Since the digital boom has completely changed how we do business, FinTech app users now enjoy the benefits of better security and speed, especially when it comes to payments. Because of this FinTech revolution, P2P payment app creation services have sprung up, making it easy to send money without touching anyone.

These apps are now necessary for sharing costs like rent, food, and travel. They have replaced traditional banking and trips to the ATM, making it easier to handle and transfer money in a world where everyone uses cards. This has sped up the financial process. With features like tracking transaction records and real-time notifications, these apps give you real-time information about your financial activity. This level of openness is unmatched by traditional banking methods.

The rise of peer-to-peer (P2P) payment apps is a step toward a more technologically advanced and connected financial world. As it grows, it promises to be even more useful, safe, and comfortable, especially for the group that will have a bigger impact on the financial world in the years to come.

Payments between people in the US

This is likely the reason why P2P trades will be worth more than $1927.23 million by 2030. Statista also says that 48% of people who answered prefer using peer-to-peer apps for straight money transfers.

Payments between people in the US

People can use peer-to-peer banking apps to get services that are easier to get to, safer, and faster. People are suddenly using peer-to-peer apps more than the old ways of doing things. This has made business and enterprise leaders eager to spend in developing Venmo-like peer-to-peer payment apps, which is what this article will do.

But first, let’s quickly go over the basics again.

Table of Content

Why do people use peer-to-peer payments?

Peer-to-peer (P2P) payments are electronic money exchanges between people that are made possible by a special app. These apps safely connect users’ digital wallets to their bank accounts. They also keep track of the amount when a trade starts and the sender’s app wallet or bank account is emptied. This useful digital method makes sending money easier and makes sure that deals are quick, easy to understand, and can be tracked.

When you get down to it, each P2P payment app fits into one of three main groups. Each group has its own pros and cons and market stars.

Different Kinds of Apps to Check Out Before Spending Money on Peer-to-Peer App Development

1. Separate Services (like PayPal and Venmo)

Unlike traditional banking systems, this kind of online mobile payment app works on its own. They are not connected to any other financial institutions and have their own systems for managing and keeping money safe. The “Wallet” feature is one of the best things about these apps. It lets users safely store money inside the app and then move it to a regular bank account or use it for peer-to-peer transactions, whichever they choose.

These apps let users access their own personal financial settings, which makes it easy for them to keep and handle their own money. One example is PayPal, which has users from more than 202 countries since it started. Millions of users make thousands of transactions every year, using 100 different currencies. This alone should be enough to make developers interested in PayPal or Venmo, like making P2P payment apps.

2. Focused on banks (Dwolla, Zelle, and Popmoney)

Bank-centric apps are another type of app that you might want to use to take advantage of P2P payment app development. When transfers happen through these mobile apps, banks are one of the parties. Peer-to-peer payment apps let you send money to other people through partner banks and credit unions. Most banks have their own apps. Instead of a saved currency account, these apps take money out of and put money into bank accounts.

3. Facebook Messenger, SnapCash, and Google Pay are all social media-focused apps.

When making mobile payment apps, you should also think about making apps that focus on social media. These mobile apps, which were made by big social media companies, let people send money using credit or debit cards without leaving the site. SnapCash, Softcard, Skype, and Google Pay are a few examples.

How do apps that let you pay each other work?

Why do people use peer-to-peer payments?

Peer-to-peer (P2P) payment apps are becoming more popular. People use them to pay rent, split restaurant bills, and send birthday gifts. These apps make it quick and easy to send money to someone else, so you often don’t need cash or checks. Here’s a look at how P2P payment apps work:

Sign Up and Sign In

They have to sign up for an account after getting the P2P payment app from an app shop. Usually, this means giving out private details like phone numbers and email addresses.

Adding a bank account

Users have to add a funding source to an account, such as a bank account, credit card, or debit card. It is common to link a bank account because it makes it easier to do business between the user’s bank and the app.

Adding the People Receiving

To send money, users must add the receiver to their contact list in the app. Most P2P apps use email addresses or phone numbers to verify users, so both people must be on the same platform.

Starting a transaction

Users enter the amount they want to send and sometimes add a note or description to go with the exchange after adding a recipient. In addition, they can use a debit card or bank account as a payment way to start transactions.

Signing off and validating

The P2P app then checks to make sure the sender is who they say they are and that there is enough cash for the exchange by looking at the source of the money. Users may be asked to enter a PIN, password, or biometric proof (like a fingerprint or face scan) to confirm the transfer.

Dealing with Transactions

When the deal is done, the app adds money to the recipient’s account and takes money out of the sender’s. Some apps may hold on to money in a digital wallet until it gets to the right person’s bank account.

