Developing a P2P payment app requires a significant amount of time, effort, and resources. It’s also essential to prioritize user security and privacy and comply with the relevant regulatory requirements and standards to ensure that your app is safe and trustworthy.
However, there is a solution which can help you to simplify and speed up the development process. In this article, we explore how to build a P2P payment app for money transfer business, without starting from scratch.
What is a p2p payment app?
P2P (peer-to-peer) payment apps allow users to transfer money to friends, family, or other individuals directly from their bank account or credit card through a mobile app. These software programs have become increasingly popular in recent years due to their convenience, speed, and ease of use.
They allow people to split bills, pay for goods and services, and transfer money to family and friends without the need for cash or checks. Many P2P payment apps also offer additional features such as bill splitting, group payments, and in-app purchases.
Must-have features to make a P2P payment app for business
When developing a P2P payment app for business, there are some additional features that are essential to consider. Here are some must-have features for a P2P payment app for business:
- Payment requests. Allow financial businesses to create and send payment requests to their customers, suppliers, and vendors.
- Invoicing. The application must have invoicing features that allow businesses to create and send invoices to their customers. The app should also support different invoice formats and payment options.
- Payment tracking. Offer payment tracking features that allow businesses to track the status of their payments, view payment history, and receive payment notifications.
- Multi-currency support. The app should support multiple currencies, as businesses may need to make and receive payments in different currencies.
- Transaction limits. Businesses should be able to set transaction limits for their employees or customers to prevent fraudulent activities.
- Integration with accounting software. The app should integrate with accounting software such as QuickBooks, Xero, or Sage to help businesses manage their finances efficiently.
- Customizable fees. Allow businesses to set and customize transaction fees to match their business model and revenue goals.
- API integration. The app should have API integration that allows businesses to integrate the P2P payment app with their website or other business systems.
- Customer support. It is essential to provide customer support channels, such as chat support, email support, and phone support, to help businesses resolve their issues or queries.
These are just a few essential features that are required for a successful P2P payment app for business. Other features to consider include bulk payments, mass payouts, compliance with regulatory requirements, and fraud prevention measures. It’s important to do market research and user testing to determine the features that are most important for your target audience.
SDK.finance P2P payment app solution
SDK.finance is a software provider that offers a p2p payment app source code for building fintech products. The core system serves as a shortcut to develop different products such as money transfer apps, mobile payment software and p2p applications.
With the p2p payment app source code solution, you get full control of the highly customizable system and vendor independence. The software SDK.finance can save you at least a year of development time via its tried-and-true combination: cost-effective remittance app development on top of a white-label core transaction engine.
Money transfer app development: out of the box back-end features
SDK.finance payment solution provides the following features for P2P application users:
- Bill payments
- P2P transfers
- International remittance
- Currency exchange
- Transaction notifications
- Online ID check (KYC)
- Transaction fees and limits management
Use the powerful transaction engine to build a customized solution for you. SDK.finance p2p payment app source code is a scalable software solution to start a financial business.