After witnessing the major events throughout the year, we can say that Digitalization has been the buzzword of the year. Entrepreneurs are coming forward and digitizing their businesses because that’s the need of the hour. And one of the things that are helping them achieve that aim is Peer-to-Peer mobile app payment apps.
The Peer-to-Peer transactions can also be referred to as P2P or Person-to-Person transactions, a process in which electronic money transactions are done from one person to another person through an intermedium source. These intermediary sources are known as P2P mobile payment apps. Some of the most popular examples of such mobile payment apps are Apple Pay Cash, Venmo, Cash App, PayPal, Zelle and many more.
According to the mobile payments report by Statista, it was seen that a majority of people now prefer using mobile payment transactions on a daily basis. Mongolia and China are two of the countries which have the majority of such mobile payment app users in the year 2017. And the global average is now equal to 39 percent of the total mobile payment preference rate.
One of the main reasons why the peer-to-peer transactions are so widely accepted is because the P2P payments can be sent and received through any desktop or smartphone that has access to the Internet. This facility is simple and convenient in comparison to traditional online payment methods.
In the past five years, there has been a quick surge in the popularity of the P2P mobile payment apps as these mobile applications connect with the person's' bank account which then can be accessed with a few taps on their smartphone screen. For instance, if you are having dinner with your friend then you need to pay half of the total meal’s amount, you can just quickly use one of these peer-to-peer payment apps.
The above image shows the working of the Paypal as payment support within Facebook’s messenger app with the example of $20 being sent from one user to another.
Other than that, the online businesses and companies are also stepping their game up by using P2P payment as an additional feature. Including the peer-to-peer payment option is a great functionality for the app business.
Here are some of the most popular peer-to-peer mobile payment applications that are currently available:
Venmo is not just a mobile payment application, it is also a social media platform which is used by people to check up on your friends and track the payments being made to them. The user also has the option to make the payments private if he/she wants. To make the money transaction work, both recipients need to own a Venmo account.
PayPal is a peer-to-peer payment app that a majority of people have used or at the very least have heard off. It is also a giant online payment organization that has been providing its services for several years now. PayPal also has a new option of PayPal.Me that allows users to directly share the PayPal links with a group of friends.
Google Pay was earlier known as Google Wallet, but the tech giant made some major changes to this mobile payment app. This application allows the user to forget the need for carrying credit cards and cash altogether by offering them the option to make online purchases from online shopping websites to sending money to friends and family.
Circle was founded in the year 2013 and since then it has been widely known as an effective P2P mobile payment app. To send money from Circle, all you need is an email address or a mobile phone number of the recipient. Just link your bank account or credit card to the app's profile and start the transaction process.
So, these were some of the most popular P2P mobile payment applications that provide great user experience and easy money transactions to their customers.
The P2P payment apps have allowed a simple way of transacting money among peers by digitizing a basic process. If we look at the current stats, PayPal and Venmo are leading by covering the majority of the market share. Millennials are the ones who are using mobile payment apps for day-to-day activities like paying for the cab and buying food online.
Hope that with the help of this article, we have shared some meaningful insights related to the peer-to-peer mobile payment apps and their role in the mobile app industry. But in case you still have some unanswered questions then just leave a ‘Comment’ in the section down below and we will get back to you ASAP.
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Tanya Singh currently works as a Content Strategist for MobileAppDaily who is known to have an undying appetite for good content especially when it comes to trending technologies like Artificial Intelligence, Blockchain, and IoT. In her free time, you will find her binge-reading through the latest gadget and app reviews.Follow