How To Build Mobile Money Transfer Applications: Comprehensive Guide

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The digital world has successfully penetrated all sectors, including the financial industry. Nowadays, individuals prefer transferring money online instead of carrying cash. The stats revealed that 126 million users are projected for mobile peer-to-peer payment in the year 2020. In 2019, PayPal registered 305 million accounts which shows the growth of this industry. By that, if you are looking forward to knowing how to make a payment app, here is the comprehensive guide. Take a look!

• Determining the type of business model

First off, you must determine the type of business model and prepare a blueprint of the P2P application. In this step, you have to decide on the target location, size, functionalities, platform, revenue structure, and all other app things. For reference, you can check the applications that are operating in the market. If you're interested in loan app development, then most likely you would want to know about the digital wallet app, and maybe you'll find it useful to learn more about payment app development.

Our friends at CHI Software have written an excellent article on how to develop mobile wallet applications. You can read it here, and we will continue our topic further on.

• Specify your budget

Determining the amount of money that you are ready to spend is another parameter to look for to create a money transfer app. If you do not design on the budget, it can increase abruptly in the end. It can become a burden for some companies, so the experts recommend a specific budget before starting the project.

• Hiring a reputable company

Are you developing an application for the first time? Don’t you have any ideas about the tips to consider in the designing process? Have you ever wanted your own loan lending app? Are you looking for a simple guide that walks you through the process step by step? At CHI Software, we know everything about creating loan app. Their blog has a great article from which you will learn in all the details how to build mobile money transfer applications. And here, we will tell you a more abbreviated version. Here we go!

The reputed developers know how to design an app keeping the risk of security and safety in consideration. They ensure there are no complaints users should come across while using the application.

• Include transaction history features: How to make a payment app?

While designing on the peer-to-peer app development, transaction history is another thing that you must include. This feature will let you know about the transaction details, recipient, amount that has been sent, unique transaction ID, date, etc. It helps in having a track of the financial transactions and for the sake of individuals’ convenience.

• Money transfer system

The popular P2P applications help in transferring money from the wallet back to their account. It is not a mandatory feature, but when audiences see such features in an app, they prefer to go for this. That’s why it is essential to remember while planning how to build a P2P payment app.

• Two-factor authentication

Two-factor authentication is another feature to incorporate while deciding on how to build a payment app. During the first login, you should enter the first OTP and the second while authenticating the transaction. All these things will confirm that you are making the payment and no one else. It is a double-layer of security as a mandatory feature to include while designing the payment app.

Final thoughts

More and more businesses are planning to develop payment apps using which customers can make digital transactions. This trend is going to follow in the coming time as well. Thus, it’s the perfect time to go ahead with how to make a payment app by taking some expert advice. However, having a fantastic P2P app can definitely help your customers opt to buy your products online easily.