PayPal has been in the market for decades. It is an online payment platform or we can say a mobile wallet app that helps businesses in transferring amounts using a secure internet connection. It offers a quick process by adding a bank account along with a debit or credit card. Once you are done with this method, you can pay wherever you want, additionally, you can also set a default card in your PayPal account for a seamless transaction.
Not only this, but you can also receive cashback by using the PayPal platform. There are a lot more benefits of using PayPal financial service and is recognized by many business owners, entrepreneurs, and the general public. Due to its popularity, there are many rivalries that have stood up in the marketplace such as Skrill, Payoneer, Square, and so on.
However, it has been observed that mobile wallet apps are the future and many people are now adopting the concept of eWallet app development to offer their own financial services in the market. As per the forecast by GlobeNewswire, the eWallet market is assumed to be USD 154.1 billion by 2021 at 14.2% CAGR.
Many people are looking forward to developing an app like PayPal to make sure they are helping many people with their financial services through sleek transactions without fail. To cut the long story short we are quickly sharing the amazing features and business model of PayPal to initiate the development process. As we have said, always understand the market and the idea of why you want to develop an app. Hence we are sharing a bit about PayPal so that you can too learn how well its concept works and what approaches you can adopt from this mobile wallet app.
What Is PayPal?
PayPal is the instant around-the-clock payment solution that fills the gap between online sellers and shoppers worldwide. It’s been decades since PayPal was introduced to the people and catered its service to 286 million active users. Whether you want to transfer $25 to a friend after brunch or looking to sell your products to get paid, PayPal has everything you need!
Apart from this, it allows you to pay online without using your credit card, hence making transactions is easy and efficient. PayPal has been the favorite app for online shopping and money transfers. Hence, many business owners are approaching hybrid app development companies to fulfill their needs.
PayPal keeps your client’s data safe as it is fully encrypted and helps your customers to make successful transactions. Additionally, it also offers an opportunity to the customers to transfer money instantly to your PayPal account. You can avail of various services from PayPal such as loans, money transfers, credit cards, debit cards, and so on.
PayPal Business Model:
PayPal has created a vast ecosystem of financial services that has penetrated several markets and it has also formed other four primary brands: Braintree, Venmo, Paydiant, and Xoom. PayPal’s revenue path is majorly diverse into two methods. Transaction revenues and other value-added services.
In the transactional revenue, net transaction fees are charged from the customers and merchants according to the total payment volume or the activity. On the other hand, in the value-added services, net revenues get extracted from interest and earned fees on loans along with interest receivable. However, you can also get the same revenue with the help of the right IT consultation services, who can tell you more about how your product will make profits.
Apart from this, PayPal also generates revenue from Transaction Fees, International payments, Business Account Charges, P2P Payment Withdrawal Fees, Interests From Money Deposited, Payflow, PayPal Here Fee, PayPal Credit Interest, Debit Card Withdrawal Fees, Business In A Box, PayPal Working Capital Fee and other its other primary brands.
Let us tell you a bit about a few terms that you aren’t aware of. Payflow is a robust payment gateway tool offered by PayPal. It gets integrated into a website for a merchant’s account. PayPal Here Fee is again a payment gateway but it works on offline access too and it is developed by the agile enterprise mobility solutions. Let’s talk about the features that you can sum up in your customized e-Wallet app.
Features To Add In Your e-Wallet App (Just Like PayPal)
When you have thought to build your own customized e-Wallet app what features do you think will be included in your product? Well, we know there are various highlights that you have wished to add, but we have jotted down the list of features that you must add to your app. Yes, Just like PayPal!
There is a small tip, if you want to outsource mobile product development for your next project there are few mistakes that you should avoid. Always! Back to the point, place yourself in the seat of a customer and think about what features and services you wish to receive from the product? Don’t get caught in the dilemma.
