How to create a robust and legally compliant peer-to-peer payment app
Peer-to-peer payments are electronic money transfers that are made directly from one account to another account using a payment application.
Why you need to build a custom P2P Payment app
Types of P2P Payment apps
Banking services: Many banks provide clients with P2P apps to simplify payment processes.
Standalone services: Independent providers offer their own payment systems such as Venmo and PayPal.
Social media platforms: Social media users can send money to their friends without leaving their favorite messengers thanks to built-in payment features.
Mobile OS systems: Examples of mobile OS payment systems are Apple Pay, Samsung Pay, and Android Pay.
Basic features for an MVP
Digital wallet: Users can keep their funds and cards data, make electronic transactions, etc.
Send and request money: App users can send money and request the required amount from other users.
Unique ID/OTP: To prevent unwanted or accidental transactions, a user must confirm the unique ID and OTP before making any transaction.
Transfer to a bank account: Users can transfer money from card to bank account.
History: The transaction history helps users keep track of their spending and money transfers.
What is a MVP Development (https://addevice.io/
Steps to create P2P payment app
How to Make a Mobile Wallet App (https://addevice.io/
Legal compliance and challenges
Just like any FinTech app, P2P payment apps should meet the financial regulations and standards of the region the app is built for.
Disputes settlement: Your app should provide financial support to settle disputes (e.g. user sends money to another user, and the receipt doesn't receive it).
Currency conversion: With more than 160 currencies in the world, currency conversion in real-time mode isn't always available in P2P payment apps.