What does P2P stand for, firstly?
P2P stands for “peer-to-peer”. A P2P app allows you to send money to other people-often by searching their phone number, username or email address at your fingertips.
P2P payments can be used for an endless amount of things such as splitting the bill between your friends, paying back a friend, sending money to your parents, to pay your rent. Hitting the ATM may not be the idea everybody likes. In this case, you need to consider using P2P payment service. All one needs is a smartphone to send and receive money for free. The number of mobile based P2P payment users are increasing rapidly.
There are some features that need to be considered for a P2P App
Making payments is a primary feature of a P2P App. It enables the users to make payments to anyone, anytime and anywhere in no time. Making payments on a P2P App is such a hassle-free exercise which everybody enjoys and gravitates towards.
Linking bank accounts is another important feature of your P2P App. Users are allowed to link their debit card and credit card details in the app making it easy and flexible for the users to make payments straight from their bank accounts without relying on other things involved in making the payment.
Allowing users to transfer money from the app to their bank accounts and from bank accounts to the app makes it very useful and convenient for them.
The data of your users must be protected. It should be hack-proof in order to gain the trust of your users by respecting their privacy.
Integrating double authentication is also a very important feature for your app as it provides double safety to the users by making sure that nobody else is using the app besides them even when the phone is unlocked. Users feel secure when there is pin code integrated in the app.
Now the question is, how much does it cost to start a P2P Payment App?
A P2P App falls into the category of high complexity, therefore it is advisable to approach an expert team of developers for your app by putting in efforts in doing the research thoroughly.
While we discussed certain things that are to be considered for your app, there are many other things that you may have to consider that could be necessary for a successful P2P app development which can be suggested by the team of developers hired by you.
The cost of starting a P2P app may differ according to the team of developers you hire, your requirements and many other things. Therefore, it can’t be difficult to provide a uniform rate but it is possible to provide a ballpark range on the basic P2P app that we discussed earlier.
In case your choice is according to the features we discussed then a P2P app would roughly cost you between INR 700000 to 900000.
The cost may appear to be on the higher end but the rate of return are even higher so it’ll definitely be worth it.
