Developing a Venmo clone app to carry out a secure and trouble-free payment

“There is a famous quote which says, ‘Save money, and money will save you!'”

As accurate as the above statement is, we must keep our expenses under check. Canceling out to check on small expenses can lead to a huge hole in your pocket. Many times while handling hard cash, we tend to pitch in some extra bucks because of the lack of exact change. Smaller amounts let loose like this can pile up and amount to a large sum in the long run. A P2P payment app like Venmo can help avoid this struggle. Using this peer-to-peer payment system, you can transfer an exact amount of money without pitching in an extra amount in a traditional way of handling money. It is a digital payment transaction, and there is no need to handle hard cash and usage of bank cards. It is an innovative way of payment process because the Venmo clone script can be integrated into social media apps. The customers can carry out their payment via their social media accounts as well. It stands out as an essential tool in sharing bills between our loved ones, buying goods, and carrying out business transactions. 

How does it work

1. Users can log in using their details and create a profile like any other app. 
2. Later, users are requested to link their bank accounts. Users are ensured about the bank account’s safety, and it is accessible only by them.
3. Once the account is linked, the user’s contact list is updated on the app. Through this, users can carry out their payment process with their peers, family members, and colleagues. Business payments are also carried out effectively using the Venmo clone app.
4. Users can transfer the exact amount that they want to send. This avoids losing out on bucks.
5. All the payment processes are stored in the app in the payment history section and are accessible to users when required. It will help them keep track of their expenses. 

Benefits of indulging in Venmo clone app development 

1. Receive/ send money 

Users can send and receive money instantly and in a secure way. The transactions can be done from any part of the world with the help of the Venmo clone app. 

2. Avoids the need to carry hard cash

Usage of Venmo clone apps can avoid the struggle of carrying hard cash. All our payment processes can be done digitally in a few taps. 

3. Adding money to bank cards

This is a flexible transaction in which users can receive money from others, and the amount is instantly added to their bank cards. This is a convenient way of receiving payments. 

5. Fundraising 

Non-profit organizations can raise funds through this app. The app is explicitly transparent and helps in carrying out such activities securely. Thus the app also serves a societal need. 

6. Bill splitting

The splitting of bills can be done quickly using the Venmo clone app. Users can transfer the exact amount of money. The restaurants can also avail of split payment for the bill.

7. Flexibility and transparency 

The Venmo clone app payment is much more flexible than using a card or withdrawal of money from the ATMs. It is easy and secure to carry out these payment processes. The transparency is ensured because the app stores all the transactions taking place via the app. This helps the user keep track of all their transactions. 

8. More comfortable in carrying out business payments 

This is an updated approach of transacting money, and it can be integrated into any business platform. This helps customers carry out their payment easily and avoids counting money notes or swiping the card. The exact amount can be transferred, and the payment process is done in a jiffy. 

Revenue model 

While indulging in Venmo like app development, it is essential to integrate a robust revenue model into your system. Revenue can be generated in the form of credit card payment charges, commissions on instant bank transfer, merchant charges, and much more.

As we evolve, many things around us keep changing. The advancement in technology has led to us avail a multitude of services with ease. And it is no surprise that the way we handle money and payments is moving towards a more comfortable path. With the global pandemic and social distancing prevailing, carrying out digital transactions through a Venmo clone app is apt for the situation.

Author

Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.