How to Build a P2P Payment App

banner background

Transaction value in the segment of peer-to-peer money transfers amounts to $65,761 million this year. And its annual growth rate is expected to comprise 19.4%. This is a sign of a new development scope. A sign of P2P payment apps bandwagon.

Cashless peer-to-peer payments via apps are getting more and more acceptance among mobile users these days. They can boast convenient, secure and no-brainer way to send funds to relatives, friends, and people you personally know.

Without further ado, let’s discover all aspects of p2p payment app development, from the wireframing stage to the very monetization model.

P2P payment app development

How to Build a P2P Payment App: Crucial Points to Bear in Mind

Before we dip into the development process, let’s define some basic requirements for your future application. It comes without saying that publishing some random software product won’t bring you much good.

Quality determines the app success. Don’t skimp on the development and designing of your solution. Some one-day application will at best get acquired by some low-budget company for further improvement.

At the same time, an overfunded project is also a bad idea. How to make a p2p payment app that is well-balanced? You should find opportunities to save (not skimp) resources and optimize the process. This way your product will withstand the fierce market competition.

Develop a Peer-to-Peer Payment App Rationally – Use APIs

Programming interfaces are a robust way to win financially and cut the development time. You just use the ready-made solutions for banking integration instead of building them from the ground up.

Without a doubt, some APIs constrain your possibilities significantly. Fortunately, several software suppliers can prove this wrong. They offer truly flexible products removing all the limits. Here are the ones worth mentioning:

  • Dwolla. It’s a scalable easy-to-integrate platform. Secure and fast, Dwolla allows multiple transfer options and provides a convenient interface to manage and monitor your activity;
  • SynapseFI. This company suggests you choose from a broad variety of financial products: payment, deposit, card issuance, loan, and many others;
  • Kleynbank. It’s a blockchain solution for banking integration. The decentralized and secure system ensures transparent operations. To date, Kleynbank is at the ICO stage. It’s an excellent opportunity to jump right into this project, become an early adopter and create a payment app with significant privileges.

As you see, there are some decent APIs you can confidently opt for to save budget and time.

How to Create a Mobile Payment App: Features For a Developer to Consider

Now that you took into account all the general requirements, let’s consider some scope-specific features you might want to implement.

Currency Conversion

Currency Conversion

Sooner or later, you’ll face the need for converting the currency your users transfer. People often have friends abroad, so you’ll feel the necessity pretty fast.

The issue with this feature is the relevant exchange rate. The point is, current banking conditions make instant transfers, let’s say, overcomplicated. Hence this problem arises.

Your solution may vary depending on the platform and banking system you are working with. We recommend you to make a mobile payment app that synchronizes the exchange rate with the bank at the moment of transaction. Just make sure you notify users about it to avoid the misunderstanding.

Asynchronous Data Update

If you are planning to scale your app, it must be able to handle countless transfer queries in no time. This is why there is always a place for performance improvement.

One of the ways to reduce the server load is to save data in the temporary storage and update the main database with the specified interval, let’s say 1 minute. It reduces the server load substantially and brings minimum user experience losses.

Monetization Model: Which One Suits You the Most?

A cost-effective mobile payment app development is all about implementing the right monetization model into your application. Let’s find out which options you can use and how to make a good choice.

All in all, here are the most applicable models for you to select from:

  • Transaction fee. You take a percentage from every transfer made in your system.  Relevantly simple to build and integrate, this option is not user-favorite;
  • Ads. You place an ad holder in your UI and charge advertisers for each ad show or click. Although this model is more user-friendly, you need to check all the ads manually if you want to exclude indecent content;
  • Paid subscription plans. You offer better conditions for premium users, charging them for it. All the main functionality is accessible for everyone, but some exclusive features are only in the paid plans. This model fits in well with the two mentioned above.

You can choose any model out of these three and keep the decent user experience level. It’s only a matter of correct integration.

Transaction value of P2P payment

What Else to Keep in Mind When Developing Your App

How to make a p2p payment app flawless? The answer is to apply a comprehensive development approach. You need to cover as many potential pitfalls as possible.

Although it may seem like a no-brainer, you have to provide a robust and safe system. We mean not only the security breach prevention. For instance, you should hide the credit card number. If you forget about it and make this information exposed – even in your first app version – it creates a severe danger of personal data leak.

Another thing is application performance. Runtime issues are not tolerated in our modern competition-driven world. It means the faster and more reliable app is – the better. We highly not recommend using questionable tools to develop faster instead of employing a native development cycle. It won’t pay off upon the launch.


The integral part of any app development is considering the project user-oriented. Make a mobile payment app for customers, not for profit, and success will be a matter of time. If you need professional assistance or you just have a revolutionary application idea to discuss, reach out to us to achieve an expert evaluation and analysis of your app concept today!
Rate this article:

Contact Us

Please enter your name
Please enter valid email address
Please enter not more 500 chars
image description

Thank you for your application!

We will contact you within one business day.