Convenience and the secure mode of transactions are the specialized metrics of the mobile payments apps and they have numerous attention nowadays. Through the immense usage of mobile apps, peoples and enterprises are accelerating their financial activities like bill payments, expenditure management, etc.
The evolving concept of cashless, cardless and bankless payment brings down peer-to-peer app development is the most attractive business and makes more players to be involved in it. Building with the common features helps to carry-out the financial activities flawlessly by the players involved in it.
The enormous challenges either by the technical flow or the operational flow raise the need for updates in the apps. Providing those updates and handling the issues in a unique way are the biggest factors that decide the brand value of the development company.
Peer-to-peer money payment apps inherit the following characteristics: personal use, transaction time and the funding requirements. Carrying the secure payments with the above characteristics, most of the players thinking on how to build a p2p payment app with unique features. Owing to those features, Uplogic develops your own peer-to-peer payment app by considering the security and privacy risks also. Move on to the development stages, Let’s have a brief look at the role of peer-to-peer payment apps in 2020.
Acting as a middleman, Peer-to-Peer Mobile Payment Apps Development helps the users to do mobile transactions on a daily basis. In the year 2017, China and Mongolia hold the majority of such users. Now, the drastic usage is there in every sector and this makes the global average as 39% of the total mobile payment preference rate.
The Growth of digitization everywhere around the world and the increase of smartphone usage increase the adoption rate also. Statistica reports says that there are 950 million payment app users observed in the year 2019. Due to the inheritance of robust features and the user-friendly nature, the count value is expected to be 1.2 billion in 2020 and 1.3 billion users in the year 2023.
Still, you are not convincing, read the following implications to know the impact of these apps on the financial sectors.
With these statistics, I think you are convinced about why there is a need for peer-to-peer payment apps. Upon looking at their roles, this is the right time to invest your money in payment mobile app development. The developed apps not only prove your brand value to the customers through the seamless service and also bring you to stay ahead in competitors.
Aware of Security/Privacy Risks in Peer-to-Peer Payment App Development & Uplogic Solutions
Though every business has admirable points, risks are common in nature. Since these apps dealing with financial activities, preserving the individuals from security and privacy concerns are critical issues nowadays.
The Consumer Reports (CR) of the most popular financial app services Apple-pay, Facebook Payments, Zelle, Venmo, and Square ‘s Cash app bring down the two conclusions of limited endorsement and the urgent warnings. The warnings need to get special attention are as follows:
Keeping the users’ payments against outright fraud and hackers is a critical issue for P2P payment service providers. Incurring cybersecurity is the major challenge observed in all financial sectors. Specifically, the above-listed service providers have no required a password or personal credentials while initiating the transaction.
The increase of thieves has a great impact on the usage of payment apps and they easily exploited consumer enthusiasm and trust. Hence, there is a need for extra-layers for security.
Considering privacy practices, most of the apps have the broad rights to use their customer data for unrelated purposes like advertising. They also sell your information to third parties without getting the user’s permission.
Apple and Venmo do their practices like limiting the data collection and sharing of core consumer’s information among their friend’s network respectively. But, from the CR, keeping all the financial transactions hidden from the public is a major observation.
Besides those, some of the preliminary points to be noted prior to developing are currency conversations, comply with PCI standards, meet out geo-restrictions and dispute settlements. To deal with these scenarios, Uplogic guides the entrepreneurs to employ the following technologies while developing P2P payment apps.
Thrilled. This one is mostly used for IT operations. How it is going to be fit?. Yes. Cloud-based systems proved their needs in the financial sector too. Adding its efficiency to the payment modules, consumers can make their payments in both a secure and flexible manner.
Employing the PCI DSS standards, cloud technology assures security while online payments are made. One of the issues observed during the security assessment is delaying the data upload for verification. To rectify that, the 5G enables the users to upload the data for verification faster than existing. Also, the fast payment without any lagging is an added one.
Employing fraud resolution policies is the major thing for the parties involved in the transaction process. Service providers need to introduce some verification like getting the password or PIN or fingerprint to carry out the transactions and reduce the fraudulent activities. Also, providers assure the confidentiality of this sensitive information against hackers.
Performing the transactions quickly and the utilization for cross-border transactions are the specialized features for this much popularity of P2P payment apps. Due to the cross-border transactions, employing the blockchain technology is the crucial aspect for p2P services.
Ensuring the security of user’s data by incorporating the rich communication service protocols in blockchain technology makes the payment app more secure.
Concluding this section, the major implications are the security of the user transactions and the confidentiality of their sensitive information against the hackers are the noted concerns in the P2P service. Then, the Uplogic insistence on recent enabled technologies to retaliate the risks and made the apps more secure.
Uplogic’s Unique Features that Governs the Design of Secure Peer-to-Peer Payment App
After getting enough information regarding the impact of P2P payment apps on the financial sectors, key statistics, risks, and associated solutions, the question on the reader’s mind is what are the features to be included for their apps. Here, the Uplogic’s must-have features for P2P payment services are highlighted.
