In recent technological advancements where everyone is looking to mobile and web solutions for their businesses and brands, Peer-to-Peer payments apps are playing a crucial role. In the world where the popularity of online and mobile banking and e-commerce mobile solutions is increasing enormously, P-2-P payment apps are playing an essential part in the technological world where we are living. Peer-to-peer payments applications are leading us to have more “wallet-less” economy than ever before.
And in this growing trend, the retail industry is evolving beyond person-to-market and person-to-person. If we talk in terms of peer-to-peer payments, nowadays, Paypal is dominating the market for the last many decades. And now a lot of companies are finally starting up to catch up the race. According to Business Insider, within next 2 years, mobile peer-to-peer transactions are expected to reach $86 billion in the US. Before understanding these rigorous stats, let’s understand what Peer-to-peer apps are:
What Are Peer-To-Peer Payment Apps?
To understand P2P service, you need to understand the concept of a middleman. Like middleman service, peer-to-peer payment services help people in easily transferring the funds from one bank account to another account or card by leveraging competent mobile apps. These apps are popular among young users who are tech-savvy and are comparatively less worried about the potential danger of sharing the person’s financial information with any third-party software tool. There are a lot of mobile solutions available in the marketplace that allows people to send money to their friends that are outside of the established business context – for example, when you pay back to your friends including those friends who lent you money for watching a movie ticket, or that group of friends who want to split the restaurant bill. However, Peer-to-peer app marketplace is still immature, as it is offering multiple services that are strongly competing for the same segment of the marketplace.
If we keenly observe that the current marketplace of P2P payment apps is basically divided among two major groups:
- First- Payment services or mobile apps launched by huge brands and big companies including Google Wallet launched by Google, Paypal.me launched by PayPal, and SquareCash launched by Square.
- And Second – Payment services that are a result of a product start-up or a separate payment service organization. And this type of P2P payment apps is often represented by mobile apps that partner with a lot of banks or easily integrate payment solutions with social networks including Circle, ClearXchange, and PopMoney.
Being the trusted and reliable technology partner of our clients, we at Parangat are helping a lot of companies and brands in implementing their P2P payment mobile solutions. Our team of expert and experienced web and mobile developers are helping brands and businesses in meeting their business expectations and goals. Since inception, we are serving clients across the world. Our experience and expertise along with the well-versed team of web and mobility experts are helping brands in reaching newer heights. To know more about P2P payment app development services, shoot us an email at [email protected]