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Posted 7th December 2023

How to Build a P2P Payment App in the UK: Features, Steps, and Cost

Speed, security, and convenience are the three key features that make P2P payment apps an integral part of our daily lives. They provide a hassle-free, no-fuss solution to instant cash or asset transfer. If you are considering building a P2P payment app in the UK, you are on the right track to tap into a […]

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how to build a p2p payment app in the uk: features, steps, and cost.


How to Build a P2P Payment App in the UK: Features, Steps, and Cost

Speed, security, and convenience are the three key features that make P2P payment apps an integral part of our daily lives. They provide a hassle-free, no-fuss solution to instant cash or asset transfer. If you are considering building a P2P payment app in the UK, you are on the right track to tap into a thriving market.

In this guide, we walk you through the essential features, development steps, and estimated costs to get your P2P payment app up and running.

Understanding the UK P2P Payment Market

Before diving into development, it is crucial to understand the UK’s P2P payment landscape. In the UK, services like PayPal, Venmo, and banking apps like Monzo and Revolut dominate the market. However, there is still room for innovation and competition, especially if you can offer unique features or target specific niches.

Key Features of a P2P Payment App

  • User Authentication: Implement secure login methods like biometric authentication (fingerprint, face recognition) and two-factor authentication.
  • Profile Setup: Allow users to create and manage their profiles, including adding personal details, linking bank accounts, and setting preferences.
  • Linking Bank Accounts: Integrate APIs for seamless linking of bank accounts, enabling users to fund their wallets or directly link their bank for transactions.
  • Send and Receive Money: Provide an intuitive interface for users to send and receive money. You’ll need to incorporate a feature to input the recipient’s details, amount, and, optionally, a message.
  • Transaction History: Enable users to view their transaction history, including details like date, time, recipient, and amount.
  • Push Notifications: Keep users informed about their transactions with real-time push notifications.
  • Security Measures: Implement robust security protocols to protect user data and transactions. This includes encryption, secure connections, and fraud prevention measures.
  • Multi-platform Compatibility: Ensure your app works seamlessly on various platforms like iOS, Android, and web.
  • Customer Support: Offer a reliable customer support system, including in-app chat or email support.
  • Compliance with Regulations: Comply with the UK’s financial regulations and data protection laws, like GDPR.

Steps to Build a P2P Payment App

1. Market Research and Ideation

Conduct thorough market research to understand user preferences, pain points, and competitors. Identify a unique value proposition or target a specific niche.

2. Hire an Offshore App Development Company

To reduce development costs, you can explore hiring offshore app development companies. Offshore firms located in countries with cost-effective labor often offer competitive pricing along with the right kind of expertise.

3. Development Approach

Decide whether you want to build a native app for iOS and Android separately or use cross-platform frameworks like React Native or Flutter for simultaneous development.

4. UI UX Design

Create wireframes and prototypes to design a user-friendly interface. An experienced design team should pay attention to navigation, aesthetics, and ease of use.

5. Backend

Develop the server, database, and API integration. Ensure robust security measures are in place to protect user data.

6. Frontend

Implement the user interface according to the design specifications. This includes creating screens for authentication, profile setup, transaction history, and more.

7. Integration of Payment Gateway

Integrate a secure payment gateway to handle transactions and link bank accounts.

8. Testing

Quality Assurance (QA) teams are essential for thoroughly testing the app for functionality, security, and performance and to address any bugs or issues.

9. Launch and Marketing

Release the app on app stores and promote it through social media, content marketing, and partnerships.

Estimated Cost

The cost of building a P2P payment app can vary widely depending on factors like features, complexity, development approach, and location of the development team. A basic version can start at around £25,000, while more complex apps with advanced features can cost upwards of £150,000.

Remember to consider post-launch costs like maintenance, updates, and customer support.

How GeekyAnts Can Help Small and Medium-sized Businesses in the UK

Embarking on the journey of building a P2P payment app with GeekyAnts mobile and web app development company offers a unique blend of innovation, security, and user-centricity. Here is how their approach sets them apart:

User-centric Approach

GeekyAnts prioritizes user needs while maintaining a clear vision for the product. Their applications are meticulously crafted, utilizing both data insights and cutting-edge technology to deliver a comprehensive and user-friendly solution.

Maximum Security

Security is paramount in their app development process. They excel in ensuring high levels of data security, especially when handling sensitive customer data such as biometrics and authentication information. Their code protection measures guarantee robust security for your users.

Wide-variety of Payment Integration

GeekyAnts offers a versatile range of payment integration capabilities within the app. From net banking features to QR code payments, UPI integrations, and seamless compatibility with various payment wallets, they ensure a seamless and varied payment experience for users.

AI-powered Bots and Solutions

Their experts boast extensive knowledge in building AI-powered assistants and solutions tailored for fintech businesses. They prioritize ethical data processing and uphold the highest standards in information usage, providing intelligent and user-friendly AI interactions.

Compliance Standards

GeekyAnts has established a rigorous compliance monitoring process to ensure that every app we create adheres to financial data regulations and safeguards customer data according to industry compliance norms. Your users can trust that their data is handled with the utmost care and in compliance with established standards.

Expert Consultation on Technology

Leverage our team of fintech experts for insights on how to harness emerging technologies and industry advancements. GeekyAnts provides expert consultation to ensure that your P2P payment app stays at the forefront of technological innovation, meeting the evolving needs of the industry.

GeekyAnts has served as a development partner for industries of all sizes, ranging from creating a banking app for a finance corporation to developing an app for Sprive, a prominent fintech company in the UK, and a crypto payments wallet app for Zapit. Partnering with GeekyAnts goes beyond conventional app development; it is an assurance of a secure, user-friendly, and technologically advanced P2P payment solution that stands out in the dynamic fintech landscape.

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