![]() ![]() Thus, if you want to take advantage of this new-grown trend, make a move today and invest in building a mobile payment application. What will happen now when life has already returned to normal? No doubt, some people might go back to paying via cash, a lot of people have gotten used to the convenience of paying via mobile apps and they will continue to use this payment method for years to come. Now, you must be thinking that this trend was just because of pandemic. This was mainly because of the pandemic, which forced customers and vendors to not use cash for paying and getting paid in stores. The year 2020 added new 900 million mobile payment app customers globally, the largest annual increase. The COVID-19 pandemic made physical banking more tedious and has created many new users of digital banking solutions. The COVID-19 Pandemic Made In-Person Banking Look Tedious Seeing the strong and fast growth of P2P payment apps like Venmo, Square Payments, and Zelle, if you too are planning to develop a similar solution, now is the right time. Why Does it Make Sense to Build a Payment App like Venmo in 2022? In this article, we will talk everything about developing P2P payment apps and how much it costs to build an app like Venmo. ![]() Now, if you are planning to make an entry into the mobile payment app market with your own Payment Apps Like Venmo, you have come to the right place. It transacted more than $200 billion in payments in 2021 and its annual revenue grew at the highest rate in four years to $850 million during the same year. Over 700 million people use Venmo for making payments and the app is making a massive amount of money in revenue, as per a report by BusinessOfApps. After this acquisition, its demand grew to an extent that other industry players found its business model hard to beat and attract users to its services.Īt present, Venmo is leading the game as the best P2P payment app in the market. The tag of being from the PayPal family also helped Venmo gain more traction in the market. Then, in 2013, when PayPal acquired Braintree, it also got Venmo as a leading player in the P2P market space. Launched in 2011, the app Venmo was purchased by Braintree (the payment processing company for giants like Uber and Airbnb) for $26.2 million. It created a social network approach to mobile finance and has redefined how the world sees payments. With a beautiful user interface and its social engagements feature as its biggest strengths, Venmo is setting new standards in the Mobile Payment App Industry. Published On: JLast Updated: September 8, 2022 ![]()
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