There was a time when people used to think about the complexities of money transfer. The time has changed now; there are a good number of payment apps that have garnered huge success over the years. Today, we will analyze the success of PayPal, which is one of the biggest Peer-to-Peer payment companies. Moreover, it is the reason for the success of many P2P Top Mobile Applications for iPhone and Android.
PayPal was founded in the late 90s by Elon Musk and a group of enthusiasts. The company has grown huge success over the years and is now the biggest payment application used by more than 200 million users around the world. Let us have a look at its growth over the years.
Statistics
Over 200 Million active users
About 2 Billion USD payment transactions
16 Million Merchant accounts
Available in 202 countries around the world
Paypal Provides the Following Services
PayPal allows users to make financial transactions online by granting the ability to transfer funds electronically between businesses and individuals. Have a look at some of the services offered by PayPal.
Users can send or receive payments for online auctions on websites like eBay
Purchase or sell goods and services
Donate money or receive donations for a cause
Currency conversion has become a lot easier
Analyzing the Working Model of PayPal
The idea behind PayPal is to use encryption software to facilitate transfers between computers. Users can send funds to anyone having an e-mail address irrespective of a PayPal account. However, to receive the funds, the recipient needs to have a PayPal account with that e-mail address.
Also Read: How Much Does It Cost to Make an App like Snapchat
You can also add bank accounts or credit cards to PayPal and make the transfer of funds. PayPal also allows some other withdrawal options like using a PayPal debit card for purchases or using the card for ATM withdrawal.
Features To Include In a Payment App Like Paypal
Multiple Accounts for Business and Users
Since PayPal has two types of accounts which are a personal account and business account. PayPal charges 2.9 percent plus 0.3 USD of the amount users pay with a debit card or credit card. While Business accounts which are for merchants could be given some relief depending on the services they take from your application.
Virtual Cards
A virtual card would ensure that there is no need to use an app, rather a payment would be done via scanning the virtual card rather than using an original card. Adding virtual card feature require security features to protect your users’ details.
Unlock app with fingerprint scanner: It requires a user to put his fingerprint impressions on his Smartphone. It prevents the problem of logging in to your payment account again and again. A simple touch of your hand will solve the problem.
International Payments
It includes currency conversion cost which could be charged from a user or a small fee per transaction could also be charged. This is a very important feature which might be difficult to employ at the beginning of your app launch. But with the right partner and right marketing team and Top Mobile App Development Company, you can get success with this as well.
Mobile Card Reader
A mobile card reader would allow your Smartphone application to work as a mobile POS. It basically would allow payments to be accepted via customer’s credit or debit cards from the app itself.
Barcode Scanner
It is a device that can read the barcodes from a mobile application by placing your payment source towards it. It is an extremely important and preferred feature that many of our clients want in the present times.
Fraud Detection
Having this feature is extremely important in payment applications. It uses machine learning technology to detect fraud IP addresses, email addresses, fake links, and devices. Having this feature will cost you huge bucks but will ensure the safety of your payment sources.
Analyzing the Cost of App Development for A Payment App Like PayPal
Let us have a look at the costing for such an application. Fluper has partnered with and developed a good number of such applications for the clients.
The costing for such applications depends on a few factors which include a number of features, the complexity of features, time is taken to develop and integrate such features in applications, the price per hour or project per of a company.
Making a payment application requires expertise to develop a feature and successfully test it and present it to the client. Still, the costing for it would depend on a number of features and its complexity primarily.
Only a few Mobile App Developers could work on such complex projects. We are glad we have worked on such projects in the past and delivered successful applications for our clients as well.
Have a look at some of our clients from this domain
Revolut
Stocard
Topup.com
About Fluper
Fluper is a Trusted Mobile Application Development Company across the globe, helping several organizations to grow their business with high-quality mobile solutions. With 8+ years of industry experience, the company has delivered 300+ projects worldwide. We have a team of 250+ App Professionals that are constantly working their best to offer outstanding solutions.
Fluper Offers Great Benefits
We will provide you “100+10%” Money Back Guarantee in case we fail
5 percent penalty pay on delay delivery
You will also get 9 Months of Free App Promotions
Get up to 2.5 Years Complete App Support
24/7 live support and Testing
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