How to Create an App Like PayPal?

HOW TO MAKE AN APP LIKE PAYPAL?

INTRODUCTION Are you wondering how to build a payment app like PayPal? Then, you are at the right place to get the answer. Currently, online mobile payment apps like PayPal have the access to a large marketplace and hence, there can be seen a sudden upsurge in eWallet app development services. If we put all the money-making profits aside, innovations in the payment provider industry provide a chance to make a positive impact on the users’ quality of life.

Payment apps like PayPal & Paytm are emerging as the core structure to do payments while doing activities like shopping, or transactions of money to each other. People have become more dependent on these apps and don’t prefer to carry cash in their pockets to make payments for regular stuff.

HISTORY & OVERVIEW OF PAYPAL  PayPal was launched in December 1998 by Max Levchin and Peter Thiel in Silicon Valley, California.  In October 2002, eBay acquired PayPal by phasing out Billpoint and unified it into its services.  The total payment volume of merchant services as a percent of complete payment volume was recorded around 53% in Q1 2009, whereas the Bill Me Later total payment volume was approx. 1% in Q1 2009.  Currently, PayPal is known as a popular, safer, & easier platform for money transfer between merchants and email users.  This app permits its members to transact money by using multiple gateways such as bank accounts, credit cards, etc. without sharing any personal or financial data.  At present, this app is having 75 million accounts active in 190 markets along with using 19 currencies worldwide which enables global eCommerce.

HOW DOES IT WORK?  PayPal works as a middleman between sender & receiver and doesn’t hold any physical money of the user.  It has an extra security layer that safeguards all the users’ data, such as accounts, credit cards, personal information, etc.  This app is easy-to-use & free, and users can transact the money via an email address, doesn’t matter they have a PayPal account or not?  It has three types of different accounts Personal- For occasional online purchase  Premier- For user's own business  Business- For high transaction volume

WHY THERE IS A NEED FOR PAYPAL? There are a lot of reasons and advantages provided by PayPal and it is because why several businesses are interested to obtain a PayPal app clone with the help of a top eWallet app development company. Here are some advantages:      

Easy to transact money while buying services & products faster than anything.

Payment will be directly sent from one bank account to another.

It is a convenient, reliable, secure, and immediate service provider.

Payment will be deposited into the account of the seller. eBay’s tools & merchant services are free for users.

Payment transactions are available locally and in 190 countries & regions across the world.

FEATURES To build your own payment app like PayPal or have digital wallet mobile app development services, it is necessary to add some advanced features and functionalities to grab the attention of target audiences. Here are some of them Robust security features comprising fraud screening, encryption, and address screening.  A PayPal business app must enable users to link their accounts with credit and debit cards, and other bank accounts.  Easy integration with different shopping carts and POS functionalities.  Different uses right from an online store to individual payments.  Build a payment app by integrating data security tracking in terms of credit card information storage.  Develop apps like PayPal that include faster KYC (know your customer) processes and operate by applying stringent regulations.

TECHNOLOGIES You can hire eWallet app developers to integrate the latest technologies and tools that are significant to create an app like PayPal while catering to the needs of customers with fast performance.  Data Encryption- SSL, HTTPS  Web Development- Node.js, JavaScrip  Programming Languages- Kotlin, Swift, Java  Frameworks- PHP, Java EE, Express

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