Tim Cook once said that ‘the next generation will not know what money is’. That’s what being proved correct with the emergence of P2P payment apps. Nowadays, P2P apps are in huge demand. And use of paper currency is gradually decreasing at a huge extent. With the increasing usage of online transactions especially mobile wallets, Peer 2 peer apps demand is increasing at a huge extent. According to reports, by the year 2020, users of mobile P2P apps are expected to reach from 6 million to 126 million. And in the US only, P2P transaction is expected to reach $86 billion in next 2 years. That the reason why app development companies have become more interested in P2P payment apps and are indulging themselves and coming up with the unique and market-centric P2P payment apps.
Today more and more people are moving towards being wallet-less by using P2P apps. And if we see the results, top 25 apps are from P2P payment apps. So you are required need to understand how important these apps are in user’s life. But these apps are not something that gets a welcoming entry in the market space; like PayPal. They have to face a fierce competition. As this is one of the dominating categories in the market.
Why the demand of P2P apps is so high?
Many of us are wondering that, why P2P apps are so much popular? And the answer is, if you have used P2P apps, you must know the answer. If you are looking to send cash to someone, your family and business partners, then P2P apps can help you send the cash just in the blink of an eye by using your Smartphone, or email address or via online banking. There are a huge number of systems, which support Peer to Peer apps but only few of them allows transferring money to their customers. Speed, ease, and comfort are a few of key features, which allow flawless payment. All you need to do is to simply link your existing bank account and instantly send money to whoever you want to send that too without the need of any kind of paper works. Let’s take a look at a few key examples of P2P payment service providers:
Being one of the most popular and widely used online payment platforms, P2P payment apps are being used by a lot of audiences and users. Peer to peer was first launched in the year 2015 and it was launched aiming that to make payment processes simpler and easier.
- Google Wallet
It was re-launched in 2015 by Google. And it was revamped as the Google wallet, which is exclusively designed for P2P payment while on the go. The best part of this mobile app is it could be used by just using the phone number.
- Square Cash
It’s a free platform, which makes the P2P payment owned by the company Square. It includes one of the key dazzling features, called Cashtags, which allows the user to use the link for doing money transfer.
- Transfer Wire
Being one of the popular money transfer services, Transfer Wire lets the students and foreign businesses make services popular and excel on the global level. It is a low-cost option, which also provides an option to transferring money internationally.
Being the leading web and mobile app Development Company, we at Parangat are working on a lot of P2P payment apps. Our technically well-versed team of mobility experts is helping a lot of brands in meeting their business value and revenue. To know more about our services and solutions, shoot us an email at [email protected]