Complete guide to create an application for payments and transfers

Mobile payment applications have steadily increased their user base in recent years. The super convenience of making payments, accumulating funds and initiating transfers is to blame. In a true sense, the applications are counted as digital wallets that grant users all the facilities of monetary transactions. With millions of users joining the mobile payments fury, app marketers predicted a few billion more increase in total app industry revenue due to increased publicity for quick payment and transfer apps. .

Clearly, this is the right time to invest in one of those applications that will serve as a digital wallet.

This article provides a comprehensive guide to help you have your own featured and personalized payment app.

Basic functions required in a digital application

Secure user registration: the application must register users with identity verification and the provision of essential credentials for user identification, password.

Secure database for information: Users must be able to provide and save information such as account details, credit / debit card details, paid account information, etc.

Wallet Support – Users could deposit money into their digital wallet at any time by linking it to a credit / debit card, bank account, or other electronic wallet.

Other inclusive features that a payment app should have are the cash back generator, electronic statements for payments or invoices, push notifications, and third-party API integrations.

Step-by-step guide to prepare a payment application

Decide the platform you want to target

Your paid app can only target iPhones or Android phones or both. The user group you want to target must be decided on the basis of intensive market research. It means that you should review the usage data for Android versus iOS devices in the country and then target the one with the largest market share. However, if you are on a stretched budget, targeting both segments with a cross-platform app is the smart thing to do to gain enough users.

Designing the wireframe

You know the concept of your application well. It will act as an intermediary to allow a mobile user to transfer funds to someone else’s wallet or account. In addition to allowing peer payment, it will also help make bill payments, movies / plane tickets, purchases, etc. Designing the wireframe for such a complete application is one of the first development steps, which will take around 30 hours. It will give you an idea of ​​what functions the application will contain and what they will look like.

Develop the API for users to connect with service providers.

The next step in developing a payment application that is completely dependent on third-party services is to obtain an API that interacts between mobile users and service providers, including banks, billing portals, shopping sites, etc. The hours required to develop the API depend on the number of service providers or third-party supports required in the application.

Finding a reliable payment gateway service provider

Along with the development of the API, you should look for a reliable operator that provides the services of the payment gateway to secure each payment process that is started in the application.

Designing the application

A very compelling and simple design can help your paid app grow your user base. The user-friendly design will help you retain users accessing your application. So keep in mind that you have to design such an application with great simplicity but with an attractive perspective.

But most of all, you need a skilled mobile app developer who is competent enough to develop an API and payment portal built into the app.