payment application

Digital payment started changing rapidly in 2009 with the advent of Venmo, a mobile payment app that has, over the years, become all the rage with a vast number of users. The bulk of the apps audience is Millennials. Within just 5 months of the apps launch, it became prominent enough to be purchased for $ 26.2 million by Braintree, a PayPal company and a payment provider whose client accounts include several iconic names and universally known disruptive startups. Initially conceived as a p2p (peer-to-peer) payment app, Venmo combines the concept of a payment wallet app with that of a social network. Presently, the app allows making secure, cashless transactions with both friends and businesses located in the users vicinity. The users account is linked to either their bank account or their credit card. It is possible to make a search for and add a friend, as well as view all your transactions, illustrated with emoticons, in a continuous feed. The Trust feature of the app allows you to automatically pay for recurring needs, such as for example, utilities. Easy-to- use, visually appealing, free-to-use (whatever charges there are all billed to the beneficiary businesses) and fun to use otherwise. Steps to take when building an awesome p2p payment app Although Venmo was the first to appear in the mobile payment industry (and thats why were talking about developing an app like Venmo), there are alternatives now. People may use Venmo, Cash App, Google Wallet or Apple Pay depending on their preferences or needs, and the list of payment apps keeps growing. However, if you want to create a payment app, the steps to take will be universal. What does one need to know and take into account to successfully implement a payment app development project and build a great wallet app like

Venmo? These are some useful tips that may prompt you on how to build a mobile payment system and get the best result possible. The outcome of this assignment is a report that details a new mobile app that provides Venmo-like payment and features. Some ideas for the app include: 1. Make sure your app supports all the main methods of online payment. In order to be able to respond to all your clients needs, your mobile payment app must support the following online modes of payment: i. Online eCommerce payments ii. On-the-spot payments at retailers iii. P2P payments within the systems network However, simply supporting the above payment modes is unlikely to give you an edge. In order to size up your target audiences interest in your app, you should also look into the possibility of incorporating the various possible use cases the above payment modes can be associated with, even the less obvious ones. 2. Dont expose the users credit card details. Any payment, even a cash one, requires a certain level of safety and security. With mobile payments, your phone plays the role of your credit card. To make the money transferring in an application safe and secure for users, you should, in the first place, integrate a mobile payment gateway. Venmos app architecture is streamlined and secure, so make it your priority during your P2P payment app development, too. 3. Prevent your system from getting overloaded. Even if your apps audience doesnt grow as rapidly as that of Venmo you can still expect a significant and constantly growing load on your system. The results Venmo is demonstrating are, no doubt, tremendous according to PayPal's quarterly earnings report, it processed approximately $17 billion of total payment volume in the third quarter 2018 and approximately $54 billion of TPV over the whole year, which means that the TPV increased by 78% compared to the previous years activities. This is a business niche in which the potential for development should be taken for granted. 4. Implement a separate capability for synchronizing financial data. Making a transaction in your payment system causes a chain reaction. The system is then impelled to recalculate any amounts that it is supposed to track and which have been impacted by the transaction. For a system with a large number of users, this translates to thousands of recalculations at any given instant in time and can make it go haywire. Dont try to make the whole of your system chase each and every transaction made in it. With this approach, your odds to succeed are slim. 5. Choose the most optimal development technology. If similar to that of Venmo, your monetization scenario is geared toward billing merchants, your mobile payment app must be able to interact with eCommerce apps very efficiently. In fact, this is something essential for any payment application. Native apps are generally known to load eCommerce sites 10-20% faster than other apps do. Take this into account when choosing the technology for your payment app development project. 6. Have fun and be imaginative