With The expansion of mobile application development, we have reached to such a state that we do not need to carry anything with us! Not even cash!The Technology expansion wave and increasing digitalization have indeed shown up its effects.Even the smallest of the street vendor or a cab driver, for instance, it can be seen accepting mobile payments, that is e-cash or m-cash.
This certainly proves that we have come up to such a stage where people have now started trusting the mobile apps and the mobile app development where they can easily link up their bank accounts and safeguard the personal details at the same time. Nowadays, You can even see More than half of the lot following this trend and promoting this use of the same.
The Best example of the payment wallet undoubtedly has to be Paytm.Rather, should I say Paytm and online transfer of money has become synonymous. This Is just an example, you can find a number of such apps with both the Android and iPhone app stores. Getting onto these Trends are certain big brands such as Amazon.
Within no time, the Amazon wallets gaining popularity because of its lucrative offers.What I found a bit astonishing was that even the leading cab companies an hour days having a wallet of their own.
For instance, Ola now has an E-Wallet That actually helps you to make payment across a lot of platforms to along with its own cab services.This Is a clear sign put off the fact that where is leading companies are either having wallets of their own or a linking up the well-known wallets and there’s accepting online payments.
Thus, You can enjoy Various aspects of your life rather than actually being concerned about the cash on the cards being stolen.Be it taking a cab to places, dining in at your favorite restaurant or Cafe, booking tickets online, watching your favorite movie, getting cheaper hotels to stay in places and what not.
E-Wallets Can this be credited to make our life a lot easier and can be considered a great stress buster. This is not it. Nowadays, you can also see innovations in this area.With the mobile app development Getting enormous success with new concepts every day, the E-wallets also seem to be coming up in this category.Let us Understand this with the help of an example.
For instance, you have gone out as a group and I later planning to split the bill.Thus, you have various apps that allow you to enter language accounts and deal with the situation.This Payment method is termed as peer-to-peer payment.Let us now understand what exactly does peer to peer payment app means on a technical background.
Peer-to-peer Mobile app development
Let’s get this straight. Peer-to-peer Mobile app development is basically a system which has the responsibility Tu serve as an agent between you and your service provider.
Thus, you can call it a messenger or a modern-day postman that just has the work of keeping your funds secure and transferring it, rather would I call it to safeguard your funds and monitor the transfer from one user to the server on the other end.
Thus, You can find the majority of the people using this application and get used to this phase of mobile app development where you can blindly trust the Hire app developer regarding the security of the app and hence provide them with your bank account details or your debit or credit card details.
Apart From the famous Paytm and PayPal platforms( Paytm for the mobile application development whereas people is a web application development based tool), there are numerous other e-wallets available in the app store such as Freecharge, Google Wallet, Snapcash etc.
However, The P2P apps are for the categorized into two categories which are mentioned as below
- The Previously mentioned apps which are a product of the large rulers of the market or the pre-established companies of the market such as Paypal Paytm or Google Wallet even Amazon can be included in this category.
- The other names of P2P apps are those apps that have been developed by startups all the smaller grown or newly emerging businesses such as ClearXchange, Circle, and PopMoney.
Undoubtedly, The first category as a wider audience reaches, because search apps do not have to work much with the promotions as they are already well-established forms in the app development market.
Whereas, The second category is flourishing because of a large number of startups trying to get into the industry of the online payments.As We can find hybrids every part of the world be if any industry, similarly you can find combinations or hybrids here.This also can be for the divided into two categories
- The one which starts up as a Startup later and merging up with a bigger brand as their partners.
- The other type is such(and rather lucky ones too) For the kind of achieve huge success in a very short span of time and thus are purchased by such bigger brands, eventually getting them a huge amount of money.
A great example under this category is the collaboration of Braintree with PayPal.Thus, if you are an Aspiring mobile app developer and plan to come up with such an app, or an innovative person who aspires to be in the industry of P2P app development or E-wallets, then you can work on any of these options and can easily come Up with your application.
For this is such an industry that gets following a traditional way and has to come up with a lot of innovations in the coming years to experience creativity for a client always demands of something new from them.
What are The hurdles you are going to face while developing a P2P app?
Let’s have a quick advice on what method should you follow while developing such an app and what are the do’s and don’ts you need to keep in mind for the same.
Lack of Innovation
A good advice would be to add innovations to your Basic concept of E-wallet and also come up with a web version in the later stage of development.This would add on to the comfort level of your clients.
This is not it. You will have to cross a lot of hurdles coming in your path.Let us have a look at it to avoid or come up with effective solutions for the same later on.
Well if you have to develop an application that has to deal with the most precious data of your client then the most important thing you have to take care of is providing them with a trustworthy security.
The major concern, in this case, is that the users have to link either their bank accounts or the credit or the debit cards and that’s what they would expect from the agent is a high-end security to protect their data.
Thus, A good advice here would be to hire a person who solely plays with the data encryption techniques and keeps on changing them from time to time so that it cannot be decoded in any way.
Also, Follow certain other steps such as notify the users if the transaction is being carried out from any foreign device other than his normally preferred device.Protect the payments with OTP every time he carries out a transaction.
Traditional payment method
One cannot deny the fact that the check and the cash payments gradually losing their significance because of that online payment methods but one should also not forget the that they have not yet vanished are their existence can never be eradicated from the market.
Because any party would prefer to make the payments via cheque or using a demand draught large payments come into concern.Thus, this is a major challenge for the mobile application development companies where and they have to get the user trusting them blindly with the payments exchange even when the number crosses a certain $100,000 or more than that.
This procedure is it time-consuming one, but you need to strive hard to get the desired results.
Steve E Jimenez is very enthusiastic about modern technology and shares the wondrous thoughts keeping facts and figures in mind. He prefers to explore the cutting edge tech stuff. He is an early adopter and would like to stay up-to-date concerning advanced trends in the Industry.