Cost of P2P App Development?
Technology has progressed over the past few years and we all know it!
The digital revolution literally took everyone by storm and changed every single aspect of our lives from doing our daily chores to dealing with and monitoring our transactions and taxes. Hence, it’s safe to say that technology has saved us a lot of time and effort in several ways.
The same goes for making payments because they are not as hectic, time-taking, and stressful as they used to be. We now have wallets and mobile payment apps and other sources to simplify the process of completing transactions.
As a matter of fact, the mobile payment market crossed over 600 billion U.S. dollars in 2016 which is a big testament to how many people all over the world trust mobile platforms to make payments.
P2P Platforms
The most effective way to deal with money transactions and all other matters related to money are Peer to Peer platforms. Peer to Peer or P2P platforms make it easy to send and receive money without any hassle involved. There is a reason why they have gained more traction and have become more famous as compared to other payment apps available in the market.
So, if you have been thinking of developing a P2P app of your own, you are on the right track. Here is a complete guide to help you estimate how much it is going to cost you to develop the app of your dreams:
Challenges You Will Face When Developing a P2P Payment App
No matter what kind, scale, and size of P2P platform you plan on developing, there will be certain challenges that you will have to find a solution to. Some of those challenges include:
- The public’s hesitation to change their mindset toward new technology
- Security issues and concerns
- Rates and conversion of different currencies
- Regional and geographic limitations
Factors To Look Out For
1. Team of Mobile App Developers: In simple words, having no experts will cost you more. And even though professionals charge more, they have more experience, so they get the job done.
2. Complexity: The more features you add, the more complex you make it for yourself. And the more complex and classier the features are, the higher will be the development cost.
3. App Designing: Your design needs to be inclusive. We recommend going for a simple but attractive design. Keep in mind that P2P apps require specific tools that can raise the cost.
4. App Size: The larger app you want to develop, the more you will have to pay and that is the universal truth. So, keep your app’s size in mind as well when planning.
5. Inclusion of Additional Features: If you want to add extra features, the cost is going to increase again, so keep your features in check.
P2P Payment App Development Cost
It all comes down to a number of factors such as:
- The number of developers required for the project
- Specialists required
- Location of your development team
- Size of the team
- Hourly or freelance rates
- Features of your P2P app
Considering all the factors involved, the cost of developing a Peer to Peer App is going to fall anywhere from 20,000 USD to more than 120,000 USD. For app development you may choose company such as Blockchain Coders!
The Final Words
Keeping it very straightforward; if you are worried about the future of P2P payment platforms, they are not going anywhere as far as the future is concerned. The future consists of blockchain and cryptocurrencies, so the P2P payment apps are going to get bigger and bigger as time goes on. Although at the moment, they might be limited but, in the future, you are going to see a lot more upgrades in the P2P market.
Plus, the mobile payments market is still growing and before we even know it, all of our transactions are going to get cashless and by 2023 the market might even generate more than 4.3 trillion U.S. dollars.
That’s more than enough to convince you, right?
Modern customers and businessmen are quickly adapting to virtual-based payments and contactless debit payments such as Venmo, NFC, and WeChat Pay. So, if you want to develop your own P2P payment app and are worried about the cost, you can always reach out to an expert to help you with the development process.
We wish you the best of luck with your app development, and if you need someone else to do the hard work for you, we are always here!