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.
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.
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.
- 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.