How to create an online payment app similar to PayPal?
Continuously growing market of online payment apps like PayPal appears to the suitability they offer, and many business tycoons are trying to tap into this online market. If you are planning to Develop App Like Paypal, then you must read this article. A software development project of building an online payment app like PayPal would contain the following steps:
The project scope statement would include building a web app, an Android app, and an iOS app - the app should offer features including core online payment, merchant accounts, online payment, transaction and balance reporting. ID verification for users and merchants - CRM features to rule the relationship with merchants and push notifications.
Choosing the right SDLC model
It is recommended that you launch a MVP “Minimum Viable Product” with the above features, aiming one geography. This would allow you to get real market feedback and you can subsequently enhance the reach of your app.
Formulate a development approach
Consider the following approach to develop such app: Use PaaS “Platform as a Service” and MBaaS “Mobile Backend as a Service” platforms for developing mobile apps. Implement features like online payment, CRM, ID verification, and push notifications using SDKs “Software Development Kits” and “Application Programming Interfaces” (APIs). Utilize Integrated Development Environments and frameworks to accelerate the project. Keep in mind that in future you will enlarge to different geographies, therefore, use app internationalization - the best practices.
Build a struggling team
It is recommended that you use the scrum technique to build an App like PayPal, which is suitable for nimble projects. Build a team with the roles: · Android developers · Business analysts · IOS developers · Testers · UI designers · Web developers · A project manager
Sign-up for cloud services platforms for the app infrastructure
Not like large enterprises with existing app infrastructure, start-ups may want to avoid large upfront investment in app infrastructure. They want to get going with the development quickly, and such cloud services platforms can help here.
Obtain an ID verification solution
An online payment app needs a valid ID verification solution to meet the strict regulations governing the financial service organizations. The solution should allow the verification of government-provided ID, furthermore, it should handle “Know Your Customer” (KYC) and “Anti Money Laundering” (AML) process acquiescence.
Get an online payment solution
It is recommended that you must use API/SDK solution to implement the core online payment features.