PayPal is the first and famous entrant in the market of P2P and is the leader and pioneer in the space. There are many businesses today that are using PayPal as their payment service provider. The key reason that sets the app apart from the counterparts is the distinct features of the app. The number of users using digital payments in many forms for making transactions are reaching sky high. Therefore, there is no better time than PayPal like app development than right now.
Why should you create a PayPal Clone app?
According to recent studies, 3 out of 4 millennials are accessing one or more online payments on a regular basis. Well, it is not surprising that people have started loving to send money in just a couple of swipes and clicks.
Statistics:
The growth of the market is expected to reach $336 billion by the year 2021. That’s why investments have been freely flowing for developing these apps. It is estimated that around 50% of the P2P payment users will make at least a single transaction a month by the year 2022.
Revenue model:
A monetization strategy must be in place for the app’s success. You can choose any of the two models developing your app.
Premium service model:
You can allow your customers to use basic features like transferring money, accessing transaction history, and the free version of the application. The high-end features such as text messaging, currency rates, and conversion facilities can be accessed on the paid version.
Marketing model:
You can allow some financial institutions like banks or credit card companies to advertise their products.
Conclusion:
Due to the unprecedented advancements in technology like NFC, these apps have become popular among people across the globe. It proves to us that there is an ample requirement for the development of PayPal like apps. To start developing the app right now with the sturdy PayPal Clone scripts!
