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A payment platform app is a web, mobile, or desktop application that enables users to send and receive money. Payment platform apps usually provide users with interfaces for creating custom invoices and tracking payments. These applications may also include the ability to accept credit card payments from customers.
Payment platform apps are similar to other transaction-processing apps, such as accounting apps, banking apps, financial management apps, and cryptocurrency apps. Some payment platform examples include PayPal, Stripe, Square, and Chase QuickPay.
App using Stripe Connect as the engine for creating a new payment system. Stripe Connect will be a web app for freelancer community. Will display reports and dashboards not currently offered from Stripe. A bit similar to Venmo or Paypal, but with custom reporting and dashboard for users.
A payment processing app for student loans. Customers sign up on the app who have existing student loans and pay through a points system.
$12,500
$22,500
167
300
A payment platform allows users to send and receive money. If the payment platform is used at least once a month, the app has achieved viral growth. The user base of a payment app can be expanded by adding new features that make it easier to use the app for peer-to-peer payments. For example, Venmo includes an option to pay back a friend who bought you coffee in exchange for buying him or her a drink later.
Payment platforms face legal and reputational risks associated with fraud, compliance violations, and the handling of sensitive information. It is recommended that payment platforms be designed to meet all applicable regulatory requirements, use strong fraud detection mechanisms, and employ the latest security technology to ensure that user data remains safe.
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