Checkout Exclusive Features List to Make Mobile Payment App Popular
With the increased popularity of online and mobile banking and eCommerce apps, more and more people opt for peer-to- peer payments. Previously, peer to peer payments required to write a check or walk to the nearest ATM; however, today P2P apps are getting huge attention.
As per the Business Insider, the volume of mobile peer-to- peer transactions is expected to reach $86 billion in the US within the next two years.
What Are Mobile Payments?
In the recent time, mobile payments have gained huge popularity on the web as it is an attractive way to pay. They have regulated transactions that take place digitally through your smartphone. Moreover, they are convenient, fast, and secure. During this year, mobile payment volume will boost to $75 billion and it increases to $503 billion by 2020.
Make Your Own Peer-to- Peer Mobile Payment App
Building peer-to-peer mobile payment app is not as difficult as you think if you have an idea in your mind and aware with different features that you want to deliver to your audience.
Let’s take an example of SquareCash that is the most popular and successful payment application in the market. We can have a look at this application and check what exclusive features and functionalities it delivers for its users:
Allows Sending Money to Any Friend
The application allows its users to send money to any of its friends across different banks. No matter whether you need to pay your close friend or anyone else, SquareCash made it easy and instant for you.
As you can see in the above image, you just need to enter an amount and click on pay.
However, you can also request your friend to pay back your money.
Send Money with a Debit or Credit Card
One of the best features of SquareCash app is that you can pay your friend or anyone using a debit or credit card. You can use any of these cards as per your convenience and send money instantly.
To send money through debit or credit card, you just need to choose card type from options and click on the person to whom you want to pay. That’s all, you are done with paying.
Track Payments That You Made
The app also allows you to keep track of all the payments that you have made. You can check a total number of your received and sent payments. You can also track payment person-wise like how many times you have payment to a particular person and total amount that you sent/received from him/her.
You can see in the above-given image, you can get complete track report of payments that made by you.
Safe & Secure to Use
SquareCash is completely safe and secure way to pay your friends and near & dear ones. The app has made it easy to pay your friends without any awkward discussion. Moreover, the app is protected by 128-bit encryption and fingerprint scanning, so using this is completely safe.
Considering these exclusive features in your mind, you can make an innovative mobile payment app that stands out from other payment apps. You can try to include as creative features as possible so that your users find it extremely useful and feel safe while using.
What’s Next to Expect from P2P Payment Apps?
Over the next couple of years, the market of peer to peer money transfer apps is likely to grow and become more competitive. However, the entire structure is also changing as recently Apple has introduced a feature of peer-to- peer payment through iMessage, so users can pay their friends directly from iMessage.
Considering this fierce competition in mind, it would not be unrealistic to expect that soon P2P market will have only pig players. But it also represents that there is still enough room for small startups that are looking forward to making mobile payment solutions.