How to Make An App Like Venmo?


Snigdha
By Snigdha | August 25, 2022 3:40 pm  | 6-min read

Honestly, how much cash do you actually carry around on you? Not as much as you would a decade ago, right? With peer to peer payment apps like Cash App or a payment app like Venmo emerging, cash has become redundant in our everyday lives.
Peer-to-peer payment apps like Venmo have become a part of our daily lives and have replaced our dependence on cash and checkbooks. In fact, if we had to go to an ATM to withdraw money or write someone a cheque, we do feel a little annoyed. Hence, the popularity of these peer to peer payment apps.
According to Allied Market Research, the global peer-to-peer market is expected to hit $9,097.06 billion by 2030. It is natural for people to want a piece of this lucrative market. However, many of these people would back out or shy away from creating an app for lack of funds, time, or skills. This is where Appy Pie can come in handy and help anyone create an app without coding in just a few minutes.

What is the Venmo app?

Venmo is a peer to peer payment application. It lets two peers send money to each other through in-app transfers directly from the bank or through debit or credit cards. These apps are convenient and easy for users to transfer money without any cash transactions.
Some of the best peer to peer payment apps include Venmo, Cash App, and Square Cash. The modern user is more open to the use of innovative technology in their everyday life, and the convenience offered by these peer-to-peer payment apps encourage more and more of these bankless transactions. This is why apps like Venmo have become so popular today.
Customers can use Venmo to make purchases, transfer money, make utility payments, split the dinner tab or taxi fare with peers, and more.
Venmo earned approximately $850 million in 2021, which is an 88% increase from 2020.

Top features you must add to a payment app like Venmo

Peer-to-peer payment apps like Venmo have added convenience and ease to everyday transactions. If you plan to make a payment app like Venmo, pay attention to all the basic and popular features that make Venmo one of the best peer to peer payment apps.

  1. Registration and User accounts

    Since Venmo is a payment app, user authentication and profile assume great importance. Add the registration feature so that the app users will have to register on your app and login before they can start using the app. In their user account, your users can add details like their personal information, financial credentials like their bank account and credit card details, choose currency option, etc.

  2. PIN authentication

    Any app requires certain features for users’ safety, and when it is a financial app, security becomes even more relevant. Integrate two-factor authentication in your app for added security.

  3. Payments

    A peer to peer payment app should allow immediate or instant payments. Whether the payment is for a purchase to a merchant or to a friend, speed is of the essence. This is the main feature to add to your payment app, and you must ensure that the transfers are smooth and quick while being safe.

  4. Bank account & card integration

    Even if you include a wallet in your app, it is important that you allow them to integrate their bank accounts and credit cards into their accounts. This will allow them to make direct payments to other users’ bank accounts without having to go through a wallet.

  5. Purchases

    The peer to peer payment app Venmo has partnered with multiple online stores so that the users can shop on these sites through Venmo. You can develop a similar feature for your payment app so that your app users can have a smoother shopping experience while using your app.

  6. eWallet or digital wallet

    When creating a payment app like Venmo, adding the eWallet feature to your app makes transferring money to your bank account or to a contact’s wallet or bank account easier and faster.

  7. Transaction tracking and history

    This feature in your peer to peer payment app will help the users track the status of any payment they make. Additionally, they will also have access to their transaction history or records for any future reconciliation.

  8. Notifications

    Notifications in the form of push notifications and emails are a great way to stay connected to your app users. Apart from the transactional emails and push notifications, you can also send notifications to bring inactive users back to your app and send out information about deals or promotions.

  9. Split bills

    Whether you are splitting a cab with a stranger, going out for drinks with colleagues, or splitting a dinner check with a friend, Venmo offers the shared purchase feature where you can split the bills right in the app. This is a defining feature of apps like Venmo, make sure that you at least consider adding it to your payment app.

How to make an app like Venmo?

As you have reached this point in the blog, we have already discussed what the Venmo app is and what features you must include if you plan to create an app like Venmo. Now we get to the fun question – how to make an app like Venmo.
Though you can decide to spend countless hours and dollars on making an app from scratch by coding, there are more convenient and cheaper ways to do it. Appy Pie’s no-code app builder lets you create an app in minutes without coding, and you do not even have to worry about emptying your bank account.

  1. Give your app a name

    After naming your app, choose an app category, a design theme, and the right app layout. Add the brand logo and make your payment app look more authentic and professional.

  2. Drag and drop the features into your app

    Take a look at the list of features above in the blog and add all of them into your app without coding!

  3. Test and go live!

    Edit your app to make it perfect for your app users and test it on real devices. Now your app is ready to be launched on all the app stores.

Snigdha

Content Head at Appy Pie

App Builder

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