The online industry has all the solutions for people to lead a stress-free lifestyle. You can also invest in the online payment industry with Venmo like app development.
Venmo is a peer-to-peer payment app thriving in the online payment industry. Through this platform, the users can send money and also request to receive money from their friends and families. This paved the way for numerous active users in recent years.
Almost and every budding entrepreneur is following the footsteps of the Venmo app. This blog is exclusively for you to learn about the innovative aspects of developing a seamless peer-to-peer payment app like Venmo.
Table of Contents
What is so astonishing about Venmo Clone?
Venmo Clone is a ready-made solution offered by app-developing software companies. Through this, you are ready to launch a peer-to-peer payment app in the online marketplace.
There are many apps in the online payment industry such as PayPal, Venmo, Google Pay, Phone Pe and so on. Through the finest white-label solutions, you can expand the visibility of your on-demand payment option in the online industry.
The only reason is the functionalities of the Venmo app in the online industry. Through flawless e-wallet integration, a user can transfer money for various purposes and also make it more convenient.
Statistics viewpoint of the mobile payment apps
The online transaction has shown a massive development within few decades
- Globally the person-to-person transaction market has hit around $369.8 million by the end of 2020.
- Venmo app has shown around 59% growth within a year, and the total payment value of Venmo is processed as $159 billion. In the last year 2020, the Venmo app has generated revenue of around $450 million.
- In the year 2015, the Venmo app had around 3million active users. But gradually, the Venmo app increased, and in the year 2020, it had more than 52 million active users.
- There are over 50 million active users in the United States.
- The demographics of the Venmo app show that around 61% of male users and 39% of female users.
- The contribution of the Venmo app to PayPal is up to 16% approximately.
Where does an app like Venmo play a vital role?
Like mentioned earlier, the main purpose of the Venmo app is to make money transferring feasible and consume less time for the users. The users can utilize this app for various places, such as purchasing items from merchants or traveling through a cab. Let me list out the multiple ways to use this Venmo clone app.
- The users can send or borrow money from their friends and families.
- The users can easily pay the loans taken from the banks or from friends.
- Paying bills for multiple services is readily available with the Venmo clone script. The users can pay through their app like Venmo with just a few taps.
- The rent amount for the house can be easily transferred to the landlord’s account. Thus helping the users to go to the bank to withdraw the money every month.
It takes two to three minutes for the users to link their bank account to an app like Venmo. Once they have completed the process, they are ready to do the transactions for the above-mentioned criteria. Apart from this, they can also send the money from any part of the world and irrespective of item.
Nowadays, almost all merchants have a payment scanner board for their customers to make the payment instantly. Therefore there is no way for the users to panic or stress about leaving their wallets back in the home. An e-wallet is readily available in the palm of the hand.
Pre-eminent features of Venmo like app development
Transfer Money – The app is fully focused on helping users transfer money to any service and pay the bills effortlessly. The Venmo clone script does not include any third-party apps to transfer the money. One user can directly send the money to the other end’s account.
Access Contacts – The users can sync their contacts into your person-to-person [P2P] payment app like Venmo. This enables you to send or receive money by selecting the contact number.
In-App Wallet – The Venmo clone script is also integrated with the in-app wallet. Through this feature, the users can add an amount to the in-app wallet. The users can also link their credit or debit card to make payments in a snap of time. Through this wallet integration, the user does not have to wait for too long if there is any server breakdown from the bank.
Generate an Invoice – You must integrate the invoice generator feature to generate the complete details of every transaction done with your Venmo clone app.
Transaction History – All the transactions that are done via your app should have a place where it records the history of the transaction.
Push Notifications – To keep your users stay updated with your online payment app, you must integrate the push notification feature into your app. Through this feature, you can notify the users of the real-time status of the transaction that has been made. It also can send instant notifications regarding the money depicted from the user’s account.
In brief, you can proceed forth into the peer-to-peer money transferring platform with Venmo like app development. Many app developing companies offer their clients ready to launch white-label solutions to get on board in the online industry. What are you waiting for? Make a robust payment transaction app right away for people to live a stress-free life.