Notification of Confirmation

Both the sender and the receiver get instant, real-time messages confirming the move was successful after a transaction.

Moving Money

When you get money through the P2P app, you can usually send it to any related bank account right from the app. Depending on the app and the recipient’s bank computer, this step may take longer to process.

In general, peer-to-peer (P2P) payment apps have made it easier, faster, and safer for people to send money to each other. But because these can be different from one site to the next, app users should know the rules and costs of the app they are using. Here are the steps you need to take to make a P2P payment app.

How to Make a Payment App for Peers to Peers?

Before you can start making a digital wallet app, you need to come up with a detailed idea for the project and list all of its requirements. Here is a list of steps that can be used to make a good peer-to-peer money transfer app that fits the needs of your business.

How to Make a Payment App for Peers to Peers? 

1. Pick the type of P2P app

First, you need to choose the type of P2P tool you want from the services like banking and stand-alone options that are available. Besides these, you can also make apps that let people pay in real time.

2. Put the mobile platform first

You can choose either Android app development or iOS app development if you don’t have a lot of money to spend on apps. Putting your mobile app creation platform first will help you in two ways:

First, you find out which site your users like best. Then, you look at which features work well for them and which ones need to be changed. Second, you’ll have room to make one more version of the app that works on more than one device in the future.

3. Set up your P2P app’s functions

It was already said that the success of your P2P depends on the features it has. Start with the most basic ones and keep adding the USP’s most important parts. Find out about your target audience, make a user picture, and look at the user flow to make sure you don’t miss anything. The path your users will take while using the app should also have specifics added to it.

4. How to Pick the Right Tech Stack

Choosing the right technology is a key part of making your P2P payment app more useful and fun for users. FinTech has come up with new ideas like NFTs (Non-Fungible Tokens), biometrics, face ID purchases, and more. However, don’t just use these technologies in your stack.

Do not be afraid to use tools and technologies that make your P2P app easier to use and give it a better chance of succeeding. Also, make sure you keep up with the latest blockchain-based FinTech trends and add crypto technology that will help your app stay ahead in the mobile payments market.

5. UX design that is easy to use

Your P2P payment app’s user interface and UX design need to be easy for people to understand and use. You don’t want your active users to waste time finding out how everything works, so make sure that the features you choose are easy to read.

6. Peace of mind

When you’re making a P2P payment app, you have to include security procedures. At the same time, your P2P app should have features for data and cyber protection, like fingerprint, face recognition, scanners, and so on. For maximum compliance, make sure that a two-way authentication function is put in place.

7. Checking out

Another very important part of making a P2P payment app is testing and quality assurance. Your quality assurance team needs to do all the tests they can think of to find and fix bugs right away. Some people might even need to watch over the beta testing of your app and its payment methods.

8. Legal Compliance for FinTech

Payment Card Industry Data Security Standard (PCI-DSS) is a system that you must follow when making a mobile payment app. To make the market more open and trustworthy, don’t forget to get a PCI-DSS license.

9. Launch of the App

After a lot of testing and following all the rules, the app is now available to download on app shops. At the same time, a well-thought-out marketing plan is put into action to get people to download the app and spread the word about it.

10. Help after the launch

After the app is released, the post-launch maintenance and support part begins. During this time, bugs are fixed, users are helped, and the project is constantly watched. It keeps the P2P payment option safe and trustworthy by making sure the software works well and responding to user problems.

You now have a good idea of how to make a P2P mobile app. Let’s move on to the next step, which is looking at the features you should look for in mobile payment apps.

Every successful peer-to-peer payment app has some things in common.

Things that every successful peer-to-peer payment app has 

If you want to get off to a good start in the FinTech world, here are some popular P2P payment app features that you might want to add. These traits are the most important ones if you want to get into the financial technology field:

Things that every successful peer-to-peer payment app has 

One-time password or ID

An OTP or unique ID is sent to the sender and must be confirmed by them before the money is taken out of their account or wallet. Some P2P payment service providers even ask for the OTP every time someone opens the app to make it even safer.

Technical Frameworks: Twilio, Firebase, Nexmo, and Digimiles are some of the third-party SDKs that were used.

Be aware of

People can let each other know when a peer-to-peer payment has been sent and when it has been accepted using this feature of the app. This lets users know what’s going on with their account or cash. The push notification tool lets users know when their bills are due and gives them other quick account information.

The technical frameworks that were used were APNS, Amazon SNS, Chrome alerts, Rest APIs, and Firebase cloud messaging.

Send a bill or invoice

Customers can use this function to scan their bill and send it to the person who needs to pay it. Along with that, both the author and the receiver should get an invoice for the transaction, which should be saved in the app himself.

