As statistics claims, in recent days we could see a significant increase in the popularity of P2P electronic money transfers that bring out non-cash, from one user to another user (recipient), even if they belong to different banks and countries.
What are P2P payments?
There are a great number of types of payment apps but p2p money transfer services are clearly among the most fast-growing programs of the sort. It’s no surprise, for they offer the most convenient payment method.
Peer-to-peer payment mentions the fiscal transactions from the bank account or wallet of one person to another with the help of an online app or mobile app. These apps are called peer-to-peer applications. These apps can be used for many types of monetary transactions like payments for lunch or buying a book.
Types of peer-to-peer payment apps –
- Standalone payment app
- P2P foreign exchange
- P2P lending apps
- Bank-centric payment apps
- P2P cross-border transfer apps
- Social media centric p2p payment apps
What is the essence of peer-to-peer international money transfers? Why are they so good?
Sending money as is usual (through online banking or at a bank branch) requires a lot of effort. You need to know the complete list of details of the recipient, correctly indicate the purpose of the payment, and so on, stuff like that. Finding out such information takes a lot of time, which could be spent more efficiently, through the money transfer mobile app.
Peer-to-peer foreign money exchanges provide users with an online platform where they can exchange currencies with one another. These offering cut out banks and foreign exchange services. P2P exchanges provide users with cost savings and convenience. Some P2P corporations are regulated by using multiple countries.
How to build a peer-to-peer mobile app?
- Hire your own team
- Rent app or software on subscription
- White label software
Hire your own team – You can create your own development team to build a peer-to-peer money transfer mobile app. This option will be expensive because there will be multiple people in that team like senior developers, team leaders, designers, testers etc. So you have to put a lot of money on that part. Plus you need to have developer operations in place.
Rent app or software on subscription – A subscription is a signed agreement between a company and a buyer that the buyer will receive and provide payment for regular usages of apps or services, usually for a period of one year or more.
Subscription is a relatively new model where the buyer agrees to pay the company for the mobile app or any software over a specified time period. For example, the Buyer agrees to purchase a one-year subscription to any Mobile App Money Transfer Software that he pays for on a regular basis (monthly, weekly, etc).
The buyer can pay the full amount in advance, or he will pay on a monthly basis. Payment is usually applied automatically, and so the buyer will need to have a credit or debit card and agree to be charged.
The subscription model can be applied to various mobile apps, including software-as-a-service (SaaS) money transfers, but there are some disadvantages to using SaaS as well.
- You will not get full controls on system
- When you stop subscribing, all your data will belong to the company, then you may never use that data again.
- Loss of control
- Software integration problems
- Security problems
White label software – White Label Software is software that a company or business uses and brand as its own software. Most of the time, White Label Software is sold under the software as a Service model.
White label software provider is unbranded to a reseller. The reseller casts their branding or simply removes the original branding and then sells connections to the platform as if they developed it. A user of the software or app usually does not know that this is the case.
For most companies, white labeling is one of the most efficient ways to add more offerings to your portfolio, enter a new market, or expand and capitalize on additional services that they do not already provide. Design, Implementation, Testing, and Roll out of the software for either internal or external use requires a lot of planning and time.
Instead of investing this time and money in building the software from the ground up, people can usually get a fully functioning and proven white-labeled software platform up in short order with a lot less capital outlay.
If you no longer have the time, resources, or skill-set to layout and construct a custom solution, then white labeling is most likely the best strategy to accomplish your software program goals.
Benefits of white label software
- Faster software program launch (Time to market)
- Expanded product offerings
- Building emblem credibility Strengthening person loyalty
- Reduced lower term costs – No Development costs
- Lower risk
VayuPay is a per-constructed platform customized in your brand. A personalized international money transfer, airtime solution gets to market fast with VayuPay’s white label comprehensive platform.