How To Launch A Venmo Clone And Make A Fortune Out Of It Shortly?

Gone are the days where carrying cash, standing in long lines in front of the banks were quite common for a successful fund transfer. The evolution of P2P payment apps made it possible for users to make swift payment transactions using their mobile phones. If you are an entrepreneur planning to deploy a robust and innovative mobile wallet app, then get hold of our Venmo clone that is packed with futuristic features. 

Some Interesting Stats About E-Wallets

The global digital wallet market is expected to reach 2.1 trillion dollars by the end of 2023, and there will be 1.31 billion e-wallet app users across the globe. The total amount of mobile wallet transactions in the US is up by 45 billion dollars. 

A recent study proves that 32% of millennials are to convert to a cashless culture. In that case, the physical currency has the chance to go extinct. 

Scope Of Mobile Payment App Development

People are no longer carrying cash post  the evolution of P2P payment apps. The fintech industry is witnessing steady growth, and there is no downfall expected in the future. There are endless benefits in developing a Venmo clone that has the potential to create a buzz in the fintech industry. 

• People no longer need to worry about theft and can  carry unlimited funds easily right in their mobile phones securely. 
• Waiting for long hours in the bank premises in order to make fund transfers is no longer in the equation. The mobile payment app development allows users to transfer unlimited funds from anywhere.
• The transactions made through mobile payment apps are very fast and occur in just a matter of a few seconds. Thus the transaction speed is very high. 
• The world is heading towards a cashless culture. In the near future, there are chances that the whole world will use the common currency. In such cases, international businesses can easily manage their business transactions using the P2P transaction apps. 

Steps To Develop An App Like Venmo

• Begin with sincere market research to know the needs in the market. Understanding the user’s demands can help you determine what features to include in your app.
• Do not confuse yourself with too many objectives. Having one clearly defined objective can boost the development process. 
• Then comes the documentation process, where you keep a record of all the steps accomplished in the development process, every detail of the app, and the future scope. This can help you keep track of the progress and help you convince the sponsors to trust and invest in your app if you need any. 
• We at TurnkeyTown offer complete support right from the development to the deployment of your robust mobile wallet application. As our Venmo clone script is pre-built with all the key features, you can easily customize it by adding additional features with the help of our zealous development team. 

Workflow Of Venmo Clone App

1. The users can install the app from various app store platforms and sign up using the multiple login methods available in the app. Users can easily sign up using their email id or mobile number. The app verifies the credentials by sending a one-time password. 
2. Upon successful login comes the important step where the user has to sync their bank account to the app. By providing all the bank details and further verification, the users can step into the app. 
3. In order to secure the app, the users can set a strong password. Each time the user tries to log in to the app, it is vital to enter the password. Thus unauthorized access is shut. 
4. The users can now manage their funds using the app where they can transfer or receive money instantly. 
5. The entire transaction history gets stored in the app. Therefore the users can view it any time later. 
6. There might be a rare situation where there is a technical glitch or bank server down. In such a scenario, the app automatically initiates the refund process if any amount is deducted from the user.
7. For every activity happening in the app, the users receive instant push notifications. 

The Revenue Model Of Venmo Clone Script

Generating income is vital for any business to move to the next level. The Venmo clone script is flexible to integrate multiple monetizing tools that can help you to make a fortune in no time. It is important to choose the right revenue model and implement it in your app. Some of the effective revenue models are discussed below for you to choose from. 

Commission-based Model

Various banks will tie-up with the mobile payment app company. The user links their respective bank account to the app. For each successful payment transaction, a fixed percentage of the commission goes to the app. 

Adverts

You can generate income by using the banner space of your app to display the advertisements of third-party companies. There are various types of advertisements that you can choose from and display in your app. Each time the user enters into the app and clicks on the ad, money goes to the app owner. 

E-commerce Integration

Many top mobile wallet app companies have created their own e-commerce platform available in the app itself. For example, Paytm has their own Paytm mall that allows the users to shop easily. Thus, it becomes an added advantage for the users to do online shopping and online fund transfers on one platform.

What Makes Turnkey Town A Reliable Option To Build Your App?

We at TurnkeyTown have our dexterous team ready to help you build a robust mobile wallet app that meets all your expectations or even surpasses them. We offer a 100% customizable solution that allows you to customize your app to a vast extent. The scalability of our app is high. Therefore you can easily extend the features of your app in the future when your business grows. The solution we offer is completely free of any bugs and glitches. Hence as a whole, it is clear that you can get the best Venmo clone app development in the market.

To Wrap It All Up,

Developing a robust mobile payment wallet with futuristic features in this emerging digital culture can never go wrong. By enhancing the user experience with additional features, you can allure a vast number of cybernauts to join your platform quickly.