P2P, which stands for person to person, allows for money transfers from one person to another without the involvement of any financial intermediaries. With P2P application development services, the recipient can be a friend, a relative, a customer or an employee who receives the money almost instantly through digital transfer.
To survive and succeed in today’s market, organizations must align themselves with three global trends:
- Increasing customer demand for digitalization
- Enforcement of regulations
- Merging of the payment processing and money transfer industries
Steps to Build a P2P Payment App
Here are the steps to develop a cash transfer app for custom application development services:
- Choose the type of P2P app.
- Plan the essential features for a P2P payment app.
- Fix the security and legal issues.
- Choose the tech stack.
- Pick the persona of the P2P app.
- Choose the revenue model.
Criteria for P2P Payment Service Certificate
To be eligible for the certificate, the P2P payment service must meet the following criteria:
- Develop and maintain a stable system and network.
- Have a vulnerability management system in place.
- Create strong access control standards.
- Safeguard personal data.
- Continuously test and monitor networks.
- Maintain and update all data security policies.
Benefits of P2P App
- Reduces transfer fees.
- Transfers can be completed within minutes with no hassle involved.
- Makes it easy to conduct cash transactions through any device.
- Users can check their transaction history.
- Customer support is available 24/7
Conclusion
P2P apps are the latest app trend in the market. To seize this opportunity, you may need assistance with developing your own money transfer app. At Etelligens, we have a team of experienced developers who are skilled in delivering high-end solutions within the desired schedule. Their years of hands-on experience in enterprise software development company ensures top-quality service.
