Everything that you need to know about a P2P payment app like Venmo!
With each passing day, the digitalization of the world is further advancing, with more people entering into this new sphere. Decades ago, little did we think about cashless transactions. Then with the advent of payment apps, the story changed.
The arrival of mobile apps like Venmo, Zello enabled people to make transactions in just a few clicks. And now that we don’t even need to carry wallets with cash or card to make payments, just a mobile will do. Such is the ease mobile payment apps offer.
To be precise, the popularity gained by payment apps is mainly because of two reasons.
- User’s inclination towards the emerging technology
- Ease of making instant transactions
So, are you an aspiring entrepreneur who wants to launch a payment app and just so ended up reading this? Well, if so, then you’ve arrived at the right place! This blog would give you an idea about P2P transaction app like Venmo and how to make it work for your business.
Story Of Venmo App
Things began to change quickly in 2009 with the introduction of Venmo, a mobile payment app. It attracted a large number of users, mostly millennials, who make up the majority of the app’s user base.
Within 5 months of its inception, the app had grown in popularity to the point where it was purchased for $ 26.2 million by Braintree, a PayPal company and a payment service whose client accounts include several iconic names and figures. So, how this app gained its market? How it helps users? Let us see!
The app allows its users to make secure, cashless transactions with friends, businesses or pay bills such as electricity bills, mobile recharge, etc. The user’s mobile app account is linked to their bank account or credit card, which facilitates making payments. The app features allow users to search for and add friends and see all transactions in the app.
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What Makes Venmo App To Be Millennials’ Favourite?
Unlike other payment apps, Venmo not just focuses on the payment side; it also adds a social sharing feature that captivates the eyes of millennials. Because as we know, sharing everyday activity in social media has become more of a habit of the young-age population in today’s world.
Venmo acts as a social network by allowing users to share their payment activity with their friends. They can react to that or use the ‘Friends’ feed to leave a comment. Users can even share them with the entire Venmo community, enabling strangers to view and comment on it through the app’s public feed.
Although Venmo is designed to serve the conventional purpose of making payments, the social feed feature makes it more interesting.
Why Do You Need To Invest In A Venmo Clone?
From what we saw about the Venmo app, it is evident the recognition and reception that the app has gained among users. But apart from its popularity, let’s look at the advantages it offers to business.
- Venmo clone ensures a high level of security to the transactions made through the app. Every transaction is digitally recorded, serving as strong proof.
- It provides you with the flexibility to earn income in multiple ways.
- By facilitating convenient and secure transactions for the users, you can attract and retain more customers.
- Since everything is getting digitalized, cashless/cardless transactions are seen to be the future of making payments. So, as long as you stay updated with the trend, businesses like payment apps are sure to thrive in the digital world.
Attributes Of Venmo Clone App Development
Building a payment app involves all the same processes universally. But, there are few things that need to be considered for the effective functioning and successful implementation of the app. We shall have a look at what are they.
Provide major payment options
To satisfy the diverse needs of customers, the app features needs to support the following online payment methods.
- Online payments via eCommerce portals.
- On-the-spot fund transfers to the vendors.
- Peer to Peer payments through the app
In addition to this, you can also integrate with more exciting and useful features to users for maximizing your user base. Some of the additional features like Installment payment plans for making payments to the vendors, Borrowing requests for sending and requesting funds from friends and contacts in the list, etc.
Ensure user data security
The chief element involved while making transactions, even in real-time, is a certain level of security. To make money transfers in your app safer and easier for users, you can incorporate a mobile payment portal. Since the app requires linking credit card or bank account details for making payments, you can take steps to make sure the app does not display any confidential information explicitly.
The following methods can be adopted to comply with the security standards
- Two-factor authentication
- Encryption of the data
- Maintenance of a strong and secure network.
- Testing and monitoring of networks.
Select optimal features for effective functioning
Any P2P app is expected to have interactive features to interact well with the eCommerce platforms. The following are some of the essential features to have in your venom clone app.
- Generate Invoices and Bills
- Receiving and Sending Money
- History of transactions
- Login credentials with OTP verification
- Digital Payment wallet
- Direct fund transfers to the linked bank account
Now could be the best time for entrepreneurs to make use of and invest in a Venmo clone script. It is not a much difficult task if you have a suitable development partner by your side. TurnkeyTown has experts in building Venmo clone applications. All you need to do is reach out to us!
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