How Much Does It Cost to Develop Payment Mobile Applications Like Venmo?
How Much Does It Cost to Develop Payment Mobile Applications Like Venmo?
How Much Does It Cost to Develop Payment Mobile Applications Like Venmo?
In recent years, we have witnessed digital payments taking over the mantle in the business industry. One does not necessarily need to carry a wallet or a credit card to the store these days because one can make payments through a payment mobile application.
There are many banking and financial mobile applications that are serving customers efficiently by offering them a hassle-free experience. These apps are not only helping customers but also enabling business owners to conduct their operations smoothly.
Naturally, this has led to the rising demand for developing payment transfer mobile applications. These types of apps are designed to make sending money and receiving money a seamless task. It has already been successfully implemented worldwide and continues to gain traction.
What is Venmo?
One of the most popular digital payment applications, Venmo offers uninterrupted ways of sending and receiving the money to its users. This online payment mobile application has an integrated payment wallet which makes it easy and offers an improved experience to the customers.
Operating on an online payment mobile application like this is quite simple as it is highly user-friendly. All the users need to do is, link their bank accounts to the mobile application which will be leveraged while sending or receiving the money.
Key Features of a Payment Application Like Venmo:
Are you looking to develop a payment mobile app similar to Venmo? Here are some of the key features that every payment mobile app must have:
Registration:
Account registration is a very important feature that every payment mobile application must-have. This simply signified that users need to create an account on the mobile application to get started.
This will require them to provide certain mandatory details such as username, password, email address and mobile number during the process.
Account Verification:
Account verification of the users is based on the link sent to the email address or the OTP that has been sent to the mobile number of the desired user. Any user must complete this process to use the given mobile application. Thus, this is an important feature.
Online Payment System:
These types of apps offer enhanced payment facilities to their customers by eliminating all the hassles of conventional payment methods. The payment system possesses a high degree of security that a customer can rely upon for his personal and business transactions.
Bank Account Verification:
To make digital transactions online, every user needs to integrate his or her bank account into the mobile application. The money that is part of the transactions he or she carries is credited and debited from the desired bank account hence, verification of the bank account is very much needed.
POS System:
A comprehensive Point Of Sales system enables users to improve their payment experiences with businesses. This feature in a mobile app is pretty useful for commercial purposes and allows businesses to conduct transactions seamlessly.
Value-Added Services:
A digital payment mobile application must possess a feature that allows its users to avail themselves of several value-added services that can enhance the user experience on the desired application. Some of these activities include the purchase of tickets, goods and services.
Account Settings:
This feature is a kind of personalized space for the application users. It allows them to customize their profile including username, password, communication details and more.
Social Feed:
The social feed is another comprehensive space feature where users can share their views regarding the application. This is a useful feature as it allows users to suggest improvements to the desired app and also enables businesses to explore different ideas suggested to them.
Payment History:
This mobile application allows its customers to stay on top of their payment logs. Through real-time updates of their payments including the amount, date and time, users are always well informed. This will be very helpful for them when they want to view the complete history of their payments.
Integrated In-App Wallet:
Built-in wallet features in mobile applications are very much helpful for the customers. This wallet feature allows the customers to transfer money from their banks to the wallet and vice versa.
Apart from the above-mentioned features, payment mobile applications can offer a multitude of other features. Some of them are data storage management, account reconciliation, enhanced synchronization of data, E-payment gateway, partial integration and SSL security.
Closing Thoughts:
The cost of developing a digital payment mobile application depends on the partner you choose to develop a solution. With the demand surging for these apps, most of the leading mobile app developing companies are taking up projects for the same.
As one of the best mobile app development companies, we, at Sapizon Technologies, are rendering services to our clients. Our team of developers possesses expertise in multiple domains.
You can book a free consultation with them to get a detailed briefing for the application development you are intending to do.