A peer-to-peer payment app is a web or mobile application that enables users to send and receive payments via the Internet. Typically, this type of application requires users to register for an account and link their bank accounts into the app. After registration, users can send money directly from their checking or savings accounts to other users' accounts.

peer-to-peer payment apps are similar to other money management apps like savings apps, investment apps, and budgeting apps. Venmo is the most popular P2P payment app, with over 150 million users.

• Venmo but for Crypto. Peer 2 peer payment transfers using crypto would be based on the blockchain. Would have an escrow account on theBlockchain to buy and sell.

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• $75,000

• 1,000

A peer-to-peer payment app can grow by targeting a specific niche audience and establishing itself as the top choice for that type of user. Zelle, a personal payment app from Bank of America, targets people who want to send money to family members without going through a bank. When creating an app like Zelle, it's important to offer features that are not available on other similar apps. For example, Zelle offers an artificial intelligence-powered fraud detection system in order to reduce the risk of sending money to someone who has stolen another user's identity. Peer-to-peer payment apps should also be mindful of local regulations regarding financial transactions and be prepared to comply with those regulations.

A peer-to-peer payment app may face risks related to inadequate fraud prevention measures, payment processing fees, regulatory compliance issues, and the storage of sensitive user data. Peer-to-peer payment apps should have robust error handling logic in place to prevent payments from being initiated if a transaction fails for any reason. Additionally, peer-to-peer payment apps often require bank or other financial institution accounts which can be difficult to set up. You will want to consult with your bank or credit union regarding their requirements for opening such an account before starting development on your app.

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