The phase of online apps is growing rapidly and we are now approaching the time of a cashless business. Once we were limited to cash transactions, but now we have moved from contactless payment transfers to P2P payment apps – and for a good reason. To fulfill these modern world requirements, the Cash app (Square Cash) appears in the market to make the livelihood of many people easy and manageable.
So, before we jump to know more about the peer-to-peer payment app development let’s first know what the Cash App is and further proceed to know something interesting about these kinds of custom payment on-demand app development. Now let’s start!
What is Cash App (Square Cash)? A Peer to Peer Payment App
A peer-to-peer or person-to-person, P2P mobile payment method is an application that we utilize to perform online banking transfers to a colleague, relative, entrepreneur, employee, or anyone. Cash App previously known as Square Cash is the same mobile P2P Payment app revealed by Square, Inc. The application enables users to transfer cash to one another using a mobile application.
Cash App At a Glance (Square Cash)
- Launched In: October 15, 2013
- Supportable Operating system: Android, iOS
- Available Language: English, French
- Application Type: Mobile payment
- Website: cash.app
Custom Payment App Development Popular Business Model
Standalone Financial Services
It is the most popular business model for apps like Cash app and used by many P2P payment apps like PayPal, Venmo, Square Cash, Alipay, M-Pesa, Airfox, and many more. They allow online and in-person P2P/C2B payments with or without terminating accounts and debit/credit cards. These kinds of apps have mobile wallet app features.
Mobile OS Functions
This kind of business model is mainly used by brands like Apple Pay, Samsung Pay, Android Pay, and more. They only permit financiers transfers inside their product ecosystem. ‘Pay’ is somewhat a default device feature than an app here. This model also includes card tokenization and device-based thumbprint authentication for improved protection and comfort of use.
Bank-Centric Functions
We see that some banks use peer-to-peer payment app or devices to consumers and guarantee traders they have the expected point-of-sale (POS) acceptance ability. This kind of app picks from and deposits instantly into bank accounts rather than a deposited currency account. Some apps of this model are Dwolla, Zelle, PopMoney, clearXchange, etc.
Social/Messaging/Web Functions
This is mainly made for integrating payment systems into social media platforms. Social media payments guessed that we’re more likely to transfer the frequent amounts to people we have daily contact with. This kind of model allows millions of users to transfer cash while texting anywhere. Some popular platforms which use this model are Facebook Messenger, Kik, WeChat, Snapchat, Square Cash, G Pay Send, etc. You might be interested know more about multimedia messaging app development.
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