How To Create An Online Payment Website Like Opay

Making payments has become easy and accessible. Even if you don't have a bank account or a bank near you, online payment websites like Opay has taken care of the stress of thinking about how to make payment and carry out business transactions. Opay is a fintech company that has accorded millions of Nigerians the opportunity of carrying out financial transactions and make smart money decisions. Money comprises people's sweat and hard work, and knowing that there is a website/app that handles your finances and is safe and secure gives users rest of mind. So in this article, we will look at how to create an online payment website like Opay.

An Overview Of Opay

Opay, which stands for Official Payments Corporation, is Nigeria's first cash-back wallet that enables you to make financial transactions anywhere in the world. Gone are the days when you had to step into the bank physically to make a payment; now, you can make payment for anything at your convenience from wherever you are. Opay is known for providing smart financial services to users and empowering them to take bold financial steps that are profitable. The fintech company was launched in Nigeria in August 2018, and today it has equipped individuals with the ability to make more with their money. Opay has provided financial solutions to many Nigerians, saying that life is better with Opay. The leading online payment platform possesses the following features;

• Equips users with the ability to send and receive money in real time.
• Enables users to make smart financial decisions.
• It makes financial services more accessible to users.
• Creates opportunities and possibilities for the unbanked.
• Offers low-fee POS terminals.
• Offers payment ease for utility bills, subscriptions, etc.
• Merchants can track and monitor their business transactions.
• It can be used on mobile phones and the web.
• It is a P2P (peer-2-peer) platform.

Making, paying, lending, and sending money has become easy and accessible for people with the advent of online payment websites like Opay. Since its inception, many people have been able to create bank accounts with their phone numbers, and millions of Nigerians have been given a chance to step into the finance world. 

How To Create An Online Payment Website Or App Like Opay?

1. Find A Development Team

No man is an island; bearing this in mind, you would need a team of skilled developers to create an online payment website or app like Opay. Hence, find a development team to help you achieve your desired payment website or app. If you are a developer already, there is nothing wrong with having people, i.e., fellow developers, that you can ask questions, draw ideas from and rub minds. 

2. Choose Your Platform Type

The next step to creating an online payment website or app like Opay is choosing your platform type, and in this case, it would be a peer-2-peer payment app. P2P oversees electronic money transactions via a payment application. Knowing the direction you want your payment website or app to go will guide you in this phase. It can be a bank-based solution, social media platforms, standalone services, or a mobile OS system; whatever the platform, ensure to define it for your business. 

3. Select The Right Features

Features like self-registration, QR code scanners, invoices, send and receive features, etc., are must-haves for an online payment website or app like Opay. So, ensure you select the right features you want your website or app to possess. Focus on the necessary features for a start; as the development continues, you can add others.

4. Technology 

Choosing the right technology is paramount when creating an online payment website or app like Opay. Using the right technology enables you to give your users and customers the best. For instance, Artificial Intelligence (AI), real-time payment (RTP), etc.

5. Security

Online problems like hacking, cyberattacks, etc., are problems that can pop up, especially for payment websites or apps like Opay. Because money is involved, ensure that customer account and transaction history are safely protected and all of their details while developing the website or app. This is where features like Unique OTP and ID, QR code, etc. come in.

6. Regulatory Compliance

The fintech industry has set down rules and regulations regarding payment websites and apps. During this development phase, ensure you adhere to the defined payment standard.

7. Design

The design of your online payment website or app like Opay goes a long way in keeping your user engaged and interested in your website or app. Create a platform that enables users to navigate quickly and has a soothing colour scheme. 

8. Testing

Following the above steps, you can test your payment website or app. Ensure it runs properly and can perform typical operations. Also, test runs for bugs, glitches, and hidden problems. 

9. Release

You can release the app when you are done testing it. 

Technologies Involved In Building An App Like Opay

• iOS - Apple XCode, Swift, Objective-C, etc.

• Android - Java, Android Studio, etc.

• Sending and Receiving Money - Automatic Clearing House (ACH) etc.

• Sending Invoice - Nexmo, Firebase, etc.

• Notifications - Firebase cloud messaging, Chrome notifications, Rest APIs, etc.

• Digital Wallet - Rest APIs
• Unique ID and OTP - Rest APIs, Bamboo invoices, etc.

Tools Involved In Building An App Like Opay

1. Database
2. Server
3. P2P system
4. Programming language - Python
5. Payment processor
6. Payment app design

Must-Have Features In A Platform Like Opay

1. Pleasant And Interactive UI

A pleasing and interactive user interface is vital and is one of the must-have features of a platform like Opay. An interface that users can easily navigate and interact with enables users to carry out transactions faster and easier. Icons like card balance, transactions, payment link, deposit, withdraw, receive money, bank network, transfer, and promo centre create an understandable outlook for users on your online payment platform.  Not just the title of the icons but the images that go with them helps give a graphical representation of the particular icon and equip users with the knowledge they need when operating on your platform. 