Validating the personal identity receiving the one-time password prior to the transaction is the first and foremost feature to perform the transactions insecure environment. To avail high-security, the fingerprint system is the recent strategy and this feature is also focused by Uplogic.
Carrying cash redefines its structure as per the customer intentions. Even though the physical wallet carrying is not much of a burden, having it for a long time is the problematic one. An ATM card replaces this physical wallet and resolves the burden in a sensible way. Here also the issues arise. Misplacement of the ATM card brings the pressure up.
To rectify this issue, the digital wallet is enabled and many people used through mobile phones. Due to the storage of information in the cloud, users can use their amount at any time anywhere irrespective of losing personal phones. Hence, Uplogics’ developers consider this feature for your P2P payment apps and make you reliable everywhere.
Creating alerts is the most important feature nowadays for any mobile application. These alerts are used to notify the users of what process is going or any changes on the app. When coming to P2P payment services, alerts are predominant.
By incorporating this feature in-app, you notify your customers when initiating the payment or receiving any payments. The changes in the digital wallets like any promotions, empty of cash in wallets are also easily notified by the alerts.
Is it enough?. Certainly not. This type of alert system also helps the customers to know the upcoming bill payment dates without any pre-planned activities. Thereby, they can easily pay without any pressure.
Doing more transactions instantly through the mobile app easily. At the end of the month or the budget planning stage, getting the transaction history is an important thing. What will you do? Go to the nearby ATM and check your bank statements for every transaction record or directly switch on to the mobile banking app and see the records for your transaction.
The efficient syncing with the bank in the P2P payment apps make you know the entire transaction history in hand itself. This resolves the burden of physical movements and time.
Besides, the transfer of funds to and from the bank accounts is possible. Including this type of feature in your app from Uplogic surely assures you to have a strong customer base and be able to move to the next level in the market quickly.
Handing the apps to the user mobile is not the endpoint. Of course, this is the starting point of the service provider. When they do any purchase or any transaction, then there is a chance of new queries.
Meet with queries quickly and properly decide the satisfaction level and size of their base. Considering this effect, Uplogic designs the P2P payment apps with the chatbox facility to answer all the customer’s queries.
As per the discussion in the risks section, the cross-border transactions are the specialized nature for the P2P payment apps. When performing these, a currency rate conversion feature is required. If the app has the feature of currency rate feasibility, then the user need not to go exchange conversion centers every time.
Hence, Uplogic also avails this currency rate conversion facility and this helps the user to work on their budgets flawlessly. Besides, the cryptocurrency feature in P2P apps allows users to handle those activities in a safe and efficient manner.
The identification of roadblocks in the P2P services has taken a great effort prior to the development. With the above unique features, Uplogic resolves all the roadblocks and makes the perfect financial journey to both yourself and your customers. The following steps are preliminary things for the Uplogic development process.
Well. You have gone through all the development steps with the unique features followed by the Uplogic while developing your payment apps. The major implications of this section are security and privacy concerns by the authentication methods. Availing high-security standards in your payment apps, the brand of your product leads the market against the competitors.
Uplogic’s Monetization Strategies for the Revenue Model of Peer-to-Peer App
Once the app development process is over, then everybody focuses on how much gain or how it makes the revenue for us are the important things in everybody’s mind. Advertisement and purchases through in-app processes, subscriptions, e-commerce are the major revenue streams for the payment apps. Upon these, identifying the best one requires some monetization strategy skills. Uplogic concentrates on the following skills to provide good revenue to entrepreneurs.
Considering all the above strategies, Uplogic implies two methods to shape up your revenue streams such as premium and pay per click. What are they?
Allowing the users in basic services like banking and transferring the money for shopping is the common thing for all apps. Besides, Uplogic insists on providing high-end features like cryptocurrency, rate conversion, chatbox to the premium users to retain the base.
Already the payment apps are syncing with the banks and financial sectors and hence by allowing them to showcase their new updates or products in your apps through the banners and advertisement methods, you can earn the money by a just click method.
With the outbreaking features and the monetization strategies, Uplogic makes your app certainly has the right brand value and attracts huge users easily and quickly.
Build Your Payment App with Uplogic
So, you are coming into an end section of this blog. This end is going to be the start for you in easy handling the financial activities. By the deep analysis of this blog, the CR studies highlighted that the security and the privacy risks are the major concerns.
Identifying the possible solutions to assure the security decides the brand value for the mobile app development companies. Uplogic is there for you with the unique features and the good monetization strategies for revenue growth.
Developers in the Uplogic not only provide the app with appealing design measures, but they also guide you in all the possible ways to assure security and confidentiality. In case you still have doubts and any ideas for payment apps implementation, feel free to reach us at [email protected].
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I am working as a Senior product developer at Uplogic Technologies Pvt Ltd. Uplogic Technologies is a leading producer of mobile and web app development solutions in the market. We have delivered web and mobile app solutions for numerous clients comes across the world.
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