How To Create an App Like PayPal?
Are you thinking of getting something like PayPal? And wondering about how to make an app like PayPal? In this case, this guide is the especially perfect thing for you. Here you will read the fundamentals that are necessary to understand to create apps like PayPal.
So, without any delay, let’s delve into this read!
Why Payment Apps Like PayPal?
The demand for payment apps like PayPal covers a massive horizon, and it is something that totally modifies the way to transfer payments. And the whole world is changing into a cashless future, and relish receiving and sending money in real-time by using payment methods like PayPal. That is the reason many businesses are demanding to develop apps like PayPal to perform online transactions easily.
PayPal is the pioneer in the peer-to-peer market and accomplishes a leading space. According to Statista, in the first quarter of 2021, PayPal had almost 392 million active accounts that reaches 426 million in the fourth quarter of 2021 all over the world.
Source: Statista
However, it facilitates over 28 million businesses. Even estimated that PayPal had annual revenue of $25.3 billion in 2021. That is the reason businesses prefer to build something like PayPal payment service provider. Studies show more than 75 percent of Millennials use mobile P2P payment methods. No offense in saying that users preferred to send money through an online medium. It is not surprising that individuals like to send & receive money with few clicks.
Due to such reasons, there is abundant demand to create a payment gateway like PayPal app or something that is similar to that. And PayPal is one of the well-known P2P apps in the US.
Source: Statista
However, the demand for PayPal type apps is increasing and integrating unprecedented technologies like biometrics ID and NFC. These app development technologies fueled these apps and make them more self-reliant.
How To Make App Like PayPal –In 13 Simple Steps
Apps like PayPal generates high revenue, which is why businesses prefer to involve themselves in PayPal like app development process. With that decision they need to learn how to create an app like PayPal. To ensure its success, you need to learn the factor that makes a flawless app.
Roll down your screens and get into it!
Step #1 – Outline your project scope
The first step you need to consider is projects scoping first. Once you outline your project understand the different versions of P2P apps. This step will give you insights into how to make an app like PayPal for iOS, Android, and web as per your user’s demands. It gives you an idea about what are the must-have features you need to integrate into similar apps like PayPal, such as opening users, conducting online payments, balance reporting, business accounts, transactions, etc.
Step #2 – Choose the Right SDLC model
Like project scoping, choosing the right SDLC model is another crucial aspect to develop an app like PayPal. You have to launch a Minimum Viable Product (MVP) model that aims to target specific geography with limited and specified features. Once you focus on geography and preferred features your audience demand, help to improve the overall functioning of your app. As you get feedback, you add advanced features gradually to enhance its functioning.
Step #3 – Follow Robust App Development Approach
For an app like PayPal, you choose MBaaS or PaaS platform for Android or Web app respectively. Using IDES & Frameworks is the best to speed up your project. Implementing APIs and SDKs are the key features that need to be implemented.
Step #4 – Hire top UI/UX developers
Yet, it is true that app development projects need scrum techniques. So, the next step is to hire the top app development company or build a team of the best UI/UX designers. Make sure your team consists of Business Analysts, Project managers, Android/iOS/web developers, or a panel of testers.
Step #5 – Get a hold of Cloud services
Cloud service platforms are viewed as a handy thing for startups, especially who don’t want to invest in the IT infrastructure. If you want to roll up your development phase more quickly, cloud services would be a better choice. It offers various features like ready-made infrastructure, server, storage, middleware storage, networking, runtime environment, and operating system.
Step #6 – Need for API/SDK solution
To create an app like PayPal, integrating an API and SDK solution are important. These two will be implemented as part of the major online payment feature. With this, you are able to start processing payments digitally with the built-in online solution. The good thing about these platforms is; that they are compatible with Android, iOS, and web versions.
Step #7 – Robust ID verification Solution
An ID verification solution is one of the integral features for payment apps like PayPal to keep the user information safe and secure from any fraud or scam. While adding this feature make sure you comply with each rule and guideline set down by the financial institutions. Make sure it can even handle AML or KYC processes.
Step #8 – Enroll in A CRM Solution
You need to add the best CRM solution for PayPal like the app development process. When your app is developed, you need to add a full extent of business activities. However, the entire set of CRM solutions enhances your app performance.
Step #9 – Bulk Message Solution
With this, you can engage your users. Push notification is considered the most intelligent way to accomplish your objective. The bulk messages solution lets you send continuous notifications to the app users.
