The world is becoming instant. Every minute, there is something new to boost the productivity of the online world. Especially in the Banking industry, online payments and banking, including instant transactions, are happening quickly and fast. The P2P payment methods are really quick through similar Venmo clone apps. They ease the entire process with just a simple click.
The revenue standards of these apps are also shooting up with the increasing popularity of these payment apps like Venmo. Let us see a few stats and strategies related to P2P payment apps.
Data based on E-payment and online wallet
The total of non-cash payments increased by 8.1%, contributing 98.0 Billion in 2019 in the European market, which as a total contributed valued 162.1trillion euros. The card payments accounted for 48%.
China, on the other hand, 70% of the Chinese users use mobile wallets frequently. And the country thereby accounted for 80% of the global e-wallet revenue in 2020.
The total online payments processed globally in 2020 was 70.3Billion.
The CAGR is expected to increase 12% for the total transactional value of digital payment before 2025.
And Cash, on the other hand, will become the least common mode of a transaction by 2022
China is to emerge in the top 3 cashless countries. Europe is much more sophisticated with a digital payment market than the traditional infrastructure. In 2022 the majority of the branches of the global banks are to be closed, and no cash deposits or withdrawals will be permitted. Countries like Finland, Sweden, and the United Kingdom are also in the same lane.
The future of the online Payment industry is facilitated through Payment apps like Venmo.
Digital wallets and online banking are easy and safe to use. These numbers and facts prove that P2P payment apps have a good market in society, and by developing them now, it is wiser to increase the audience and turn the future trend towards you and your app.
But now, to develop your app, INORU is here just for you. It is all to avail our service in developing your user-friendly, featured filled, and convenient payment app. With our improved scripting technology, it’s easy to boost the compatibility and performance of your Venmo clone app and thereby emerge as a global app choice that eases A to Z of the user’s payment and banking activities.
Added August 30, 2021 | 353 Views