Words like ‘Cashless’ and ‘Contactless’ are common parlance. On-hand Cash is so last century, and using a credit/debit card reader is unsafe during the Pandemic. 

The solution is a mobile payment app that helps to make contactless P2P payments, no matter whatever you purchase, even pay to friends, and shop from online eCommerce apps/websites. 

Digital transactions have taken on greater significance in the era of the current global health crisis. People do not need to look into their pockets, and use cards for payment as paying with smartphones are pretty convenient.

But the question is how to choose the best P2P payment app that is feature-reach and secure. 

In this post, some factors and features are mentioned to consider before you give the nod to any of the payment apps. So let’s get going. 

#1. Support Different Payment Methods

Before choosing any P2P app, make sure the app must support the different online payment modes such as, 

  • Online payments at eCommerce stores
  • Instant payments at retailers 
  • P2P payments within the system’s network

However, simply providing the above-mentioned payment modes does not give an edge to the app. Users should also look for additional characteristics like, 

  • Paying a merchant on installment 
  • Paying a taxi cab service 
  • Sending/receiving a friend-to-friend borrowing request 
  • Borrowing request transfer to a friend with a comment 
  • Set a borrowing limit for a friend and let them withdraw a set amount and set intervals, etc. 

#2. Regulation Compliance 

As the Fintech market is growing continuously and achieving new heights, there are a particular set of complicated laws and regulations that each P2P mobile application needs to adhere to throughout the payment process. 

Make sure that the app you choose follows regulatory compliance. It is very complicated to take care of the payment needs of all the regions and make a comprehensive app that will meet all standards. So check out if your P2P payment app is following all the laws of your particular region or country. 

#3. Unique OTP or IDs 

Security is one of the major aspects of any payment app. To avoid unwanted or accidental transactions, hacking, vulnerabilities, or frauds, an app must provide a unique ID and OTP to the users for the confirmation of any transaction or login. It will help them to stay away from accidental payments or fraudulent activities. 

#4. Digital Wallet  

A digital wallet is one of the key features of any P2P mobile payment application. Users can use Digital Wallet to store their digital currency and make payments through it effortlessly. 

Make sure that the app you choose has integrated payment card tokenization services from VISA and Mastercard along with external services to the digital wallets. 

#5. History of Previous Transactions 

Check the P2P payment app for the transaction history feature as it will enable you to keep track of all your spending and money transfers. 

Make sure the app keeps the information as long as possible. Also, look for the different functionalities such as generating statements, downloading/printing transaction history, etc. 

#6. Transaction Notification 

A P2P mobile payment monitors the payment initiation and completion steps, which then provide live notification and update in the user's account or wallet. 

Also for the convenience of a user, a P2P mobile payment app should notify its users about the upcoming bill due dates, any emerging discounts, special offers, etc.    

#7. Currency Conversion 

Automatic currency conversion is a great feature that makes P2P payment apps more likely to attract users. So make sure that your P2P payment app has this functionality that helps you make cross-border transactions, and allows you to pay for different services, and goods with the application while traveling, without worrying about converting it. 

#8. Fingerprint Lock  

To mitigate the overall security risks to users’ data and funds, it is advisable to have a fingerprint security lock in the app. So check on the type of locks the app offers to limit the accessibility of your online account and wallet. 

#9. Chatbot

Make sure the app must contain a Chatbot that helps you to interact with the app to solve any of your queries. 

You can address any issues that take place while transferring money, incorrect debits from the wallet, etc. 

#10. Crypto Payments 

As the importance of cryptocurrencies/digital coins is growing at a faster pace, and if you are a crypto lover, check out whether the payment app includes a crypto payment feature or not. 

Many businesses allow their customers to pay through crypto on purchasing their products or services. So if you want to exchange funds through crypto, you should consider an app that lets you pay through digital currency like Bitcoin.

Summing Up 

Consider the apps that focus on payments with low or zero cost while signing up, and provide a user-friendly interface and accessibility for multiple devices. 

Also can not overlook the security features the app comprises and the way the app accesses the financial information. Last but the least, check out reviews and stars of the app on the app stores.