Indeed, money transactions should be seamless and clear without even failing. Hence, keeping this in mind we are sharing some wonderful highlights for you in the below section:
· Interactive Interface
We know no one would like that monotonous app or website layout. Hence many business owners are not looking forward to taking UI UX development services for responsive products and also to increase customer engagement. Make sure to have an interactive and smooth interface in your app.
· Payment Tracking
Agree, whenever any new product enters the market, there are many concerns and questions that get attached to it. But when it comes to transferring money online, it becomes a big question. Right? To enter into the spotlight, make sure you are helping your customers by granting them access to track their financial history. Additionally, sharing emails can also help them to track the history along with building trust in your product.
· Better Customer Service
Imagine, your online payment transactions fail in the middle and you don’t know what to do next. But the first thing you will do is to approach customer service, right? Now you understand the situation of your consumers, how panicked he would be? Therefore effective customer service is important as it will not only help your client but also drag better customer relationships. You can also take help from chatbot development services as it will be there round the clock and will also address basic customer queries.
· Multilingual Feature
Imagine, your app is launched in the USA and a bunch of tourists from China have also installed your e-Wallet app to make a local payment but due to the language barrier, they are not understanding the features. Here your multilingual features will satisfy them. Correct? There are many other reasons that denote the reason for using this feature. Make sure you are adding this one! You can take assistance from the IT professional service for this feature, as they know what would be more suitable for you.
· Multiple Email Convince
We are aware of online threats and how rapidly they are increasing, we know this! Hence, just like PayPal, helping your customers with multiple email options will be a proven privilege to connect up to 8 email addresses to one single bank account. This method will be convenient and will also protect from hackers and intruders
· Confidentiality Of Information
It has been observed that during making transactions, the user’s bank account and other related details flash on the screen, and thus, it may lead to discrepancies and other cyber threats. On the other hand, PayPal takes care of every user’s confidential information without exception. Make sure you are also adding this feature to your e-Wallet app with robust mobile application services.
· Cloud-based Integration
Faster processes, smooth integration, and sleek management are important in every software and application. PayPal has also integrated cloud-based technology to offer a complete functionality suite for their customers. Make sure you are taking help from QA software testing services on the initial level to make sure your dream project is bug-free and responsive.
· Multiple Currency & Conversion Option
Remember, we were talking about a multilingual feature? Indeed, over again, the currency conversion option is again an important feature that you can implement in your app just like PayPal. Your app should support various currencies through real-time currency conversion rates.
· Charge Me Later Feature
This is another important feature that you should consider! Users can opt for this feature if they have an insufficient balance in their account and later it could be charged from the credit card. However, Paypal has grant access to US account holders only.
Essential Factors To Consider Before Developing An App Like PayPal:
1. Research & Development
Make sure you are understanding the market trends and doing competitive research. Apart from PayPal, there are various other digital wallets that are available in the market. Hence, it is important to pen down all the basic core ideas that you want from your product through deep research and development.
Sharing your vision about your product is not easy as you need the right team who can listen and can address your concern easily. Your team should consist of people who are believing in your aim & vision and ready to take your project to the next level.
Cost To Develop An App Like PayPal:
The cost of developing a digital wallet like PayPal gets decided by certain factors. Such as geographical location, the number of features you want in your app, the complexity of your app design, the assigned team or agency, and the market trends.
In addition to this, if you want to know the cost of the e-wallet app on the Android platform, it will range between $20,000 to $45,000 and on the other hand, the same app on the iOS platform will be $25,000 to $55,000. However, if you are looking for an e-wallet website, it will cost you between $25,000 to $50,000. An app like PayPal can fall between $100,000 to $150,000.
We Make It For You!
Are you ready with the idea to develop an app like PayPal? Make sure to take the right guidance to create your on demand mobile app development. We hope you like this article and we are open to the conversation too. Feel free to drop your comments below, we are happy to help! If not PayPal, you can also check the cost and feature of Cash App eWallet too.
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