Developing a Peer-to-Peer Mobile Payment System with Blockchain

Posted by MuBlockchain on February 18th, 2021

The advent of peer-to-peer mobile payment apps with blockchain has created a new world of cashless, card-free, and pay-contactless transactions. Blockchain app development for cross-industry fintech applications and use cases range from splitting bills, making remittances, and booking tickets to managing daily expenditures.


Blockchain-built fintech applications are set to transform the way we make online payments with the availability of digital wallets, cryptocurrencies, m-commerce apps, and peer-to-peer payment apps. Several next-gen peer-to-peer mobile payment apps now support card-less, cash-less, and in some cases, bank-less transactions.

So let’s have a look around at mobile peer-to-peer payments systems that are proving to be a revolution on a global scale.

A peer-to-peer mobile payment application?

At its core, a peer-to-peer (person-to-person) payment app is a mobile application that enables users to perform electronic money transfers. P2P mobile payment apps have a range of use cases that include:

Making a payment to merchant/landlord on the installment basis

Making a payment to cab services, including discount calculation

Paying a merchant/landlord in installments

Making a friend-to-friend borrowing request

Splitting dinner bills with friends

Making remittances to people living in other countries

Making payments for utilities, internet, and other services

P2P payments are not only limited to geographical locations, i.e users can also perform cross-border transactions.

Business applications designed to serve this purpose

P2P FX (Foreign Exchange)

Person-to-person foreign currency exchange applications aim to bring users together worldwide. They eliminate intermediaries, such as banks, and brokers, which results in up to 90 percent cost savings on international exchange and transfer fees.

P2P Lending Platforms

P2P lending platforms enable users to avail of repayable microloans at lower interest rates than banks. These platforms are more beneficial for investors looking to monetize their funds in fragments.

P2P Cross-border Money Payment Application

They offer cheaper transaction provisions as compared to their traditional counterparts. Now, technologies like smart contacts make it possible to make secure payments via a smartphone app.

Business models of p2p payment applications

Peer-to-peer mobile payment solutions vary as per the requirement of the work areas, such as airtime transfers, travel and ticketing, and merchandise and coupons. Their industry applications include fields like retail, travel and tourism, hospitality, logistics, energy, utilities, etc.

Companies looking to develop a mobile-based peer-to-peer money transfer system can consider developing one of the four types of business applications.

Bank-Centric Applications

Several banks consider deploying mobile payment applications to customers. It ensures that merchants have the necessary PoS (Point-of-Sale) acceptance provision.

Standalone Financial Solutions

These applications provide online P2P/C2B payments with or without checking accounts and debit/credit cards. Generally, these apps come with an integrated wallet. Also, take a look at cryptocurrency wallet development services.

Social Media Platforms

Social media payment solutions enable users to make frequent payments to people they regularly connect with. It is the reason that several payment applications are integrated with messaging apps.

Mobile OS or Device Manufacturer-based Solution

These applications enable money transfers within their product network or ecosystem. In such a payment application, ‘Payment’ is generally a default device-feature than a standalone app.

Now, it might look complex to develop a peer-to-peer payment app, with so many peculiarities and big players already dominating the market.

However, we have made it simpler with the following steps that you need to consider before developing a p2p payment app.

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Joined: October 27th, 2020
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