Peer to peer app development: What is this?

What is a peer to peer app?

Don’t friends give out their share of payment right when it comes to splitting money for restaurant bills or gas or even a road trip etc? Yes, indeed similarly we often tend to send money to friends etc as these practices have almost become quite a regular and common feature of late. Hence, P2P saves from the formalities like going to the nearest ATM or referring to a checkbook, as it can be done in just a few clicks, thanks to peer to peer app development which has made the transaction of payment very quick and hassle free. One just requires an email address, username or phone number to do the transaction for free.

How do you make a peer to peer app?

Before you start creating, you need to ask yourself which type of P2P you need to go for in terms of “Banking services” or “Standalone”.

You need to choose the specific mobile platform

If you are the one with a limited budget, then you should go for either iOS or Android.  It is advisable to start with one of them and then you can always add more app versions for another platform.

Make use of the best security features

In an online world where there are so many associated risks, the app understandably needs to be safeguarded where security features in the form of fingerprint, face recognition, scanner etc adds to the security of the user. It also includes two factor authentications where text messages are usually sent to the registered number or email for verification process.

Do proper research and testing

It is the responsibility of quality assurance engineers to ensure that everything is working and functioning properly. It is best to arrange a team for getting a beta testing of your app done so that the required number of bugs can be fixed right in the initial days itself.

User –friendly interface

It is true that the popularity of a certain app lies in its simplicity to operate. Yes, indeed.  In short, the end user should find it easy to operate as no one has time to firstly understand its real functioning. It shouldn’t be complicated and rather needs to offer quick operations.

How do P2P payments make money?

The P2P application has a party in the form of a ‘bank’. Since, there is an involvement of this financial institution where Zelle app draws and directly deposits the money into the account of a bank. It is true that various banks in the US make use of Zelle service where the transaction of money is done to other Zelle users through Zelle app or Bank account.

What is peer to peer transfer?

Peer to peer app acts as a middleman which helps in the transfer of funds right from the back account of one person to another account.

It can be best explained like that of the transaction done through Western Union or PayPal. However, in the case of P2P the mobile payment system basically works with people who know each other in terms of relatives, friends, employees or contractors.

Few of the noteworthy characteristics associated with P2P:-

  • They are meant for personal use as the electronic money transfer is done between acquaintance
  • It requires lesser protection when compared to commercial apps
  • One can choose the nature of payment apps which can be in the form of a debit/credit card or in-app account.
  • Transaction can happen within seconds or minutes or even take few business days based on the usage of the method

Final thoughts

Technology has eased our lives, not only can we think of travelling the world in the speediest possible manner, but we can also make payments within seconds or minutes thanks to the availability of mobile payment apps and wallets. The noteworthy aspect is obviously the P2P payment apps which have given a hassle free approach towards sending or receiving money. Hence based on the simplicity, it has become the most obvious and natural way of preference for users.