Step #10 – Set-Up IDEs
Setting up IDEs is also the essential step you need to consider. It is time to get development for an app like PayPal. Whether you create an app for a website or preferred the PayPal mobile development process, there are certain IDEs you need to consider. Mentioned below:
- Android Studio: Use to code Android app development. You can even use Kotlin to code and test your PayPal mobile app and it is a feature-rich language.
- IntelliJ IDEA: It is used for web app development with JavaScript or Node. Using JS to code your web application is more scalable.
- XCode: Use to code iOS app development. Using Swift to launch your PayPal app for iOS is also a good choice. It creates performant and fastest apps.
Step #11 – Design interactive App UI
Make sure that your app user interface should be engaging, simple, and attractive rather than complex and typical. It must appeal to your users through its visual sensibilities. You need to combine it with advanced technology to make it more captivating and nurture the attention of targeted users. Ensure that you choose a right color theme, template, icons, and schemes.
Step #12 – Never skip the testing phase
Before launching your apps like PayPal, it would be better to check it on various Operating systems. Make sure you check it on different mobile or web platforms. It tells you about functional Mobile testing, UI testing scenario, Compatible mobile testing, performance testing, security, and usability testing.
Step #13 – Use Effective tools
Make sure your team uses effective tools to deploy your app in order to check the installation process and configuration process.
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Let’s Get StartedMust Have Features in Apps Like PayPal
Here is the list of highly recommended features that are crucial to add when you create an app like PayPal.
1. Have Digital Wallet
It is one of the most essential features you need to add, as it allows users to use to store their cards. For P2P apps, it is the digital wallet space
2. Request and send Money
To transfer payments online is considered as the chief principle for your app like PayPal. It is the simplest feature where people can send money requests and funds from one user to another.
3. Push notifications
Showing reminders to the users is one of the loveable features for everyone. So, Push notifications will send to the debit and credit funds to remind them about the due date of electricity bills, credit card payments, etc. It helps to increase your user engagement and also acts as a marketing tool.
4. Unique ID and OTP
When users make any transaction with a P2P app, they need to verify and authorize their ID and OTP. So, you can integrate a fingerprint scanner that enables them to verify the transactions with fingerprint scanning alone.
5. Automated conversion process
Make sure your application has a feature where your users can receive and send the fund in different currencies all over the world. Hence, the integration and incorporation of the mechanized currency converter are one of the best features, the whole conversion process relay on it.
6. Track payments
Another feature you need to incorporate into your app tracking system. It means your users are able to check out their history, sent and receive payments, time, and date on the app. For this, you can also send them weekly and monthly reports through email to inform them about financial transactions.
7. Budget Analysis
This is also one of the most important features to add to your app like PayPal, as it allows your users to check their expenditures, and gives them accessibility to plan their future expenses.
8. Contactless technology
Contactless technology such as QR codes and NFC are crucial features for your advance payment wallets. Now many users are also demanding contactless transfers. If you do not add this feature, it might limit the app’s capabilities to a larger extent.
9. Reward Facility
By adding this feature to your app like PayPal, you engage lots of customers in your app. This feature would be added in the form of shopping points, travel tickets, and cash points.
10. Allow Self-Registration
Your app like PayPal must have a self-registration future to use. An easy and simple self-registration process is another great way to attract them to your app. Bear in mind, that the simpler the registration and the more users start using your app in order to make payments.
PayPal Type Apps
There are many PayPal type Apps available in the market. And, each app segment is highly competitive with one other in order to gain market share.
So, when you decide to develop an app like PayPal make sure you evaluate each feature to earn a competitive edge.
- Zelle
- Google Pay
- MoneyGram
- WorldFirst
- OFX
- Remitly
- InstaReM
- Cashapp
- Venmo
- Transferwise
Frequently Asked Questions
To create an app like PayPal, there are certain steps you need to follow such as;
- Outline your project scope
- Choose the Right SDLC model
- Follow Robust App Development Approach
- Hire top UI/UX developers
- Get a hold of Cloud services
- Need for API/SDK solution
- Robust ID verification Solution
- Enroll in A CRM Solution
- Bulk Message Solution
- Set-Up IDEs
- Design interactive App UI
- Never skip the testing phase
- Use Effective tools
Yes, you can create your payment app like PayPal. But make sure you have a proper understanding of each app development phase to get a seamless app.
The cost to make an app like PayPal ranges from $90,000 to $150,000. But it varies as per its complexity, third-party integration, list of features, and app development platforms like iOS and Apple.
