With every passing day, the popularity of mobile wallets is reaching a new sphere. When shopping or traveling, you will never find a best friend like a mobile wallet. Decades ago, little did we know that soon, all our payment transactions will take a digital turn.
The arrival of mobile applications like Venmo, PayPal, Zello gave a new dimension for people to carry out their transactions with just a few clicks. When the entire world was busy preaching about building a digital economy, these mobile wallets came as a boon for all of us.
Do you wish to be a part of this digital revolution? Don’t worry. We are here to guide you in developing a mobile wallet like Venmo. This blog will provide you with valuable insights on everything you need to know about the working model and strategies of a P2P app.
The Story of the pioneer of the P2P payment app
The year 2009 was a big year in the history of mobile wallets. Because it was when Venmo was launched in the market, since its inception, the app started gaining more recognition from the millennials. Within a short span of five months, the app started performing incredibly well. As a result, the app was acquired by Braintree in 2012. Braintree is a payment provider that is utilized by big e-commerce giants like Airbnb and Uber.
During the earlier stage, Venmo was a peer-to-peer payment application. Later in 2012, the app introduced a segment for the users to integrate the app with social networking platforms. This significant effort was to capitalize on the growing P2P economy.
The app enables people to have safe and secure cash transactions with their friends and families in the present state. Through Venmo, the users can pay their utility bills like electricity bills, gas bills, telephone, etc.
Now, it’s time for us to look into some numbers related to the Venmo app. This will give you a clear picture of the scopes for starting your venture.
Vital statistics and numbers of Venmo
- More than two million merchants accept Venmo in the US, earning 2.9 percent from business transaction fees.
- In 2020, Venmo processed around $159 million in total payment value.
- Venmo generated a revenue of $450 million in 2020.
- PayPal has forecasted that Venmo’s revenue will reach up to $900 million by 2021.
- The app has gained around 52 million users globally.
- The annual payment of Venmo in 2021 accounts for $159 million.
Steps to develop a P2P payment app like Venmo
Building a P2P payment app is universally the same. But the features and aspects you would include in the app might bring a significant change to your business. Let us discuss the steps involved in developing a Venmo clone app.
Major payment options
To satisfy your customer’s needs, it is essential to include effective payment options in your Venmo clone app. Some of the major payment options are,
- Online payment via E-commerce portals
- On the spot payments at retailers
- P2P payment on the network of the devices.
Simply adopting a payment mode for your app will not do good because you need to understand your customers’ needs from mobile wallets. So, after researching with the users’ interest and accordingly, incorporate the features into your app.
Handle your user data securely
While managing a payment app, it is important to protect your users’ payment and financial data. Firstly, you have to integrate a mobile payment gateway to make the app’s transaction safe and secure. And also streamline the architecture of your Venmo clone script to keep the data secure.
Design your app with double authentication and an energetic pattern that can be accessed only by the users. Measures to secure the transactions of the app are as follows,
- End-to-end encryption
- Two-factor authentication
- PCI-DSS and other regulations
Select an optimal technology for your app
Unlike Venmo, your P2P app should also be able to interact with E-commerce platforms very efficiently. This is something essential for a mobile wallet application. Following are the crucial distinctive features to be incorporated in your Venmo clone app,
- Digital wallet
- Sending bills and invoices
- Proper authentication and three-digit OTP
- Sending and receiving money
- Transaction history
How much does it cost to develop an app like Venmo?
The app development cost is not fixed or pre-determined as the price varies from the features and functionalities of the app. When it comes to app development, the price is determined by the following factors.
App platform – When you develop your Venmo clone to run on Android and iOS, the cost will be considerably hefty. To go with the base version, i.e., the Android, it will be comparatively lesser than the iOS servers.
App design – App design plays a significant role in attracting users to the app. It will also determine the overall cost for app development if you opt for developing an intuitive and attractive app.
App size – The features you add to your app will also impact the cost of app development. The more advanced the features are, the more will be the size. This will result in the cost of the app.
Mobile wallets have become an integral part of our daily lives. This has resulted in overall demand for more mobile wallets. For entrepreneurs like you, investing in a mobile wallet application is a matter of time. But choosing the suitable business model and developers is where the actual game starts. Hire the best developers, experts in developing robust mobile wallet applications to build your Venmo clone app.