How Much Does It Cost To Develop P2P Payment Apps Like Venmo/PayPal?
How Much Does It Cost To Develop P2P Payment Apps Like Venmo/PayPal?
Either business transactions or personal transactions online payment apps like PhonePe, PayPal, and Venmo are the best applications to send or receive money or making an online payment. Digital fund transfer apps are the best assets for individuals or businesses to make or receive or transfer money in a faster and safer way.
Through this blog, we would like to introduce one of the top mobile payment apps in the USA- Venmo. Herein, we will walk you through the development cost of a mobile app like Venmo and the top features of a Venmo-like digital wallet mobile application. We hope that this article will be helpful for companies that are looking to build e-payment apps like Venmo.
Why Venmo Mobile App Become An Essential Application?
Venmo is an American mobile payment service app that is released in 2009. According to the survey, over 83 million people are using Venmo digital wallet services and making hassle-free online payments with simple taps on their mobile screens.
People can use Venmo-like trending digital wallet apps for various and versatile payments. Venmo mobile app makes in-store payments, e-commerce payments, or in-app payments faster and more secure. Uber, Grubhub, Doordash, Delivery.com, and Poshmark like top brands in the USA are accepting online payment from Venmo wallet.
Further, the Venmo app is also popularized as the best fund transfer app in the USA. Users of Venmo Android app or iPhone applications can easily send or receive money right from their app in the most secure way. Thus, Venmo allows users to send an instant money transfer to their beneficiary accounts or contacts.
On top of traditional popular online payment apps in USA like PayPal, GooglePay, and Zelle, Venmo is stood out of the crowd with its unique crypto feature. It is the best app for crypto investors. The app ensures flexible payments and lets investors buy popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, or Bitcoin Cash with as little as $1 and start trading at profitable margins.
Moreover, the app will assist users in better managing their finances. Users can pay their bills with Venmo and request a payment split to their contacts. Such user-friendly feature of the Venmo e-wallet app is one of the reasons for its success.
How Does Venmo-like Online Payment App Works?
- Download and Install App in Android and iOS mobile devices
- Register and Login using email ID, Mobile number verifications, or Social media accounts
- Link bank account and verify bank accounts to deposit amount to Venmo wallet or send/receive funds from friends, and to pay bills from the application
- Start using Venmo to Pay business, Pay online, Pay in apps, Pay in stores, direct deposits, and etc.
- This simple, fast, and secure access to the application is making Venmo a popular e-payment app in the USA.
This simple, fast, and secure access to the application is making Venmo a popular e-payment app in the USA.
Features List Of Venmo-like A Popular Online Payment App In The USA
Venmo-like one of the best e-payment apps for Android and iPhone is attracting a million users with its bunch of cool features. If you have plans to develop a Venmo-like online payment mobile application, here are the features that you must add to the clone app.
Key Features of a USA’s e-payment app like Venmo
- User registration
These are the first steps to accessing the app content. To use the Venmo-like online payment mobile application, the user needs to sign up with the required details and log in to the application. Its simple and user-friendly login forms have attracted over 80 million users across operating locations.
Mobile app development companies in the USA or India have to focus on the design and development of User Interfaces. Simple interfaces will always increase the application installation rates and increase user satisfaction.
- Add Bank Account and Authentication
This feature allows users to link their bank accounts for making in-app and fund transfers with ease. Venmo-like top payment apps in the USA verify user authentication in multi-levels. It will increase the privacy and security of the user’s bank account information.
Top mobile application development companies, either Android app development companies or iOS app developers in USA or India should use encryption technologies for ensuring app security and maintaining the privacy to the user’s data.
Get in touch with USM, the best app development company in the USA for more details!
- Instant Fund Transfer or Receive Facility
Driven by the hassle-free process of sending or receiving money from friends or contacts, the USA’s popular payment app Venmo has got appreciation in the digital payment industry in the country.
Hence, while developing the Venmo clone app, the leading #mobile application development companies USA has to add Send/Receive Money feature to make or receive funds faster.
- Make The Application Multipurpose
A few payment apps can only be used for making payments. Other mobile payment solutions are specifically designed and developed for making in-store payments through QR code scanning. But, Venmo-like the best digital payment mobile application in the USA is a unique app that allows users to use it in many ways.
Venmo app can be used for in-store payments, online payments, in-app payments, and many other bill payment services. The versatile functionality of the application enriches app experiences.
Hence, top mobile app development agencies in the USA or any other geography should develop a payment app that meets the unique digital money transaction needs of the users.
- Cryptocurrency Trading Feature
It is not mandatory to add a Cryptocurrency trading functionality in the online payment solution. But, the thing is that if you want to develop a unique clone app to the Venmo payment app, you must integrate this feature.
This feature allows users to buy and sell digital currencies right from their app and assist in creating a profitable crypto portfolio. Adding special features might increase the cost of digital wallet apps like Venmo, but they improve the overall experiences of the users.
- Venmo For Business
This feature makes the point-Of-Sale operations of merchants smooth and digital. Mobile applications have reshaped the billing and payments functions. Venmo-like digital payment application for Android and iOS helps businesses in commercial purchases and accept online payments. It ensures hassle-free P2P payment models.
- Payments Or Transactions History
Android or iOS payment apps like Venmo have this feature to allow users to view their previous transactions or payments made from the application.
- Money Request Option
Venmo-like apps let users’ access contacts and send a money request message with the required amount to their friends or contacts. It will allow the users to split their bills and take the help of their friends in an emergency.
- Updates and Bill Reminders
The most downloaded and popular payment apps like Venmo send reminders on credit or other bill payments. Hence, these auto-reminders assist users in staying on top of their bills and saving their accounts from hefty fines.
- In-app E-wallet For Quick Payments
Integration of an in-app wallet is one of the best features to consider while online payment apps development. It makes instant transfers smooth and faster.
- In-app Chatbot Assistance
If you want to solve your customer payment issues instantly, integrate an AI-powered chatbot feature. AI-based Chatbot reads or listens to users’ requests, matches their queries in its database, and responds in seconds with accurate answers.
- Facilitate Early Paycheck Deposit
Online payment apps for Android or iPhone with early paycheck deposit functionality will stand out from the clone apps. This feature offers Instant Transfer of paychecks and improves user experiences.
- Push Notifications
It is a mandatory feature in the online marketplace, e-commerce, or digital payment mobile apps. It notifies the users about recent activity and makes them aware of what is happening in their accounts.
How Much Does It Cost To Build A Money Transfer App Like Venmo?
The cost of e-payment app development will be around $20,000 to $50,000. The actual app development cost of Venmo, PayPal, or Zelle will depend on many factors. Application development platform, features list, type of mobile application, and expertise of app Development Company will all play a major role in deciding the final cost of mobile application like Venmo.
The app development cost of Venmo is also depends on other factors, such as technologies used in the app development process and advanced features added to the application. Further, app maintenance and post-launch support like hidden services also will impact the app development cost.
USM is the best app development company that creates budget-friendly payment apps and delivers the best app development services. We make use of AI, machine learning, Blockchain, and other encryption technologies to build cost-effective banking, finance, Fintech, and e-wallet apps.