With the rapid growth of mobile payment systems in the online e-commerce technology, the digital field is witnessing a surge in the various mobile payment modes. There are a plethora of money transfer technologies available these days, but the P2P payment system is the most buzzworthy among them.

According to the Business Insider’s estimation, in 2018, the Peer to Peer transactions touched the mark of $86 Billion in the United States only. Influenced by the increased popularity of this payment mode, more and more businesses are wishing to integrate a P2P payment system in their mobile applications.

Essentials of Peer to Peer payments
A P2P payment system allows users to transfer money from their credit card or bank accounts to other user’s account directly through the application. Moreover, users can pay for services like taxi booking, utility bills, property installments, sending money as a gift, and more. Some standard features that a good-quality P2P app contains are unique OTP for every transaction, in-app & push notifications, sending invoices/bills, transaction history, chatbot, and money transfer to a bank account.

There is a lot to like about the Peer to Peer payment system, but here we will see the most significant advantages of this mobile money transfer solution.

Why you should integrate a P2P payment process with your business app?
1. Saves Time
Peer 2 Peer applications are easy to set up. Users can quickly create their account in the app and register their bank details if they want. As it is a method of electronic payment, it provides faster transaction processes compared to traditional methods. A top-quality P2P app also can have a Bluetooth feature to make an immediate and secure connection between two compatible devices. As a result, users will have a convenient experience with the app, and businesses will gain more profits.

2. Painless Integration
If you already have a business mobile application or a P2P website, you can easily integrate P2P payment method into that by doing some API changes. An experienced mobile development team can help you to make a smooth integration of the P2P approach into your existing mobile app for seamless user experience.

3. App Control
You will have a full authority of your mobile application, which means you can develop and deploy features and updates that you wish to provide to your customers. Moreover, many payment apps do not have proper guidance and formatting, which leads users to get confused about whether they need to enter space between the credit card numbers and a hyphen between the dates or not. You can automate these type of formatting features that eliminate such confusion and provide ways to ease customer experience.

4. Security
Besides multiple payment options (credit card/debit card, bank account, in-app account), users want an app that keeps their financial information secure and helps them to make secure transactions. A well-built P2P application will provide stable security features like data encryption, one-time authorization code, and more to create a safe payment environment for the customers.

5. Brand Exposure
When you invest in a mobile application for business, you expect a good ROI from it. If you provide supportive UI and UX user experience, then you will gain consistent customer loyalty and attract new business in your P2P app.

No matter which payment method customers choose for their money transactions; they want fast, simple, convenient, and consistent experience. Moreover, a P2P mobile money transfer solution repeatedly gets success in providing that. The majority of successful businesses today leverage this mobile payment technology to provide the best user experience to their customers and increase the business profit.

If you also want to invest in a robust Peer to Peer Payment application development or want to integrate the P2P payment mode in your existing business app, then there is no better time than now.

Author's Bio: 

Kaushal Shah manages digital marketing communications for the enterprise technology services provided by Rishabh Software.