Features that isolate the PayPal clone app from other payment apps
The digital payments apps have flipped the conventional modes of making payments via banks. The digital payment apps erected to blur the inconvenience caused in traditional money transferring methods through banks.PayPal is one of the settlers in developing a robust and secure digital payment application. The app has several security features that will never let down the security of the user’s account. If you are looking to stick with a similar app for your business, you can trust the PayPal clone app.
Abstract working model of the app:
Step 1- Users will download the clone app on their device and enter the app after completing the registration protocols.
Step 2- Users will have to link their bank accounts with the app to make transactions.
Step 3- Users can also add money to the app’s wallet so that they can carry out transactions directly from the wallet.
Step 4- Now, users will sync their phonebook with the app so that they can transfer money to their friends/family members.
Step 5- Once users transfer money, they will receive a digital receipt with the breakdown of transactions.
The above steps are relatively simple that even a novice user can make the payment without any hurdles.
Features that accredit the app among users:
Account set up- Users will have to set up their account inside the app. Once users complete the KYC formalities, the app will generate a unique user ID.
Multi-factor authentication- The security of users’ accounts is of prime importance. The app employs multiple authentication factors in addition to OTP like the fingerprint scanner, and biometric.
Transfer funds- Users can transfer money to others instantly and securely. After each transaction, users will receive a message regarding the status of their transaction.
Link bank accounts or cards- Users can transfer funds by linking their respective bank accounts or cards. All they have to do is enter the details of the bank account mentioning the account number, IFSC code, and branch name. In the case of cards, users will have to enter the card details like the name of the cardholder, card number, and expiry date.
In-app wallet- Users can add a certain amount of money to the app’s wallet so that they can transfer funds from the wallet.
Request payments- Users can ping other users to transfer money. Users will receive a notification when they receive a request to transfer money.
Digital invoice- The app generates a digital invoice after each transaction. Users can save the invoice for recalling in the future.
QR codes- The app has a unique QR for every user. Users can scan the QR code of other users to whom they wish to make the payment.
Payments history- Users can view the array of previous transactions under a single column of the payment history. The details include the name of the receiver, date, time, the amount transferred, invoice, and payment status.
Metrics influencing the cost of development:
The cost of developing the app is estimated, taking into account the various metrics. The metrics include the number of features, the technology stack used, and the platforms(Android, iOS) onto which the app will be deployed.
Monetization pattern of the app:
Service charges- Users who make payments via credit cards are liable to pay service charges for every transaction.
Merchant fees- The app is a platform for merchants to receive money from their customers. The merchants will have to pay you commission fees for every transaction made by customers.
Swift money transfer fees- Users can make their transactions swiftly by paying additional fees.
Conclusion
PayPal like app development has many bundled-up benefits that will help you to tow your business successfully under any circumstances.
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