To build a custom payment wallet app like Venmo, creating a concept for your project and drawing up precise requirements is essential for finance mobile app development. Below are a few of the universal steps to build P2P payment applications for your business.
1. Choose the P2P app type
Initially, you need to select the type of your P2P application from the preferred services available such as banking and standalone solutions. Apart from these, you also can design apps that support real-time payments.
2. Prioritize mobile platform
If your app budget is limited, you can choose either Android app development or iOS app development. Prioritizing your mobile app development platform benefits you in two ways:
First, you understand which platform your users prefer and then analyze what features work for them and what functionalities need modifications. Second, you will later have space to develop one more app version for multiple platforms.
3. Define features for your P2P app
As mentioned above, the set of features your P2P carries defines the application’s success. Start with the basic ones and keep adding the key elements of the USP. Just in case you don’t miss out on anything, research your target audience, design a user portrait and study the user flow. Also, put details into the path that your users will go through while interacting with the app.
Choose the right technology stack.
Right technology selection plays a vital role in making your P2P payment app more functional and interesting to your users. Today, FinTech has developed innovative functions such as NFTs (Non-Fungible Tokens), biometrics, and face ID payments; however, do not limit your technology stack to these features.
Do not hesitate to use convenient software and tools that give your P2P app a higher chance to succeed. Moreover, ensure that you follow trending blockchain-based solutions and integrate supportive crypto technology with your app to stay ahead in the mobile payments market.
4. User-friendly UX design
The user interface and UX design of your P2P payment app must be intuitive and straightforward. You don’t want your active users to waste time figuring out how everything works; therefore, try keeping mindful features that are easy to read.
Integrating security protocols in your P2P payment app development process is a must. Simultaneously, your P2P app should be incorporated with cyber security and data safety features such as Fingerprint, face recognition, scanners, etc. Ensure to put two-way authentication for maximum compliance.
Testing and quality assurance is yet another crucial phase in the P2P payment app development process. Your team of quality assurance professionals must perform every possible testing to fix bugs at the initial stage. You might even need experts to follow the beta testing of your app and its payment gateways.
7. FinTech legal compliance
PCI-DSS (Payment Card Industry- Data Security Standard) is a must-follow protocol when you are developing a mobile payment application. Do not forget to acquire a PCI-DSS certificate to create transparency and trust in the market.