payment apps like venmo

After the launch of the first-ever payment app ‘PayPal’, the mobile app industry saw overwhelming growth within an unexpected time. People started seeing the benefit of harnessing the digital wallet system, rather than continuing the same old tradition of paperwork and queues for cash withdrawals.

As mobile phones have started integrating payment apps like Venmo, users are no longer holding back from making random purchases at any time. Looking at the current scenario over a billion users have associated their bank accounts with various online payment apps. Now, these users are also personalizing their payment and banking methods through digital ways.

Meanwhile, several startups and businesses are also entering the P2P apps domain as an opportunity for easy profit generation. They are opting for peer-to-peer payment apps like Venmo that make high-cost transactions smoother in real-time.

So, if these businesses can try their hands despite being new in this arena, why can’t you?

That is why, having expertise in app development, we explain the cost of developing a P2P payment app like Venmo. But first, let us go through some types of P2P apps and the features of payment apps that can help you choose the right project design.

What are P2P Payment Apps?

Peer-to-peer (P2P) apps are online platforms that connect users for seamless money transactions and funds collection in their accounts. It is a payment gateway enabling the user amount to be shared and received in the form of digital assets and numbers.

Digital capital is effortlessly transferred with no trouble as it excludes intermediaries like banks, agents, and brokers free of cost. In addition, these transactions are completed within seconds instead of taking a whole day to draw out the sum amount.

The P2P payment apps have many primary functions in a single app design such as debit/credit card linkage, bill splitting, e-wallet, and many more. This is why businesses look for developing payment apps like Venmo as it has received significant attention at an earlier stage.

Types of P2P Payment Apps

Various other options in P2P payment apps can be built into the cost of Venmo.

Standard P2P Payment App

These are the most common apps used for money transfers and connectivity with other users, just like the Venmo Android app. People can send digital cash to any user on the other side without involving any intermediaries. Instead, it encrypts the account information by keeping it interconnected and anonymous to the contacts.

Mobile Wallet P2P Payment App

Often, the online banking gateway freezes which hinders the transaction process. So to have a backup for payment, e-wallet apps allow the users to store some amount of their account balance separately in their online wallet system. In this way, they can transact anywhere through scanners or phone numbers.

Social Media-Focused P2P Payment App

In a few years, many social media applications have upgraded their app functions with the transactional mechanism. Even top-rated messaging apps like WhatsApp have closely observed the payment patterns of the users, which is why they have instilled a laid-back payment function within the contacts.

Bank-Centric P2P Payment App

Here, the bank acts as a mediator in the peer-to-peer transactions. The bank is involved in carrying out the payment directly from the user’s account excluding the need to add any other means or accounts for the money withdrawal.

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Key Features in P2P Payment App Development

1. Digital Wallet

Without going through the meet-and-exchange scenarios, making the payment directly from the account can be quick. The payment apps link and store your bank account details constantly. Moreover, adding a feature of multiple bank accounts can make transactions more efficient.

2. Online Cash Transfer

Digital payment from platforms like the Venmo Android app simplifies the transactional process as it asks the user to add their phone number that is linked to their bank account. Through this number, they can receive direct payment requests, bank balance messages, and even OTP to secure their online money transfer.

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3. Fast-Track Payment

On-the-spot payments are a common need at any place to complete the purchase. At times, even to pay the vendors on a deadline, businesses need to transfer huge transactions. So for urgencies like these, real-time payment functions can save up time within seconds.

However, this function requires timely page loading. For that reason, a mobile app development company can resolve this issue with maintenance services.

4. Transaction Limit

Online frauds and scams have advanced to the extent that the users’ account data can be easily accessible with one hack. Nowadays, it is not that difficult to convince users to transact huge amounts on a fake link. To avoid that, setting up a transaction limit from app developers lowers the chances of the users getting robbed.

5. Payment Requests

For sending money on anonymous accounts, the function of payment requests enables the end-user to identify the request ID and safely direct the amount only after the query acceptance.

