The number of mobile-based P2P payment have users spanning over 26 million in the USA alone. The P2P payment industry is showing a picture of uncontested growth. Right from the number of participating players to the transaction volume which has almost become mobile-only, each aspect of the P2P payments industry is growing at a fast rate.

There are two factors due to which the growth of P2P payment marketplace is driven.

• The users are leaning towards innovative tech
• The users enjoy the comfort of doing untimed financial transactions.

Many mobile P2P payment providers have added to shaping the present state of the industry. However, there are a few providers which have risen to rule the top charts.

The demand is grown to such an intensity that it has become a struggle for other industry’s players and a perfect business model for the many entrepreneurs who strive to follow its growth trend. But how much does it cost to build an app like Venmo?

Here is how the Venmo app came into existence and how the app works:

» Foundation of Venmo — peer-to-peer payment pathfinder

 
Venmo arrived in the year 2009 and the things in the finance sector started changing rapidly. It was a mobile payment app that has become all the rage with a vast number of users over the years. The amount of the app’s audience is millennials. The app became prominent enough within just 5 months of its launch. It was purchased by Braintree which is a PayPal company and a payment provider. Its client accounts consist of many iconic names and universally known disruptive startups. Venmo was originally considered as a P2P payment app. But it combines the concept of a payment wallet app with that of a social network.

Currently, the app enables its users to make secure and cashless transactions with friends and businesses situated in the user’s vicinity. Venmo links the user’s account either to their bank account or their credit card. The app also allows the user to make a search for and add a friend, as well as view all their transactions. These transactions are illustrated with emoticons, in a continuous feed. There is a trust feature which allows the users to automatically pay for recurring needs, such as for example, utilities. The app is easy to use, visually appealing and free and fun to use for all the users.

One of the reasons due to which Venmo has got a strong and loyal customer base is due to the easy user flow which brings down the learnability hook. Understanding how the users move within Venmo can be a great opening spot for entrepreneurs who are looking for a solution to how to build an app like Venmo.

Cost of Development of an app like Venmo: P2P payment app development cost

 
The features and security standards that a Venmo like application needs put it in the kind of a high complexity app. There are many things that you need to consider while you decide to develop an app like Venmo. The complexity needs, the rate of profits is considerably more expensive. Particularly when you keep Venmo’s monetization model into consideration.

» How Does Venmo App Make Money?

 
There are many ways through which Venmo makes money. This means that the brand is going to use more widely since it is not immediately in a high-profit state.

» Here are some features which you can include in your app like Venmo:

 
← Credit card payment charges:

The Venmo app charges a 3% transaction fee when payment is done by credit card instead of a debit card transaction. By including this monetization model in the P2P payment app it can provide you a steady income. But would also be able to lessen the losses that one might face when the credit card payment doesn’t go through.

← Faster money transfer:

A fixed amount is charged to all app user who wishes to avail the fast money transfer facility. Normally, Venmo takes two or three days to transfer money to the users’ bank account. But when the user consents to pay an additional amount to facilitate the transfer the money transfer the app takes lesser time.

← Merchant Charges

Venmo earns money from its merchant partners to a vast expanse.

The company is working on improving the customers to business transactions on the platform. In this plan, Venmo takes a percent cut around 2.9% of the transaction charges.

Now, that you are aware of the business model and how to earn profits by developing a P2P payments app like Venmo, Coruscate can help you out to find out the features that are necessary for your own P2P payment app and how you can proceed with the business model. The in-depth understanding of the features and the time required to build your app together decide the cost of development.

FAQs About Cost to Develop P2P Payment App Like Venmo

1. How do I make a Venmo like P2P payment app?
2. How does peer to peer payments work in Venmo?
3. How does Venmo make money?

 
Get in touch with one of our team member to get the quick answer for above questions.

Read More P2P Payment app Related Articles:

A Facebook-like-eWallet is bizarre yet profitable. Know how to develop an eWallet app like Venmo which hogs news feed.

The post How much does it cost to develop P2P Payment app like Venmo or Venmo clone app appeared first on Coruscate Solutions.

Looking for fintech app development? Know how Zaver fintech app ruling the marketing and how you can start making money by developing zaver like app with Coruscate.

Peer to peer lending is nothing but lending money to people and businesses through online services. The companies offering these services usually operate online and lend at a lesser rate than the usual lending companies. All of us are aware of investments and a majority of us rely on banks for taking loans or investments. Investment is a term buzzing everywhere in modern days.