Rest APIs and Bamboo billing were used as technical frameworks.

History of Transactions

When making a P2P payment app, one of the most important things to think about is the past of transactions. With this tool, users would be able to see a list of all the money transfers they’ve made through the app in the past.

Rest APIs were used as a technical framework.

A chatbot

It’s also a good idea to make chatbots a central part of any payment tool app like Zain Cash. This feature helps with different kinds of disagreements that can happen when you use an app to send money, like when you lose internet connection in the middle of a transaction or when the app takes too much money out of your wallet without permission.

FinTech system based on chatbots

Some of the third-party SDKs that were used were Zendesk, Microsoft Bot Framework, LUIS,,, Chatfuel, Facebook Messenger Chatbot, and Amazon Lex.

Send Money to a Bank

Many people use these apps to get money and want to know how to send that money to their bank accounts. Even though each app has its own way of making money, this is one of the best things about P2P payment apps.

ACH and Dwolla were used as technical frameworks.

These are some of the best features you can add to your P2P payment app to get more people to use it. There are, however, many difficulties that come with adding these features to your P2P payment app. Let us take a look at those.

Important Problems to Face When Making a P2P Payment App

Even though the age of digital money is at its peak, the business world is still facing some persistent problems that need to be fixed. Let us look at some of the technical and non-technical problems that the P2P payment business is still facing –

Limitations in the region

The big players in the P2P market are limited by where they can do business. It’s still not common for a company that makes P2P payment apps to let people send money between countries. The FinTech business is getting too crowded, so if a brand wants to become a leader, it needs to reach more people in more places.

Not Enough Open Loop Cure

Right now, it’s important for both the payer and the payee to be on the same device in order for P2P apps to work. Even though it’s simple to send money to people in your network, sometimes you need to do business with someone you don’t know.

Individuals can easily receive and send money to anyone using the open-loop platform. This means that all parties do not have to be connected through a single platform or exchange personal information.

Problems with Payment

P2P payment apps bring up a lot of tough problems. For instance, payments you send might get sent to the wrong people by accident, or money might be taken out of your account and never get to the person you meant to pay.

These risks could happen in the short time between when you take money from your wallet and when it gets to the recipient’s account. Before you start making your own P2P payment app, you should really think about these issues.

Digital transactions are being used less quickly.

People are getting used to online payment methods and the rise in peer-to-peer apps, but the business is still growing at a slightly slower rate. People still feel safer using cash and cards than apps on their phones. This isn’t because of the UI or accidental lag; it’s because people don’t know what safety steps these apps take to keep private data safe.

Peace of mind

Security is one of the hardest things for P2P app developers when it comes to technology. Based on past history, hackers have been able to get into some of the safest places and services, such as NIC Asia Bank and PayPal.

Because there are so many weak spots, security is one of the biggest problems in the mobile P2P payment business. Because so much private information is kept in one place, P2P payment service providers need to make a safe way to keep track of all the records.

Following PCI DSS rules

Following the PCI DSS Compliances is a must for any business that deals with private banking data. These things must be true for the P2P payment service providers in order to be qualified for the certificate:

  • Make and keep your system and network safe.
  • Put in place a method for managing vulnerabilities.
  • Set high standards for access control
  • Keep private information safe
  • Test and watch networks all the time
  • Keep all information security policies up to date.
  • Change currencies
  • Another problem for P2P payment service providers is that they have to figure out and change currencies all the time. With 180 currencies used around the world, it can be hard for service providers to make sure that everything stays on track.

On top of that, the money exchange and fund transfer must happen as quickly as possible. This is easier to do when banks are involved but more difficult when the market is digital.

Now that we know what the problems are, we can move on to the most important part of this blog: how much it will cost to make a peer-to-peer money transfer app. Let us find out.

How much does making a P2P payment app cost?

How much does making a P2P payment app cost?

Things that affect how much it costs to make a P2P payment app

Knowing how to make a P2P payment app is now the next step. Let’s find out how much it costs to make one. There are a few things you can do to figure out how much it will cost to build a P2P payment app. The most important of these is how complicated the app is. Let’s look into it more:

Getting a basic peer-to-peer payment app can cost anywhere from $40,000 to $120,000. These apps have few functions and are easy to use. These apps might not have a lot of extra features, and their main purpose is to let users send and receive money.

Middle-Level P2P Payment App: A P2P payment app that is middle-level in complexity costs between $120,000 and $200,000. More functions and services are available in this group of apps. This kind of app has better protection, an easy-to-use interface, and extra features like a history of transactions or the ability to split bills.

Complex P2P Payment App: A P2P payment app that is very complicated and advanced costs at least $200,000. These apps have a lot of features and are often made to be used for a long time. Some examples are advanced security measures, global payment gateways, the ability to integrate third-party services, and a lot of tools for managing users and keeping track of transactions.

