Using cash isn’t the most preferred payment method nowadays. This is a reasonable consequence of how our modern lifestyle is developing. What is more important – is that new payment styles come into our lives and take up space that was freed. Today we are going to pay attention to the most spread and comfy
The era of P2P
P2P, also known as peer-to-peer, is an extremely popular technology nowadays. It lets customers send funds from one e-wallet to another or banking accounts. It’s a fast, convenient, and safe option for people. They don’t want to deal with cash and now receive a decent opportunity to change their payment style for the better.
As a result, P2P payment app development reaches new peaks regularly. Statistics confirm that the P2P software market is growing at a similar speed the NFT trend does. So we will continue noticing the appearance and development of new applications.
A standard P2P app works quite simply. A customer selects the platform that suits his or her preferences, creates a personal account, and links the banking account inside. When you aspire to pay for something, you need to select a user you want to send funds to, then the amount of money and the purpose of payment.
Overall, the first popular payment system of this type was Google, PayPal, and Venmo. But the idea to build a P2P system is definitely spread among developers who are interested in creating new, demanded projects. So the list of possible services keeps constantly growing.
The best mobile payment apps to use
As you can see, peer-to-peer is one of the growing FinTech trends. Nowadays P2P software is becoming more and more downloaded and used because almost every person has a mobile gadget. People demand better payment services, so developers focus on how to build a peer-to-peer payment app.
And the following list of the most popular apps will illustrate this statement as well. Find out which mobile solutions are in demand all over the globe.
PayPal is known as the most used and downloaded payment app worldwide. At the moment it has over 361 million active users. According to the statistics, approximately 87% of customers pay for services and goods oiliness using this software.
It’s important to mention that PayPal is preferred in different spheres worldwide. This option is perfect for personal funds transactions, online shopping, and e-commerce as well. In the annual report at the beginning of 2022, the company admitted the payments volume has jumped 14%.
Google Pay takes the second lead position on the global market. This is still the top-notch mobile payment app to shop online and transfer money to other electronic wallets. According to the statistics of 2021, this application has more than 40 million downloads on the App Store and Google Play.
Google Pay is known for making instant payments. You can send money by using the recipient’s phone number or email. These simple and versatile approaches to transferring money were warmly accepted by customers.
Alipay is the most popular platform for Asian customers. It gives users with personal accounts an opportunity to pay for any services and goods using their smartphones or browsers. Alibaba Group has implemented specific technology to make the service well-protected from frauds and data leaks.
According to the statistics of 2021, Alipay Was downloaded by 32 million users. In the end, the company is proud to have more than 1.3 billion active users. Besides Visa and MasterCard, this platform cooperates with 60 different financial options. Many young startups rely on the experience of Alipay development if they are wondering how to build a social payment app.
PhonePe belongs to the Flipkart company and is based on UPI. This platform is known for multiple opportunities for customers, for instance, recharging smartphones, splitting bills with other individuals, paying bills, and so on. To join this platform users should follow a standard procedure of registration using their personal and financial data.
According to the latest statistics, the PhonePe application was downloaded more than 30 million times. Talking about active users, this platform also impresses with numbers: there are more than 100 active users in monthly reports.
Cash App is another demand P2P payment platform with additional features for its customers. Thus, by getting your personal account there you are able to send money, invest in Bitcoin stocks, and use an internal debit card Cash Card.
Among all P2P payment solutions, this service has very attractive conditions for using the exclusive debit Cash Card. Besides its traditional payment features, users may also take advantage of Cash Boosts – an extra service to save money while purchasing goods or services at the exact vendors.
Paytm is a top-rated platform with the biggest popularity among Indian users. It is said that more than 150 million Indians take advantage of this P2P payment system on a daily basis. Besides, this company’s popularity keeps growing by 15% every month.
It’s important to say that Paytm enables users the opportunity to make payments via QR Codes. Also, its parental company One97 pays huge attention to the safety side of payments. So developers attached specific certificates with 128-bit encryption.
Venmo is a platform owned by PayPal. It has classic features like sending money from Venmo accounts, cards, and other bank accounts liked inside this platform. The key extra feature of Venmo is the ability to make transactions even if a customer has a lack of funds.
Overall, this mobile payment app keeps growing on the global market. According to statistics, it is regularly used by 14% of Americans, and Venmo predicts this amount to increase year by year.
So if you aren’t using all the benefits of P2P payment solutions, then you miss a lot. And if you are a developer with ambitions to Build A P2P Payment App then you are on the right path! Use the experience of the mentioned applications to maximize the perspectives of your project!