How to Build a Fintech platform Like Paypal in Nigeria

Have you ever wondered how to make a PayPal-like app? or How do I launch a business like PayPal? You're in the right place, then. We will assist you in comprehending the fundamentals of creating an online payment application like PayPal with the aid of this guide. Since quite some time, online payment services like PayPal have swept the globe. The market for online payment apps is also flourishing more than ever thanks to technological advancements. Let's take a quick look at some of these numbers before getting started on the process of how to make an app similar to PayPal.

Why is Paypal So Widely Used Across the World?

1. It's simple to get started.

The low entry barrier of the PayPal payment infrastructure is one of its biggest benefits. Anyone can open an account in less than ten minutes and begin using it. PayPal is much more practical than opening an account at a conventional bank or other financial institution, which necessitates a trip to a physical branch and a ton of paperwork. There are no drawn-out lines or needless red tape to deal with—just an online registration process and information entry. It's very simple to connect already-established bank accounts or credit cards. As a result, all business types and common people have easy access to a vast payment ecosystem. PayPal enables users to send and receive money with just a few taps, whether they're splitting the bill at dinner or selling goods online. You can continue to use PayPal wherever you shop once you've created an account with your bank account or credit card. You only need to sign in with PayPal to purchase something; you don't need to enter your credit card information repeatedly. You not only save time, but it safeguards your bank information throughout transactions.

2. It is designed for e-commerce

Retailers, online shops, and even restaurants can gain an advantage over rivals by luring customers with quicker checkout times. But there are other advantages for business owners as well. The merchant services offered by PayPal are a great way to stay organized.With PayPal's payment infrastructure, tracking orders, producing sales reports, and keeping track of invoices is simple. Additionally, the system's adaptability enables merchants to add new payment links and buttons in almost any circumstance. While those tools serve as a great starting point, PayPal also has alliances with numerous third parties to assist you in expanding and managing your business. Numerous quick and simple integrations make the Paypal platform a one-stop shop for many businesses worldwide, from website and store builders like Squarespace, Wix, BigCommerce, and Shopify to partners like Magento that allow you to further develop your business.

3. It's safe

The security of customer data and payment information is still a concern, despite how widespread and commonplace online shopping has become. The approach taken by PayPal is to mediate any disagreements and order inconsistencies between buyers and sellers. It is advantageous to have an additional security layer to thwart fraud, even though the resolution procedure might take some time. These features, which all come from the adaptability of PayPal's core payment system, make digital payment platforms like PayPal extremely appealing to customers and merchants for their functionality, convenience, and user-friendliness.

How to Build a Fintech platform Like Paypal in Nigeria

Creating an app is a laborious process regardless of its niche. While working on the development of an app, one must be careful with so many intricate details. This procedure has been broken down into simpler steps to make it easier to skim through and comprehend. Every step will teach us something new about how to develop a payment app. So let's start with how to develop a PayPal-like app!

1. Describe the project's scope.

Establish the objectives, due dates, and project specifications you'll be aiming for. To make sure that all of the project's components are in line with the goals, it can be helpful to define the project's scope.

2. Select the appropriate SDLC model

You can begin with an MVP model that focuses on a particular region and has a constrained number of features. Afterward, as you receive more customer feedback, you can gradually improve the platform.

3. Engage a group to create an electronic payment system.

Then, you must locate a knowledgeable group that can assist you with the development of fintech software. To create an app like PayPal, business analysts, UI designers, web developers, Android developers, iOS developers, a team of testers, and project managers must be knowledgeable about a particular payment technologies stack.

4. Find a cloud service provider.

Using cloud services to manage the platform infrastructure can hasten the development process. Costs and time to market are decreased by using a pre-made server, storage, operating system, or runtime environment.

5. Obtain an API or SDK for online payments.

For the development of a PayPal payment infrastructure, you need an API/SDK solution. This can be incorporated into the main components of online banking electronic payments. You are able to start accepting payments online right away with this integrated solution. Typically, these platforms are compatible with iOS, Android, and the web.

7. Adherence to financial rules

An ID verification solution is necessary for an online payment app to meet the stringent regulations governing businesses in the financial sector. Validating government-issued identification should be possible with the system, along with managing compliance with the "Know Your Customer" (KYC) and "Anti Money Laundering" (AML) processes.

8. Construct your payment platform.

Select the best development technology before your team starts to design and build your payment platform. Before creating a payment gateway like PayPal, think about the features it will have. Some examples of these features are:

• verification of a unique ID
• electronic wallet
• sending invoices and bills
• Money transfer and receipt transaction history
• Messaging

9. Carry out the testing procedure

Before releasing them, you should test your mobile and online applications on a variety of platforms and browsers.

Why Can't Bank Keep up With Paypal?

Traditional service providers, like banks, are unable to implement new functionality because of their closed legacy systems, which are expensive to upgrade. Some of them have trouble incorporating even the most fundamental operations, like currency exchange. On the other hand, modern payment platforms rely on a much more adaptable and reliable API first architecture to quickly roll out new features. Because they can significantly expand their payment options in under 10 minutes, these factors make payment platforms like PayPal appealing to both underserved customers and those who have accounts at conventional banks.

Need Help With Building a Platform like Paypal?

Even with platforms, SDKs, APIs, IDEs, and guidelines, a project to develop an online payment website or app like PayPal can be challenging. If you seek expert assistance from a software development company, you might profit. Before you hire a development partner, read our guide, "How to choose the best software development company?" At Mobirevo, we have a sizable developer community with specialists in all of the current tach stacks. To help you avoid the costly pitfalls connected with hiring outsourced developers, the company guarantees all of their work. We have already developed the payment processing applications for a number of business owners. We have the know-how to make sure you get a secure, efficient, and dependable payment processing functionality, whether it's for an eCommerce platform or to add a checkout page to an existing app.  

Conclusion

We sincerely hope you enjoy our article on how to make a PayPal-like app. To sum up, creating an online payment application like PayPal is a challenging process that demands extensive expertise. But as technology advances, it's evolving into one of the most well-liked app development specialties. Given the high demand for digital payment solutions, investing in the development of a payment app solution is very profitable. On the other hand, new online payment apps are released daily. To discover the latest trends in the market, one must carefully monitor the data from the marketplace. To create a successful and lucrative payment app, it is crucial to keep an eye on your competitors. Mobirevo is a leading mobile app development company in Nigeria that has offered development services to companies in finance, healthcare, construction, retail, consumer products, logistics, industrial engineering, and entertainment over the years. Our software development team is eager to work on new initiatives like fintech. You can contact us today to get a free quote. Our team at Mobirevo strives to provide unrivaled services to all of our valued clients. You can also check out our case study page to see our client’s portfolio and better understand the quality of the services we deliver. Also, contact us if you have any questions about our services, and we will get back to you as soon as possible. Want to receive more content like this? You can sign up for our newsletter, which features curated opinions and Mobile app development tools for building remarkable digital assets. If you sign up for our weekly newsletter, you will be the first to know when we publish fantastic like this. You can also visit our blog to see other content created with love by our amazing team.