An ultimate guide on p2p payment app development 1000x600

P2P App Development: Types of P2P Application, Features, and Cost to Develop

Technology and the digital revolution have simplified our lives for a very long time, saving our time and efforts in multiple ways.

Now, making the payment is more relaxed than it used to be earlier. The money transfer process has become easy with the help of mobile payment apps and wallets. Hence, the mobile app platform is most effective as P2P payment apps send and receive money conveniently and hassle-free. So, in this blog, we will talk about P2P payment app development and its features. Let’s delve deeper into the article!

P2P Payment App Development Statistics

According to reports, a global P2P payment market was valued at $1889.16 billion in 2020 and is estimated to reach $9097.06 billion by 20230. However, 30% of the residents in the U.S. prefer P2P payment apps for mobile payments. More than 5195 million users will transact with P2P payment apps in 2026. Hence, by the end of 2023, the number of people using a P2P payment app will likely reach 5 million.

Define P2P Payment Application

A peer-to-peer payment application is a platform that aids people in transferring funds from one electronic wallet t another bank account or electronic wallet.

However, developing the P2P payment application is much more complex than sending funds from one area to another. So, a detailed list of UX features and interactions depends on your target audience’s requirements.

How Does P2P Payment App Work?

The convenience of P2P payment apps makes it possible to transfer money between distinct users of multiple banks. As there are numerous uses for P2P systems. These apps permit you to pay for services, make purchases online, submit loan applications, and many more.

This app will start working when you register the account and link it to the bank or a credit card. Besides that, you can send the money to other people with the email id, phone number, and account number. However, passwords or sensitive data about the sender and recipient are mainly used to confirm the transaction’s validity. Without intermediaries, P2P networks allow you to transfer money between the bank and cardholders, which saves your commission.

These apps are free, but there might be small fees based on where your money comes from. Users must have the application accessible on a computer or mobile phone and internet access to make payments. Hence, everything is simple for the development of P2P payment applications.

Also, Read This Post:

E-Commerce Mobile App Development Trends for 2021

Different Types of P2P Application Development

1. Standalone Payment Application

These are self-encapsulated ecosystems that free users from the banking infrastructure. Paypal, Square Cash, and Alipay are some apps that use this standalone model. Hence, users deposit the money from their bank account to an application’s e-wallet, and it’s free to transfer the funds to users using a similar app.

2. Foreign Exchange Payment App

Allows users to transfer money to its peer, except in foreign currencies. Wise, which supports around 25 currencies, is famous among users as it has a low exchange rate compared to banks.

3. Bank-Centric Payment App

Banks have shown tremendous growth n the P2P app segment, and a few payment apps are being developed, considering the existing banking infrastructure. For instance, Zelle is a well-known P2P app implemented with a U.S. bank and grants users to make a cashless purchase with retailers.

4. Social Media-Based Payment Services

Social Media Platforms are testing out the viability of doubling as the P2P payment app and hope it will replicate the success of WeChat. Facebook pay is available in the U.S., where users can send money to their contacts while leaving an application. 

5. Mobile O.S. Payment Services

Payment services are the key player in the mobile industry and have built their respective P2P digital payment ecosystems. Samsun Pay, Apple Pay, and Android Pay target the users of their devices with a payment service dependent on intrinsic hardware capabilities like NFC.

Market Trends for P2P App Development

To stay on top of the market and attract maximum users, you must remain updated with the latest trends. Modern users, except the paid apps, also have the must-features and should be considered while integrating. Let’s see the recent market trends in the mobile app development of P2P:

1. Increment in International Markets

Payment apps are exploring their services in more countries, including support for various currencies. Therefore, if you wish to enter into an international market, you should go with the translation of the application’s content into the other language, and financial laws are applied in various countries.

2. Implementation of various financial services

Many peer-to-peer payment apps are now being implemented with other facial tools and services like budget systems, reward programs, and investment options.

3. Increase the Use of ML and AI

AI/ML is a growing trend in the technology-related industry, which includes peer-to-peer transactions. You can utilize artificial intelligence to improve n user experience, give personalized recommendations, and will improve analytics.

4. Use of the latest technology

P2P payment applications will use the latest technology to increase security and speed up transactions. In addition, it allows a client to use cryptocurrency to finish money transfers. In that case, you can hire Flutter app developers from a reputed and trustworthy development company.

Also, Read This Post:

The Business Value Of Enterprise Mobile App Development In 2023

Features of P2P Payment Application

1. User Registration

Like the mobile wallet platform, a P2P payment application needs user registration through phone numbers or social media accounts. Once registration is verified, the user can add their bank and credit or debit card information details. Hence, standalone payment apps like Paypal can wait to add bank information.

2. Send Bill and Invoice

There must be a feature to scan and send the bill to the person who must make the payment. The sender and receiver must receive the generated invoice for the transaction, which is saved in the app.

3. Sync Bank Account

A Peer-to-Peer app is developed to be an effective and secure alternative to a conventional banking system, and many of these apps allow users to sync their bank accounts. The bank account syncing functionality is permitted in the app because an entrepreneur or company wants to make the P2P payment app but wants to keep a traditional banking method the same.