6. Payment History

Due to online transactions being a prevalent routine now, people have entirely shifted their payment to payment apps like Venmo. That is why the payment history option is a valuable feature for users to check and evaluate their overall transactions that occurred in the past times.

7. Invoices and Bills Sharing

Keeping the print option aside, how about directly sharing the invoice or bill with another user in an instant? After making the purchase, you can directly send the bill details to another user to keep a data record stored. It wouldn’t even require separately putting the statements on paper.

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8. ID registration

It is a primary security step that will keep your data secured and authenticated. The sign-up stage will register the contact number and basic bank details. But most importantly, it will be protected as the app will ask for a strong PIN and OTP on the registered phone number that can be only entered by the user.

9. Protected Sign In

Forgetting the password or username can happen during crucial times as well, isn’t it? However, these login credentials can be hacked or accessed simply through the user’s phone number or ID name. Once these come in handy, it can be a huge threat for the user to recover from.

To protect it, OTP and two-way authentication factors are basic security functions through which the user data remains safe. But to tighten the security, hire a software development company to remove the malware and possible bugs.

10. Push Notifications and Reminders

Payment apps like Venmo have in-built notifications to update the user on their app activity. It can showcase the user’s transaction success, contacts on the app, and reminders for monthly bills to be paid. It can also display offers and discounts on specific schemes.

11. Customer Support Helpline

Online payment apps have daily active users that can hamper the app’s functional performance. At times, the application’s features can be complicated enough to be understood. For instance, a user wants to buy insurance through the app but doesn’t know how to. During these times, they need guidance to follow through with some steps by texting the chatbot or contacting the helpline number.

12. Messaging Portal

Users can ask for the due payment to other end-users or even send important messages to their contacts as the P2P payment app has a messaging feature to directly converse with mutual contacts.

13. Payment Through Any App

Whether users want to make an online clothing purchase or order food from different applications, P2P apps can make it happen within seconds. You can integrate your app by affiliating with other business applications.

How Much Would It Cost to Develop P2P Payment Apps like Venmo?

Now that you have read through the types of payment apps, choose one of the app models you want. It will determine the cost, services, and timeline for your P2P payment app development. Being that your app will be new in the market, researching existing apps to make your P2P app unique would be another major task.

Since you are just estimating the cost of Venmo-like payment app development, it varies with the services you need in the project. Every mobile app development company has a different development approach and service rate depending on their experience, their service catalog, and their team of developers. Along with that, app development is an elongated process to be tested at every step.

Apps should run smoothly on their compilation with operating systems. For that, you have to also decide on your target consumers and the platform where you want to launch the application. If you want your app for Android users, hire Android app developers. But for iPhone users, hire iOS app developers who know the updated version’s functionalities. To this extent, they can provide you with maintenance and support services post-launch.

Considering these factors all together, the app can cost between $30,000 to $150,000. It depends on what level of app’s feature you want to be, whether it should be simplistic or advanced.


Digital payment platforms like the Venmo Android app have bridged the gap of time consumption between funds transfer and timely payments as they are considered the need of the hour. Anticipating people’s transactional routine, these peer-to-peer apps would completely take over to be a predominant gateway as the means of funding, trading, and purchasing.

Nevertheless, it is important to keep in mind that thousands of users daily register their payments and associate their online banking accounts. For that reason, security would prevail to be an ever-existing issue even in the coming times.


How much does it cost to build a payment app like Venmo?

Many factors come to P2P payment app development such as features, time taken to build the application, and services required before and after the app’s launch. So, narrowing down these factors, it will cost between the range of $30,000 to $150,000, depending on the project’s complexity.

How P2P payment apps can make money?

Regardless of app installation being free of cost, however, the subscription cost can generate enough revenue for the business. By becoming a mediator, apps like Venmo can be monetized by charging transaction and subscription fees.

Are P2P downloads safe?

Peer-to-peer offers connectivity with another user even at the furthest end. Due to that, many users can mistakenly trust them and download the files or links, which is far more dangerous than getting access to a malware website. This can infect the user’s device, making it vulnerable to invaders.

Read Also:-

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Rahim Ladhani

Rahim Ladhani

CEO and Managing Director

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