The P2P lendings or crowdfunding has offered a whole new set of investment opportunities for the stakeholders. P2P lending is trending and the next-gen investors are expecting a shift from the traditional means of business to the P2P lending apps for loans. Without any doubt, introducing this new platform does voice innovation.

One such startup that is into P2P lending is Zaver. According to a Techcrunch report, the company has raised $1.2 million in its first funding round.

About Zaver app

Zaver is a Swedish fintech company that has built a payment platform for enabling peer-to-peer trades and more. It was founded by Amir Marandi and Linus Malmen. The company aims to disrupt P2P payment solutions. They want to develop software and accompanying their app to bring together buyers, sellers, and merchants. This innovative approach promises to allow them to enjoy secure payments on the user’s terms.

With its app, the startup wants to facilitate trades between people by offering them flexible payment methods such as direct payments including buy now and pay later and enabling installment payments.

For that, the Zaver platform claims to embed intelligent algorithms for fraud detection. The platform automatically creates verified digital agreements between the transacting parties.
This is the first platform-independent solution for P2P transactions.

4 features that make Zaver different

Zaver enables a safe intermediary so when someone pays with Zaver, they are sure to get their money. Their payments are not dependent on the buyer’s payment to Zaver. So, the transactions are safe for the merchants. A seller doesn’t need to worry about OM and when will they get paid. Under any circumstances, Zaver takes the risk, the seller does not.

Zaver provides a digital receipt to the buyers and the sellers with the BankID and the signature. This makes it easier for both of them to stay true to their deal and know what have they actually agreed on. The buyer and seller need to verify their identities with their BanklD thus the rogue and fraud buyers and sellers get automatically filtered. If any dispute arises, the receipt where both parties’ signatures and BankID’s are included and a product description that you have seen before the purchase are always handy.

If a user pays with Zaver, he is allowed to split the payments directly into the app and credit message directly with BankID. You can use the app while shopping from private individuals and choose a direct payment method, invoice or partial payments. You can buy the product instantly and pay as per your own convenience. This is the first time that financing is available for private purchases.

Zaver provides fast customer service in case of any questions or concerns. The users can directly chat with customer care through the app.

There is another most important feature is Zaver for Business. This feature enables the sellers to utilize the platform to increase the conversion and reduce their transaction costs. They aim to reduce the need for a physical card reader.

Who is benefitted by Zaver?

Young students who want to sell their iPhone on a classified site but in a secure way can use Zaver for payments. Any plumber who wants to buy a Golf but doesn’t have enough amount to pay on the same day. These customers are provided a chance to change their lives with the Zaver easy payments.

The companies with omnichannel sales who sell their products and services online and offline are majorly benefitted with the Zaver app.

Scope of Fintech app development and apps like Zaver

There are many FinTech startups coming up in the market who have innovative aspects for the payment industry. The credit card industry is one of them. But, since the FinTech apps are supporting cardless payments, these apps are getting more and more popular among people.

There is a lot of scope for fintech app development in the industry. All you need is to hire the right fintech developer and create an amazing fintech app with outstanding features and extraordinary user interface. The apps providing a cheaper rate of interest gain the upper hand in the competition.

Apps like Zaver offering an automated individualized rate of interest based on the entire customer journey can keep more and more customers loyal to them.

Cost of P2P fintech app development

The cost of developing an app basically depends on the hours invested and the features included while creating the app. Here is a breakdown of a P2P fintech app development with us that will give you an overview of the time involved for each module and price charged for the same.

However, this is just a basic overview. Each business in the fintech industry has different needs and we understand the requirements of each of our clients in detail before suggesting them with a peculiar solution. Each P2P fintech app is built differently as the app store does not allow clones of any app to be listed. If you go for some fintech app clone development there is a chance of the app getting deleted from the App Store or you might not get much audience for your fintech app.

We can help you with great P2P Fintech app development for your startup. For detailed information regarding the scope of features and other such queries, please feel free to contact us for a free consultation session.

Our research team keeps updates about each new technology coming up in the fintech industry. We can help you out based on your personalized business needs and get you the best possible solutions for technological problems.

Connect with us through the contact us form for a free demo of P2P fintech app development.

The post 4 features of Zaver app to consider while FinTech app development appeared first on Coruscate Solutions.