Mobile App Development

Cost of Developing Mobile Payment Apps like Venmo

Cost of Developing Mobile Payment Apps like Venmo

In recent years, the mobile app-based payment sector has seen steep growth. There are more than 26 million active users of mobile payment apps. The P2P app industry is showing uncontested growth with the passing of time. This phenomenon occurs as a result of the combination of two factors:

  • More and more users are inclined towards using current technology.
  • Ease of performing untimed transactions within a short time.

P2P payment service providers have made a significant contribution to shaping the industry. Venmo is one app that is revolutionizing the ease of making online payments efficiently. Other top players' payment apps on the market similar to Venmo are Square Payments, Zelle, and Sage Payment Solutions. The Venmo app began operations online in 2012. The app Braintree acquired Venmo soon afterward, which enhanced its brand value among customers.

Now, we need to prepare a cost estimate for a P2P mobile app like Venmo. In order to build a payment app like Venmo, intensive research is required into adding multiple features and security systems. Venmo, for example, is a mobile payment app that facilitates smooth payment transactions. In order to develop a Venmo-like payment app, you will need to spend between $25K and $80K.

Further, the cost of a P2P payments app depends on the complexity of the features. It involves high-level research into coding and programming. The hourly fees of developers and designers typically range around $30-$40 per hour.

Features to have in a P2P app like Venmo

Venmo's P2P mobile transfer app combines innovative technology with a transformational impact. The features present in the app can be used to make online payments conveniently.

Features to have in a P2P app like Venmo

  • Make real-time payments

The basic feature of the Venmo app is to make real-time payments. You can send money to someone using the Venmo app. Payments can be made easily using the P2P service.

  • P2P Money Transfer

Using Venmo makes P2P money transfers easier and more convenient. Connect your bank account in the app to ease bank transfers.

  • Sync the Facebook & Phone book contacts

Venmo allows users to sync their phone book contacts and Facebook. Utilizing the Venmo application, it is possible to find people in the contact list.

  • Request money from other users

Users can request money from others using the Venmo app. With the app's in-app messaging, you can request money. It will notify other users of the request.

  • Track transactions

Venmo app gives the capability of tracking transactions to users as per federal financial regulations. The app gives weekly and monthly emailers to the users of their transaction history.

  • PIN Code authentication system

PIN code is the multi-code authentication system that integrates the system. This ensures the Venmo app remains protected with a PIN code. No one can use it without entering the PIN.

  • P2P App Account Settings

Venmo users have access to a range of P2P payment features in the app, such as account settings. Users can see updated information about their payment settings.

  • Ease to do bill splits

Through the Bill Split feature in the app, users can easily share their expenses with friends. People using the Venmo app who want to bill shared services can do it conveniently in the app itself.

  • Notification alert

Users receive an alert every time they make or receive a payment through Venmo. The notification feature alerts the user to any activity or changes made in the wallet.

  • Buy & sell cryptocurrency

The P2P payment app Venmo has introduced features that allow its users to buy cryptocurrencies. It can be done securely and efficiently with the app. Bitcoin and cryptocurrency dealing are becoming increasingly popular. Venmo could attract maximum users if it added cryptocurrency dealing functionality.

  • Chatbots

Visual Assistants or Chatbots enable you to conduct peer-to-peer online transactions without any dispute. Users may have a few queries before they make any purchase using Venmo. Online payment transactions have been simplified with P2P payment apps and chatbots.

  • Data encryption

A secure ecosystem is created which keeps the sensitive information of users secure. The robustness of the encryption ensures that the app is hack-proof.

  • Purchases

Venmo is on its way to becoming the best payment app that allows payments through other websites. It provides customers with the ability to make purchases from other sites using the app. It comes with its own API in the app to keep the process streamlined.

How is Venmo gaining popularity among millennials?

How is Venmo gaining popularity among millennials?

Venmo transcends beyond just being a payment app. It comes with an interesting social feed functionality feature which is becoming increasingly popular among millennials. Venmo app acts like a social media platform for youth.

It comes with the twin benefits of making payments and commenting on people's feeds through the app. Therefore, a large number of young users started using Venmo for sharing updates about their likes/dislikes and activities using the Venmo app.

This app isn't much like social networking apps like Facebook and Twitter. However, it gives emotional support in order to connect with the recipient, rather than just receiving or making a payment. They can also share updates about their social life. The Venmo app is infused with a bundle of emojis which gives a unique experience to youth. Would you like to add such an interesting feature to your Venmo-like app for millennials? Hire a P2P payment app developer to develop apps like Venmo.

Final Thoughts

The Venmo app has acquired a loyal customer base. All the features designed for the app will appeal to customers of all ages. With the payment cleared, millennials can flaunt their social lives. What else anyone can look for in any payment app? P2P payment apps like Venmo are gaining traction in the mobile payments app sector. The startup cost to develop a P2P payment app varies between $25K-$80K according to the in-depth range of features added to the app.   Frequently Asked Questions (FAQs)

What is the process to develop a P2P payment app like Venmo?

Developing a P2P payment app like Venmo requires a deep understanding of the app idea and design. Hire a fintech app development company that can guide you through the app development process.

How does P2P payment work in Venmo?

Venmo users can make payments by using the Venmo app on their mobile phones. They can either link their bank account/card or add money to the Venmo app.

What are the revenue models Venmo uses to make money?

Venmo app makes money through 5 different ways:

  • Credit Card Payment Charges
  • Fasten transaction charges
  • Merchant Charges
  • Cash a Check
  • Cashback program