date on upcoming payment due dates.
● Transaction History
Exchange history is again one of the significant elements to think about when planning to create a P2P mobile payment app. This is the component that would provide the users with a complete outline of all the historical transactions executed through the application.
● Bank Transfers
For the most part, users search for a way of moving the sum they get through the application to their respective bank accounts and vice versa in case of paying out to an individual or entity. While each application has its arrangement of the plan of action, this is another one of the most favored parts of a P2P Mobile Payment App.
As such, there is a lot to incorporate, but to make it a lot simpler for you, we touched upon the elements that are a must-have and should be a definite part of the plan for any P2P Mobile Payment Application development company. In any case, alongside the unquestionable requirements, there are a lot of challenges that need to be a part of the development plan, even though a large portion of them are not in your grasp, but there are some specialized issues to tackle without much of a stretch by being mindful.
Challenges to Be Prepared for When Building a P2P Mobile Payment App
Even though the world is presently moving towards an advanced technological pace, there are a few difficulties that a business continually faces with a P2P Payment App to get on top of the competition and outperform competitors. Again there are many hurdles to tackle when a P2P mobile payment app development company is in action, but let us touch upon those difficulties with a wide profound impact.
● Regional Limitations
The key hurdle for any P2P business is the restriction in terms of being confined within its geographical restrictions, especially looking at today’s scenario, wherein moving funds between countries is still a big deal. As the Fintech industry keeps getting momentum, it gets vital for a P2P brand to extend its topographical reach and come out as an industry chief.
● Limited open payment liability
As of now, when making transfers using P2P Apps, both parties can enable a transfer to be successful, only when using the same P2P app for mobile payments. While it is simpler to move assets to known individuals, there are times when payments need to be transferred to unknown individuals or mere acquaintances, on to another app, and this could be challenging as a Fintech payment app should allow transfers to and fro across other apps without sharing personal information.
● Information Security
Probably the most obvious and greatest innovation-related difficulty that a P2P mobile apps development company face is security. A significant degree of weaknesses have made security one of the greatest single most challenges in the Mobile P2P Payment industry, with an enormous amount of private information at one spot, and to be secured in the most encrypted manner, to keep it private and confidentially safe from others.
● Currency Conversion
Another test that the P2P Mobile Payment Services face is making conversions between currencies in real-time after calculating them. With 180 official currencies across the world, it can get hard for organizations to make an app that does conversions accurately.
Not just that, the currency exchange and exchanges between assets should be done in the briefest time possible. It is somewhat simpler when banking institutions intervene, however little intricate with entire digitized products.
Prepare for the next Fintech App
There are consistent indications of designing blockchain and integrating cryptographic currencies in the mobile payment P2P industry. Bitcoin as a mode of payment is the probable future of digital payments since bitcoin has turned into a versatile monetary instrument gaining slow and steady popularity across economies.