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Understanding the concept of what is a digital wallet – these are the financial accounts that allow users to store and retrieve funds, check payment histories online. These are also known as digital wallets/e-wallets that allow electronic transactions by bartering digital currency units for goods and services, making use of mobile payment systems, allowing customers to pay for purchases with their smart-phones, save loyalty cards information and digital coupons. These secure store users’ payment information and passwords for various payment methods.
P2P or NFC payment apps make use of Near-Field Communications Technology (NFC). These eliminate the need to carry cash cards/debit cards/driver’s license/gift cards/tickets for entertainment events and transportation passes. Peer to Peer payment applications is digital versions of your cash cards that can help in making cashless payments. You simply need to open the application, scan the business/user’s code, or enter their mobile number, enter the amount to pay and you’re done. This digital wallet can be used to withdraw cash at enabled ATMs.
Must-have features in Peer to peer payment apps (illustrative). Such applications can be scaled up according to the need of the business and consumer demand.
Contactless payments emerged as a consequence of the ubiquitous use of mobile phones indicating risks and opportunities both. The higher swipe fee, the diminishing foot traffic due to the Covid-19 pandemic, and the shifts in consumer spending from retail to e-commerce have all led towards proportionally increasing online transactions.
Major NFC payment applications: Paypal, GPay, Apple Pay, Zelle, Amazon Pay, WeChat Pay, Alipay, Due, Accelitec WalletBuilder, Adyel, Airtel Money, AlliedWallet, Alipay, American Express, Android Pay, Bank of America, and Boost Mobile, Bank, Venmo, Google Wallet, Square Cash, Zelle, PopMoney, SnapCash, Chase, Bank of America, Wells Fargo, Credit Karma and Cash App etc.
|Bank Centric||Social media-centric||Standalone App||Mobile OS/Device Manufacturers|
|Dwolla||Facebook Messenger||PayPal||Apple Pay|
|PopMoney||Kik||Square Cash||Android Pay|
|G Pay Send||Airfox|
Digital wallets store user’s credentials like credit/debit card/net-banking details. Ask for a confirmation from a bank to link the mobile number to the bank account. The user can simply unlock the application scan it and make the payment anytime. This way user does not have to enter their bank account or card details every time they need to make any payment.
Here is a list of points that you need to consider as you create a P2P Mobile Payment App (basic):
A basic to advanced level P2P wallet app will cost close to $100k-$150k USD (for the feature set specified above). We are adaptable to your requirements and the app will be scalable to accommodate a future scope.
Having an NFC or P2P wallet app helps lessen the need for people to reach out to their traditional wallets or to remember debit/credit card passwords for every single transaction. Moreover, P2P Foreign Exchange/P2P FX allows saving up to 90% of the transactional middleman fee on international exchange and transfer fees. Peer-to-peer cross border apps for money transfer makes international remittances less costly. NFC for cross border money transfer makes international remittances less costly. Some digital payment apps offer micro-loans at a lesser interest rate than banks. Drop us a query to know how we team up the digital wallet apps with the best on-demand solutions for an added advantage. These secure transactions and provide convenience at the same time.
Vipin Jain is the Co-Founder and CEO at Konstant Infosolutions and is in charge of marketing, project management, administration and R&D at the company. With his marketing background, Vipin Jain has developed and honed the company’s vision, corporate structure & initiatives and its goals, and brought the company into the current era of success.