How to create a robust and legally compliant peer-to-peer payment app

YEREVAN, Armenia - Sept. 15, 2022 - PRLog -- What are P2P payment apps?

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
  • You can offer something unique potential users won't find in any other similar app.
  • You can earn extra money by monetizing your app.
  • You will have the opportunity to improve customer relationships.

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.

Send bills/invoices: Users can scan bills and send them to other users. On top of that, users can generate an invoice and send it to the recipient.

Push notifications: Users get notified when a card is credited, or there are new special offers or discounts.

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 (

Steps to create P2P payment app
  • Choose P2P payment app type
  • Define your app features
  • Choose the right technology
  • Consider all security issues
  • Build a user-friendly interface and UX
  • Find a software development team
  • Test the app

How to Make a Mobile Wallet App (

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.

Geo limitations: Different regions have different rules and regulations. So there are certain geographical restrictions you must take into account.

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).

Conservatism: You will need to work hard to attract users as many people don't trust new mobile payment services.

Currency conversion: With more than 160 currencies in the world, currency conversion in real-time mode isn't always available in P2P payment apps.
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