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The Financial Technology domain is flourishing, and understandably, many small and leading enterprises hope to capitalize on this industry. There’s a rising interest among enterprises in the development of payment apps since it remains the most popular segment in the FinTech industry. However, developing a P2P (Peer-to-Peer) payment app using regular in-house app developers is a challenging task for organizations. It is essential to consider many technical, security, and legal factors during the development process.
That’s why, organizations should team up with a recognized FinTech application development service provider. Upon partnering with them, enterprises can get access to seasoned FinTech app developers who can build Payment applications with a range of capabilities that can be beneficial for both enterprises and consumers.
Understanding P2P Payment Apps
In general, a P2P payment application is a digital solution that allows users to transfer money to ‘peers’, such as friends, families, retailers, and businesses. Such apps offer the opportunity to swiftly transfer currency between both parties without relying on financial mediators. Some popular types of Peer-to-Peer payment apps include standalone apps, cryptocurrency-based mobile wallets, transactional platforms, and social platform-based payment apps.
Why Hire FinTech Developers
FinTech developers are experts in designing, delivering, and maintaining a range of modern financial applications, by leveraging Cloud computing, AI, IoT, DevOps, and Blockchain. With deep expertise in backend languages like PHP, Node.JS, Java, and Scala, FinTech developers can create and maintain robust servers, databases, Application Programming Interfaces (APIs), core app logic, and others.
Any FinTech application must be compliant with PCI DSS (Payment Card Industry Data Security Standards). Hence, FinTech developers from a recognized firm can follow the specific criteria and principles during every phase of payment app development and launch a PCI-DSS-compliant product in the market. Moreover, dedicated FinTech developers can help firms stay on top of the market and influence huge users by keeping up with modern market trends. They understand what modern users expect from payment apps and accordingly implement the features.
Key Technological Trends in Payment App Development
Chatbots - FinTech developers help in the integration of Chatbots within payment apps to handle various types of disputes that can arise when transacting funds, such as a lost internet connection during a transaction, wrong amount deduction from the wallet, and others. To integrate Chatbots, FinTech developers use technical Frameworks like LUIS, Microsoft Bot Framework, Wit.ai, Chatfuel, Api.ai, and Amazon Lex.
Supporting International Markets – FinTech developers can help in expanding payment apps’ services to more countries by including support for a range of currencies. For this, developers include multi-language support in payment apps and apply the financial standards or laws followed in multiple nations during development.
Integration Support with Other Financial Systems - Peer-to-Peer payment apps should be seamlessly integrated with other financial systems and tools, such as budgeting software, investment tools, and rewards platforms.
Use of Blockchain Technology – FinTech developers use Blockchain technology to strengthen security and accelerate transactions. In addition, they allow consumers to use cryptocurrency to perform money transfers across borders.
Steps Followed by FinTech Developers During Payment App Development
-Identify the Market & Perform Technical Research
Initially, FinTech developers decide the type of P2P app to be developed by analyzing business value, goals, and objectives. Accordingly, developers analyze what the competitors are delivering and determine how to add value to make the new app exclusive and more highly competitive than existing solutions. Conducting deep technical research also helps FinTech developers to implement robust security, integrations, and regulatory standards. After evaluation, developers determine the right tech stack for designing and developing a feature-rich payment app.
-Create Design
The design stage starts by cataloging the practicality evaluation outcomes into a whitespace tool that provides the overall picture of the app’s execution. Subsequently, FinTech developers build up the application's UI and UX in line with the business objectives. Developers produce artwork representing the layout of the app interface and augment user interaction by including various visual elements. By the end of the design phase, enterprises can have a set of visually-engaging screen layouts and graphical user journeys that help them understand the performance.
-Establish the MVP
It's effective to test the market engagement level by establishing an MVP rather than developing a fully-featured app. This is the phase where developers are involved in programming, technology integrations, and testing to deliver a functional app for end-users.
Indeed, FinTech app developers have deep expertise in API integration and help enterprises connect the newly built payment app with different Cloud services. Artificial Intelligence and Blockchain are commonly used FinTech technologies to establish a robust payment mechanism foundation. FinTech developers work in minor iterative sprints to identify/solve bugs and optimize the app with respect to testing outcomes. Developers launch the MVP model for a particular target market to get feedback since it helps in ensuring that the app is working in the right direction. Developers from the right FinTech development services providers can build a robust MVP and construct comprehensive payment applications with innovative features.
-Deploy and Upgrade Constantly
Even after the deployment of payment apps, dedicated FinTech developers can track user feedbacks through analytics tools and resolve potential issues. This approach is vital to upgrade the app based on ever-varying tech trends and market needs. The high level of vulnerability has made data security one of the prevalent challenges in P2P payment app development. To overcome this challenge, FinTech developers create a secure data record management system within the payment apps and ensure that enterprises can store huge amounts of confidential data securely, regardless of the increasing user base.
Summing Up
Peer-to-Peer payment app development is gaining traction among all sizes of enterprises. Building and deploying a reliable payment solution helps enterprises take their business to a new level by producing better ROI. FinTech developers with immense expertise help organizations create innovative payment solutions, influence huge audiences, and uncover new revenue streams.
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Published on May 09, 2023
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