iPad Developers’ Precise Tips to Develop a P2P Payment App| By |Dina Destreza

Peer-to-peer or P2P payments are an in-demand service for a payment platform to have these days. From Download.com’s top 25 downloads, it has been recognized that 11 are P2P applications. Just from these observations alone, one can infer that peer-to-peer applications are obviously growing in popularity. Today’s P2P applications are leading users to a more ‘walletless’ economy than ever before. In terms of peer-to-peer payments PayPal has dominated the market for the last decade, but now other companies in New York have started to catch up, like the well-known iPad development company, Apple.

According to Business Insider, a volume of mobile peer-to-peer transactions could reach $86 billion in the US, within the next two years. Mobile P2P users in the US will grow from 69 million to 126 million by 2020.

P2P is a fast and simple way for people to send cash directly to others using a mobile phone number or email address via online banking, a smartphone or tablet. Using P2P mobile apps lets you send or receive money with a new tap on your phone screen. Most of the peer-to-peer payment systems have apps, and only some allow you to send money to people who don’t have the app. With P2P payments you can link them to your bank account and use them to exchange money with your friends and family. They let you send money to individuals without the hassle and delay of paper checks. Tim Cook in one of his speech rightly said that the next generation – will not know what money is.

iPad Developer in New York - Keyideas Infotech

The Need for Peer-to-Peer Payment Apps

Credits and debits have become the non-cash standard way to pay merchants. But when it comes to paying another person or friend, there is no standard way to do so. Roommates splitting the rent and the utilities, diners sharing the bill, friends sending monetary gifts for a birthday, and travelers splitting vacation costs are the top 5 use cases for P2P payments, which represent $50 – $80 billion in payments. P2P payment essentially allows users to send payments to anyone with a click of their mobile phone. It is an accessible means of paying bills, in-store purchases, doing grocery, and more. It is practical, accessible and convenient for many users. P2P services act like middleman – these services help people transfer funds from their bank account to another person’s account or card using software, quite similar to mobile banking.

Examples of Few Seamless P2P Payment Service Providers

  • Square Cash is a free P2P payment platform owned by Square. Its unique feature called “Cashtags”, allows users to use the link to make a P2P transfer.
  • Payso is a mobile payment platform that makes sending and sharing money with friends easier.
  • TransferWire is a peer-to-peer money transfer service that allows foreign businesses and students to transact money globally. The firm provides customers with a lower cost alternative to traditional ways of transferring money internationally.
  • PayPal a global online payment company, in 2015 it launched peer-to-peer service, PayPal.me, in an attempt to make P2P payment simpler and social.
  • Venmo is a payment platform, used for P2P payments within the Venmo mobile app or within Venmo’s website.
  • GoogleWallet re-launched in 2015 is a P2P payment mobile app. Google rebranded Google Wallet as an exclusive P2P payments app that allows sending money instantly using a mobile number.
  • Dwolla founded in 2008, enables real-time payments system and payments network to participating individuals and financial institutes.
  • ClearXchange is the first P2P payments network created by a few of the biggest banks in the US that included Bank of America, Wells Fargo, JPMorgan Chase, US Bank and Capital One.
  • Popmoney by Fiserv is a peer-to-peer payments platform for consumers and a P2P payments integration solution for financial institutions.

Current Market of P2P Payment Applications is Primarily Presented by Two Major Groups of Apps:

  1. Payment services/mobile apps launched by big companies (Google Wallet by Google, Paypal.me by PayPal, SquareCash by Square)
  2. Payment services that are a result of a product startup or a separate payment service company. This type is often represented by mobile apps that partner with banks or integrate payments with social networks like Circle, PopMoney, and ClearXchange.

What Would make iPad Better than Android Tablets with Respect to P2P Apps?

There is no doubt that Android has few advantages over the iPad, but it has been iPad development company that led tablets into the land of high-resolution screens and a 64-bit processor. A big part of iPad development company’s secret sauce is the control it extends over the hardware, operating system and the App Store. The iPad development company has its own way of doing things. On the iPad App Store, every P2P app submitted is tested by the iPad development company before being released. Apple’s peer-to-peer service would allow users to spend money right away, instead of transferring it to another bank account.

Is Peer-to-Peer Payment Apple Pay’s Next Frontier?

The iPad development company in New York is said to be working on its own peer-to-peer money transfer service, potentially under the secure Apple Pay umbrella, allowing customers to quickly send money to one another just like Venmo and Square Cash. Once the iPad developers build the app, together with the payment industry, the Apple P2P service could be launched as soon as this year. The iPad development company has also announced that it would allow iPad developers to make apps that integrate within iMessage, including payment apps like Square Cash. Once the iPad development company enters the market, it will enter the stiff competition from PayPal and Venmo. Some consider it as a missed opportunity for Apple, while that is good news for Square and other payment processors like it. The iPad development company is missing out on a big lucrative market with peer-to-peer payments, the success of Venmo and Square Cash proves that. Apple’s peer-to-peer payment service developed by iPad developers would allow iMessage users to pay each other from within the messaging app itself. If the iPad development company decided to enter the peer-to-peer payment market, it would most likely lose money initially – it costs more to setup and validates new accounts and process transactions than the revenue made from transactions. Nowadays, iPad developers are working on a project where the system allows users to store their credit card information on the iPhone using some information sharing mechanism. The peer-to-peer payment is also being looked at as a way to boost Apple pay adoption and usage.

Final Thoughts

P2P payments have been around since 2000 but did not establish a foothold until now. It was greatly improved with the explosion of smartphones and the sophistication of app technology in recent years. Most peer-to-peer payment apps function in the same way. It is worth noting most of these apps only work in the United States. The smartest move when dealing with P2P payment – is only to do them with people you trust or with whom you are willing to deal with. It is quite easy and exciting to create P2P applications. P2P applications will continue to grow not only in popularity but also in diversity and iPad developers must start learning these technologies today to stay on the cutting edge. The increased acceptance of online banking, mobile banking, and e-commerce by consumers has paved the way for greater use of peer-to-peer payments. P2P is about creating a better way for people to pay other people, and its core services should be trustworthy, secure, instant and seamless. But working with credit unions and banks, social media and iPad developers, digital P2P will replace cash and check payments by the end of this decade.

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