4. Notifications

This feature will notify users when a payment is initiated or received. However, they will get a message when changes are made to the user’s digital wallet. Also, a programmer will integrate the customized alert system to notify app users about the upcoming bill payment dates so that they can get rid of and memorize the important dates.

5. Unique OTP/ID

It is the most outstanding feature to safeguard the transactions of the users. Various ID or OTP is registered with an application and will secure any transaction. Third-Party SDKs like Twilio, Firebase, and Nexmo are used to protect the fraud.

6. Two-Factor Authentication

Security is the most critical concern in the P2P payment application development process. Hence, it is essential to eliminate the chances of unauthorized access that can compromise sensitive data and generate other risks.

You should integrate the multi-factor authentication procedure with an additional security layer in your P2P payment application. It will automatically deduct the chances of unauthorized access to an application.

7. Currency Rate Conversion

Payment apps should be capable of handling and monitoring international transactions. The more significant pitfall is the variation in the currency rates. Enterprise mobile application development must convert a user’s money to its selected feign land.

Once this feature is implemented, it will help you avoid visiting the currency exchange centers frequently. So, with this, it enables a user to transact as per the budget.

8. Earlier Transaction History

The transaction history allows the user to keep track of its transaction and know where they have spent their money. An excellent solution will be the capability of generating the statements, downloading, and printing transaction history.

9. P2P Messaging

It is not the essential functionality of peer-to-peer payment applications. It can give the communication channel to build trust between the users. Users can also submit detailed data while using the transaction in the payment app. They will communicate with each other without relying on the third-party messaging application.

10. Fingerprint Security Lock

Configure the security lock with a user’s fingerprint during the P2P payment app development, as it will reduce the risk and make the app more secure and safe. With this, the owners only have the right to access their accounts, and there are minimal chances of fraud.

11. Chatbot

A P2P payment app that has chatbots can enhance users’ experience. A user may encounter questions or problems while using the app. The chatbot aids you in rapidly resolving a customer issue that may have occurred during the fund transfer, etc.

12. CryptoCurrency Transactions

Every day, cryptocurrencies are becoming valuable and useful. Peer-to-peer digital networks are where cryptocurrency exists and will function as a form of money as the string of data like the MP3 and video files could be coped. Hence, many industries allow clients to use cryptocurrency to pay for their items or services. You can add the bitcoin functionality to your business app to attract more customers.

13. Loyalty and Referral Programs

Business is using loyalty programs to reward loyal users and will encourage them to use their apps constantly. It is an excellent method to improve n customer retention and will raise your bottom line. 

Moreover, referral programs are a fantastic way to get new users and increase app engagement. Hence, you can give offers to users for recommending your apps to their friends and family.

Also, Read This Post:

Why do you need Mobile Apps For Your Business?

Peer-to-Peer Payment App Development Cost

Many elements need to be considered while estimating the cost of P2P payment app development. But, if you wish to know the approximate cost, connect with a leading mobile app development company that will briefly give you all the details.

Factors to be considered:

  • Number of features and complexities in the app
  • Number of hours dedicated
  • A platform on which you are working, like Android, iOS, or both
  • Back-end requirements
  • Technologies used in the application
  • Country or Region of the development team
  • If you have a limited budget, speak up with our experts about including the interface, which will speed up international money transfers.


The trend of peer-to-peer payment apps is gaining popularity among financial institutions and individuals. The robust and reliable money transfer solution will take your business app to the next level by generating a new source of income. 

Flutter agency knows how people buy, pay, and invest. We bring innovative, extensive, and world-class enterprise app development services to management software. Hence, you will get rigorous security approaches and an end-to-end digital payment solution for your business. If you desire to develop the P2P application, contact us as it is the correct time because the world is rapidly shifting to an online payment method.

Also, Read This Post:

Develop FinTech App For iOS and Android

Frequently Asked Questions (FAQs)

1. How will P2P payment apps make money?

These types of apps are free to use with their core features. But they make money by charging the businesses to utilize their application and the individual user’s transactional fees to access their additional services.

2. Why is P2P not secure?

These are like the open doors via which you have given the users P2P network access to your machine. But there are some limitations to accessing the other users of the network they have because these open ports are straightforward points of entry for attackers, and they will try to gain access to your machine or your network.

3. What type of application architecture is in P2P?

Peer-to-peer (P2P) computing or network is the distributed app architecture that divides the tasks or workloads between peers. The peers are equally privileged, equipotent participants in the network and are said to form the peer-to-peer network of nodes.

Talk with our App Experts
Jyoti Rastogi

Written by Jyoti Rastogi

With three years of versatile writing experience, She have expertise across different industry verticals to engage readers. As a dedicated content writer, She create compelling content copies that bridge the gap between information and inspiration. Her write ups leave a lasting impact on diverse audiences.

Leave a comment

Your email address will not be published. Required fields are marked *

Discuss Your Project

Connect with Flutter Agency's proficient skilled team for your app development projects across different technologies. We'd love to hear from you! Fill out the form below to discuss your project.

Have Project For Us

Get in Touch

"*" indicates required fields

✓ Valid number ✕ Invalid number

ready to get started?

Fill out the form below and we will be in touch soon!

"*" indicates required fields

✓ Valid number ✕ Invalid number