Developing Payment Apps in .Net Core 2

The mobile payment industry is quickly catching up to the users who make businesses focused on developing payment apps in .Net Core 2. It’s a well-known fact that sending and receiving payments via mobile phones is becoming increasingly common throughout the globe. Not only can users browse the Internet and chat on the go, they also can move to cashless payments through the use of mobile devices.

Based on a recent survey, the usage of mobile payments among millennials will continue to increase and is expected to reach $503 billion by 2020. In addition, 75% of all financial transactions will be cashless by 2025. Sounds impressive, right?

That’s why companies need to start developing and implementing a mobile payment system that doesn’t require much infrastructure or technical knowledge on part of the user. Once users install a payment app on their smartphones they should no longer have the need to carry a credit card with them to make a purchase. There is a lot of information about how to develop an Android or iOS payment app, so here we’ve decided to provide an overview on how to create a peer-to-peer payment app using .net technology. Let’s delve into the details below:
PayPal mobile payment volume is $227 bln.

What exactly is a peer-to-peer payment app?

A peer-to-peer payment app, also known as P2P, is an app that users install on their smartphones to make transactions via a linked bank account or credit card. It’s key characteristics are:
— built for personal use and can be utilized between friends, relatives, etc.
— transaction time can range from a couple of days to a few minutes
— funding requirements or transaction fees depend on the bank account, debit/credit card, etc.

How to build a P2P payment app

Below you’ll find a step-by-step guide on how to develop a payment app.

#1: Choose the P2P app type

If you are going to create a P2P payment application, you should know what types of payment apps there are and choose the most suitable one.
Standalone: Offers person-to-person or company-to-business payments online that include or exclude the use of checking accounts, debit/credit cards. It provides a wallet feature to send, receive, or store money in a range of currencies. Among the most popular examples are PayPal, Venmo, Airfox, Alipay, M-Pesa, etc.
Social media-centric: Doesn’t require a strong authentication solution to make transactions, and provides a frictionless process of sending frequent payments. For instance, Facebook Messenger, Kik, and G Pay Send are the most common.
Bank-centric: Involves a bank that acts as a middleman, deposits directly into bank accounts instead of a stored currency account. ExcheQ, Zelle, People Pay, and Popmoney are the most popular.

#2: Identify key features of the app and set up work process flows

At this step, you should document the details of your app or use a wireframing tool. It is also imperative to think of the features you would like to develop, define how the user will navigate the app, and set up the flow. Not only does it help the mobile dev team to clearly understand your expectations, but they can meet the requirements as well. Now let’s take a look at the key features of payment apps:

  • Notification: Keeps users informed about sent or received payments, and notifies the user of any wallet activity, bill due dates, or bookings.
  • Billing and invoicing: Enables users to scan the bill and generate invoices.
  • Transaction history: Users can view summary information that includes the date, amount, positions, and status of each transaction made through the app.
  • Chatbot: Allows customers to ask questions and get answers quickly within an app.
  • Fingerprint security: Relies on a person’s actual thumbprint and ensures secure access to their account.
  • Cryptocurrency: Allows users to safely buy and sell cryptocurrencies.

#3: Focus on the right technology

There is a lot of information on how to develop a payment application in Java or Swift. However, there is another technology for creating a payment app that’s worth mentioning — .NET Core 2. Designed by Microsoft, this technology is an open-source, server-side web app framework. It’s also worth pointing out that this technology requires less configuration and setup in comparison to other web platforms. In addition, payment apps can utilize the following databases — MySQL, Microsoft SQL Server, Postgres, MongoDB, CouchDB, all of which are in great demand. Not only can you use .Net for small applications and MVPs. Sounds impressive, right? Let’s find out the most significant benefits:

  • Provides a cloud-ready, environment-based configuration system
  • Includes a lightweight, high-performance, and modular HTTP request pipeline
  • .Net Core 2 code is easy to maintain and update
  • Building and running on Windows, Linux, and Mac operating systems offer great support systems with a huge developer community
  • Scalability is easy to enable
  • Easy to integrate with out-of-the-box and custom solutions, as well as host on Google Cloud Platform, Microsoft Azure, AWS, and Heroku using IIS, Nginx, Apache, Docker, etc.
  • Excellent code analysis support and comprehensive editors/IDEs.

Also, it should be mentioned that .NET Core 2 is bringing positive changes in developing high-quality enterprise web applications.

Revolutionizing one-touch by PayPal

#4: Focus on security

The truth is that security is a must for the payment apps. Only by providing secure payment services can you keep users engaged. That’s why you should design the architecture concentrating on security and reliability. With that in mind, make no doubt that your payment service will be reputable in the app market and give peace of mind to end-users.

For example, Venmo uses bank-level security and data encryption to protect users against unauthorized transactions.

#5: Choose the monetization model

There’s a good revenue model behind every successful app. Below you can find out what revenue model to choose in order to boost revenue and drive growth:
Transaction fees allow you to typically charge a percentage of every in-app transaction.
Ads are a user-focused business model that allows you to get paid by ad-owners for each click when displaying ads.
Paid subscription packages provide exclusive features for an additional cost.

How much to build a mobile app or what is the cost of developing a payment app

Now that you know the revenue options, let’s get down to brass tacks. Average costs when it comes to app development start from $50,000 and depends on the factors such as features and functionality, dev team extension model, and its location. Above all, whenever you hire mobile app developers make sure you have discussed all the questions and are on the same page about app design and development.

The benefits of developing a payment app for your business in .Net Core 2

A great number of businesses are taking full advantage of today’s modern financial software. However, the market is still growing and there’s plenty of room to launch more P2P apps:

— Provide your users with the value they need
— Build the recognition of your company and increase the customer base
— Improve customer service experience and create engagement
— Generate more income to drive business growth.

Aionys has a team of .Net Core developers who have successfully launched a number of projects. Medical Care Platform offers solutions for both patients and caregivers. The medical billing software is built-in along with time-tracking and task-management systems.

Bottom line: Are you equipped with a P2P app?

P2P payment apps are there for users to send and receive money with a single one click only, along with simplifying transactions and keeping track of finances. That’s why payment apps are a great solution to boost any brand and connect with customers by delivering successful payment services. The bottom line is simple — concentrate on payment app design and development. If you know how to develop a mobile app from scratch, unlock the enormous potential of mobile payment applications to increase productivity, improve user experience, and drive growth. If you have an idea that you’d like to see become a reality, feel free to let us know and we can help.