2. QR Code

The QR code feature is another necessity for platforms like Opay. The QR code enables users to share and receive money by scanning the code with their device camera. QR Code is a secure form of carrying out transactions that online payment platforms offer. With Opay, you can use QR codes to pay bills wherever you are, even at a purchase point, with ease. 

3. Sending And Receiving Fund

Sending and receiving funds is a must for an online payment platform as it serves as one of the primary functions of that platform. Hence, ensure your online payment website like Opay is equipped with the tools that allow users to send, request and receive funds at any point and to anyone. The essence of having a payment platform is so you can carry out financial transactions, it has to serve the purpose for which it was made, and the sending and receiving Features will help you achieve that. 

4. Invoice

An online payment website like Opay is not complete without an invoice when users do transactions. An invoice provides the necessary information and carries the details of a transaction. The invoice covers the transaction amount, services provided, etc., and is a summation of the entire transaction and proves that a user did a transaction. Hence, the invoice feature is a must-have for a platform like Opay. This Feature also enables users to generate an invoice with a single click.

5. Self Registration 

The self-registration Feature is an essential requirement for platforms like Opay. Users registering email security enables them to use the online payment platform much faster and more efficiently. 

6. Unique OTP And IDs

Users should have unique IDs and OTP when logging in on specific devices several times. As technology keeps evolving and businesses move online, digital financial institutions are created, and the risk of hackers and cyber attacks keeps increasing because as there is growth and progress in life, the opposite of such comes into existence. Hence ensuring your online payment platform is safe and secure for users at every given time is vital. The One-Time Password allows users to debit and carry out transactions. 

7. Transaction History

Online payment platforms must possess the transaction history feature because it helps users keep track and monitor their transactions. Give users the ability to generate and download their transaction history from your online payment website, like Opay and share it via multiple platforms. 

8. Push Notification

The push notification feature alerts users of updates, releases, offers, credits, debits, receipts, and other activities. The push notification is a feature of an online payment platform like Opay. It keeps customers and merchants up to date with current trends and enables them to monitor their transactions. Allow your users to select the kinds of notifications they would prefer so as not to annoy them. 

9. Chat Feature

The chat feature enables users to add a few details when they want to transact. Also, the chat feature allows users to chat with a customer service representative whenever they need help while on your website/app.

How Much Does It Cost To Build An App Like Opay?

The cost of building an app like Opay varies depending on many factors. From the design to the various features that will be incorporated into the app, maintaining the app itself requires time, a workforce, and money, most importantly. Also, the team of developers affects the overall cost because if you use freelancers, in-house developers, or outsourced developers, the development price will undoubtedly differ.  Another aspect is the type of payment app, integrations, location, workflow, etc. Hence, know your budget as a company, and have a laid foundation of your vision and goals and desired end product. 

Our Expertise With Building A Pos App Like Opay

With a wealth of experience behind us over the years in online payment websites and app development, we understand the nitty-gritty of building a POS app like Opay. We take our time to ensure our clients have a clear-cut understanding of the purpose and direction for building a money transfer app because we know that it is not all about doing the job but doing the job perfectly and ensuring our clients are happy. At our company, we provide cost-efficient, secure, high-quality, and the latest money transfer apps that stand the test of time. We have developed numerous apps that have enriched the lives of many and, to date, are devoid of technical issues. We are flexible and have various payment models for you. So whether you are a startup or an already established company or brand, we have a plan for you. Our team of developers has an insight into the world of peer-to-peer app development that they always bring out the best and provide you will tailor-made solutions to mirror your desire and meet your needs as a company. 

Conclusion 

The rate at which the fintech industry is growing is commendable, and innovations are being birthed daily. Online payment websites and apps like Opay have created a platform for people to carry out transactions and achieve success quickly. Money is now easy to send and receive, and long bank queues are avoided. Many people are still embracing this money transfer method because it creates innovative possibilities for people. You can never go wrong with technology because of the wealth of opportunities and possibilities it accords to everyone. In Nigeria today, there is a POS stand for people to use everywhere they turn. Ease and excellence are one of our watchwords which is why we will continually jump on technological trends and improve our devices to serve you better. 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. Let’s talk about making your Mobile app ideas a reality! We follow certified enterprise mobile app development process steps to ensure the success of your app's launch. Our skilled mobile app developers are here to assist you with your digital transformation. 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 products 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.