To find out how much it costs to make a P2P payment app, let’s look at these things:

The features and functions

The number of complicated features is one of the main cost factors in making a P2P app. Some advanced features that make the experience better for users but cost more are real-time messages, smooth integration with payment gateways, support for multiple platforms, and high levels of security. The overall project costs go up because of the time and money needed to build and manage these features.

Design and how people use it

An easy-to-use, logical, and customer-focused design is the basis of a good app. This level of design complexity makes users more interested, but it might mean spending more on design and development resources.

Steps Taken for Safety

Peer-to-peer payment apps need to be very secure because financial activities are private. It is very important to have strong security measures in place, like encrypting data, requiring strong user authentication, and preventing scams. However, the cost of development will go up because of the special skills and money that are needed to make these security changes.

What Platforms Work Together

It can cost more to make apps that work on multiple devices, like the web, iOS, and Android. Because each platform has its own standards and needs, it takes more work to make sure that the software works perfectly on all of them. Cross-platform app creation costs more, but it makes the app more useful and allows users to interact with it more.

The Tech Stack

The tech stack is an important part of making an app. It talks about the different computer languages, frameworks, and third-party integrations that can be used. How much it costs to create can depend on which of these technologies are used. Few technologies may need developers with more advanced skills, which could change wage rates.

For example, using more advanced frameworks and tools would mean getting developers with more experience, which could make the cost of development go up. To find a good mix between the needs of the project and the available funds, the tech stack needs to be carefully thought out.

Where the development team is located

The team’s location is a big factor that affects how much it costs to make a P2P payment app. Since labor costs are higher in places like the USA and some other Western countries, it costs more to grow there than in places like Central and Eastern Europe and Asia. But it’s always better to hire a time with higher costs because they will make sure everything is clear from start to finish and offer upkeep services after the launch.

Building a P2P app could cost anywhere from $40,000 to $200,000 or more, based on the things we talked about above.

Build the next generation of FinTech tools

What can Appic Softwares do to help you build a P2P payment app?

Apple knows how people spend, buy, and pay for things. We offer a wide range of top-notch fintech app development services, such as investment solutions, dynamic Know Your Customer (KYC) platforms, fraud prevention software, and wealth management software. These services have been carefully thought out to meet all of your customers’ needs and make sure that all financial transactions are safe and easy.

When we offer an end-to-end digital payment option to your business, we take security very seriously. We stick to a strict security plan during the whole development process to make sure that private financial data is kept safe. Our full digital payment options have up-to-date safety features to keep your FinTech business and customer information safe.

For example, we worked on a number of FinTech projects with companies like Bajaj Finserv, Mudra, EdFundo, and others to help them get their users more involved. We made safe and reliable peer-to-peer payment apps, which made us one of the most trusted FinTech app developers.

When you choose Appic Softwares as your partner for developing a P2P payment app, you get a huge range of unique FinTech application solutions. Our goal is to give your business the technology and tools it needs to do well in the digital market, which is changing very quickly.

Talk to us about the many unique FinTech apps that we can make for you.


  • How long does it take to make a P2P app?

It normally takes 6 to 12 months to make a peer-to-peer payment app. Some of the things that affect how long it takes to make a P2P app are testing, team size, features, and how complicated the app is. It might take longer to make apps with more features that are more complicated, but it might take less time to make apps that are easier. Find out how long it takes to make an app by reading this blog.

  • How much does it cost to make a P2P payment app?

It costs between $40,000 and $120,000 to make a simple P2P app with basic features. It costs between $120,000 and $200,000 to make a medium-complex app. Finally, a top-of-the-line P2P app with all the best features and functions will cost more than $200,000. Talk to professionals to get a free quote on how much it will cost to make a P2P payment app.

  • How do peer-to-peer apps work?

People who want to use peer-to-peer payment apps must first make an account and connect their bank accounts or credit cards to it. Some apps also ask for passwords and personal information to make them safer. Users can find other users by their email addresses, phone numbers, or QR codes after setting up the app.

Users can send and receive money by choosing the recipient’s name, the payment amount, the payment reason, and the transfer amount. All it takes is a few clicks. Moving money between bank servers and the service type used could take anywhere from a few seconds to a few minutes.

  • What are the hottest trends in making P2P payment apps?

Here are some of the most popular ways to make P2P payment apps:

  • Unique biometric identification
  • No-touch payments
  • Adding blockchain technology
  • Chatbots that use AI
  • Support for cryptocurrencies
  • Transfers across borders
  • Right away agreements
  • Recognition of voice
  • Tokenization safety

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