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The fintech industry is growing with transparency, startups looking to capitalize on the ever-changing financial climate. Interest in the development of payment applications is growing as digital payments are the most popular part of the fintech market. According to statistics, the total transaction from payment applications will reach US$ 8,563 billion by 2022.
Web -based Spp Payment Application
Developing a P2P payment application is not easy as many technical, security and legal barriers need to be overcome during this process. In this article, I describe the challenges and approaches we have taken to build secure payment applications.
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P2P payment applications are digital platforms that allow users to send money to ‘peers’ who are friends, family or sometimes merchants. Peer-to-peer (P2P) applications offer the convenience of transferring money directly between two parties without going through intermediaries.
During the Covid-19 pandemic, cashless banking has gained full acceptance. People prefer a clean option that has nothing to do with physical money. The payment application allows users to load their e-wallet from their bank or credit card, allowing transfers to friends or cashless merchants.
PayPal is one of the first digital payment systems to support P2P money transfers via email. Although still a popular option, the fintech revolution has seen new competitors, especially in P2P transactions that offer unique features. For example, Zelle, Cash App, Google Pay and Apple Pay are popular payment apps that have been around for years.
Despite its convenience, the inner workings of a payment application can be complex. Different payment applications may use different authentication, security and payment methods, but they share the same basic principles. Many P2P payment applications include digital wallets where you deposit money from a bank account or credit card.
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First, both parties must install the same payment app on their mobile devices. When sending a payment to a friend, you must include personal information such as an email or phone number. The transferred amount will be withdrawn from your e-wallet and added to the recipient’s payment device.
But sometimes a single sender application is enough. This is the second option for P2P transactions. The sender enters the recipient’s credentials in the application. Therefore, the user receives the link and can proceed to the entry on the web page only.
Using a payment device for in-store purchases involves a separate transfer process. There are two ways to facilitate payments for merchants, namely NFC and QR codes. NFC transmits payment details from a short radio frequency to the payment terminal. Meanwhile, the QR code has a unique ID that identifies an item in a transaction.
NFC is the main form of payment in the US, UK and Western countries. Payment applications such as Apple Pay and Google Pay use the NFC capabilities of smartphones to pay at merchant payment terminals. Meanwhile, QR code payments have boomed in the APAC region, with Alipay from China leading the pack.
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Regardless of payment technology, payment transfers involve sending encrypted data to payment processors, credit card issuers or banks. This is done through a highly secure channel between the parties to ensure that the integrity of the transaction is not compromised. Simply put, the initial amount is withdrawn from the sender’s e-wallet and credited to the recipient’s account at any time.
Before proceeding with P2P application development, it is important to understand the different brands and the markets they serve.
These applications are self-contained environments that free up users and bank infrastructure. Paypal, Venmo, Square Cash and Alipay are popular apps that use this type of vertical. Users deposit money from their bank accounts into the app’s e-wallet and are free to transfer money to other users using the same app.
As the name suggests, the payment tool allows users to transfer money to their peers, except in foreign currencies. Sage, which supports 25 different currencies, is popular among users because of its low transaction fees compared to banks.
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Banks have shown great interest in the field of P2P applications and some payment applications have been developed keeping in mind the existing banking infrastructure. For example, Zelle is a popular P2P app that is connected to several US banks, allowing users to make purchases with their vendors.
The popular social media platform is testing the ability to double as a P2P payment app and hopes to replicate WeChat’s success. Facebook Pay is available in the US, where users can send money to their contacts without leaving the app. Currently, WhatsApp is conducting a trial in India where users can send and receive messages with UPI ID or QR code.
Major players in the mobile industry have built their own P2P digital payment ecosystem. NFC, Apple Pay, Samsung Pay and Android Pay target users of their devices as payment services based on built-in hardware capabilities.
I must say clearly that building a P2P payment application is more difficult than other business applications. Some concerns will affect the release of this application later and should be addressed in time.
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The payment instrument is the main mode of payment and users can carry thousands of dollars in their e-wallet. It is important to ensure that the application is protected from unauthorized access, which can lead to fraudulent activity. In addition to introducing security features such as two-factor authentication, developers must ensure that payment data is encrypted when transferred between nodes, servers or devices.
Users trust P2P payment providers to protect their privacy and all payments. Personal information, business reports or financial information can be harmful if exposed to bad parties. Service providers should use security such as cloud storage and display well-defined privacy policies.
All activities registered in this application must comply with the regulatory body to operate legally. For example, payment applications that collect credit card data must comply with PCI DSS. Payment applications must comply with customer-know-your-customer standards, such as FinCEN’s CDD rules, to prevent money laundering.
After successful release shows have increased and there is a growing user base. If your payment application is not built with scalability in mind, it will encounter bottlenecks and lead to service interruptions, insecurity and high costs.
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Plan for the future growth of your application using cloud resources, technology modules and microservices. Add a separate billing module to avoid burdening the main payment system.
Developing a P2P payment application requires a joint effort across multiple software platforms. Hiring a freelancer is not an endeavor you can afford, but a team of experienced developers is crucial. Payment applications have many connected modules such as e-wallet, blockchain, encryption, API, data warehouse and other emerging technologies.
Mobile payments are an area of fintech with constantly changing needs. While supporting basic payment options is important, understanding user behavior and designing the app is critical. For example, a P2P-only application may be associated with ride-hailing providers or lose relevance.
These features are very important to ensure that your payment software has the basic functionality to serve its users well.
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Users can transfer any amount in their electronic wallet to their desired recipients. Similarly, you can get money from referrals to other users.
This feature allows users to monitor their spending over time and plan for future spending. Some payment apps include setting goals and cashback to help boost spending.
These value-added features allow users to pay bills from external service providers or send invoices to customers to initiate payment collection.
The application should keep an unaltered record of past transactions and provide filters that allow users to select specific transactions and time periods.
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OTP, PIN and biometric authentication prevent misuse of payment tools by unauthorized third parties. These security measures ensure that users do not accidentally initiate a transfer of funds.
Users can transfer local or foreign currency to various payment gateways, banks and service providers.
Fingerprint lock is a great second protection to prevent anyone from opening the payment app. This protects the privacy of users and prevents accidental disclosure of sensitive financial records.
The social messaging module helps to communicate with other users for P2P lending in community-based applications. It involves negotiating and dealing with financial transactions.
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The AI-powered chatbot and knowledge base help users find solutions when they encounter technical, marketing or other problems in the application.
As an entrepreneur, you need to have a clear vision of the problems you are trying to solve and ensure that there is a need for your product. This means studying the digital payment markets you see. Analyze what your competitors are doing and decide how you can add value to this highly paid app market.
Conducting in-depth technical analysis is also important as payment applications rely on strong security, technology integration and regulatory compliance. You need to analyze the existing technology stack and determine if they are suitable for creating a good technology payment application.
Do you still have questions about how to do a preliminary examination? See our article on Discovery Step 2 – Choose P2P
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