The global P2P payment market size is estimated to be worth USD 4687.1 million by 2028 with a CAGR of 10.3% during this period. Convenience and speed are the main engines in the modern fast-paced world that drive technological progress. P2P transactions offer convenient alternatives for cash payments and quickly sending funds.
To ensure payment security and provide additional functionality for the customers, your business can use a digital wallet platform for P2P transactions.
What is a digital wallet platform?
A digital wallet platform is a payment software that allows users to securely store their credit or debit card information and make payments online. To make a payment through the digital wallet platform the user has to enter the card details into a payment service provider. When this information is encrypted by token service the transaction can be approved.
Digital wallet platforms can enable P2P transactions, where money is sent from one person to another. This software can be used to share expenses, pay for rent or services, shop at physical stores and online marketplaces, or simply send money to family and friends.
How a digital wallet platform provides P2P transactions?
P2P(or peer-to-peer) payment services are a form of online technology that allows users to transfer money from one person’s account to another via the internet, a mobile device, or a tablet. P2P payments, also known as person-to-person transfers, offer instant transfers of money, unlike bank payments. The main advantages of P2P money transfer are their convenience, speed, and ease of use, so transferring funds takes a few seconds and can be accomplished through a click of a button. However, P2P services have limited basic transfer features, so the user has to download additional services to expand payment options.
Digital wallet platform can easily provide P2P transactions and offers a number of useful features, such as bill splitting, tracking payment histories, bank payments, and storing rewards and discount programs. Digital wallet solutions can also ensure security for P2P transactions, using two-factor authentication and encryption technology to access your financial data and passwords.
SDK.finance digital wallet platform
SDK.finance provides a flexible digital wallet platform to create payment software on top or add electronic asset accounting functionality to your existing product. With our payment core, you can easily offer P2P transactions, providing mobile wallet services 24/7 to your customers on the go.
Due to its adaptability and flexibility, our e-wallet platform can be useful for various industries such as e-commerce, telecoms, or accounting. Using SDK.finance digital wallet platform, you get additional functionality: cross-border transfers, bank and bill payments, spending visualization, and currency exchange to deliver an advantageous payment experience for your customers.
Using our e-wallet platform to deliver P2P transactions, you can also add necessary features to your payment product. SDK.finance offers a highly flexible software solution, so it is possible to implement additional functionality to your e-wallet product via our universal API. Therefore, you can integrate this platform with almost any solution to quickly meet your customers’ needs and stay ahead of the competition.
P2P payment is a convenient way to send and receive money, so today more than 84% of consumers say they’ve used these services. Digital wallet platform offers secure P2P transactions and provides your customers with additional payment options, offering powerful payment services.