The payment gateway platform using Venmo-like apps with stellar has gone trending in recent years. It focuses on delivering a safe transaction mode for traders to exchange their currencies around the world. For investors, it’s high time to develop your payment app on Stellar Blockchain as it provides a secure and quick transaction without any errors or hacks being taken place. This payment gateway platform makes you feel excited since it has all the necessary features a gateway should possess in a blockchain network. To know more in detail, keep reading our blog till the end!
What is Stellar?
A stellar is an open network protocol to store and move cryptocurrencies. Stellar allows trade, sending, and creating digital ecosystems for transactions to take place. Building your own Venmo with stellar allows managing the financial systems across the globe in a single network.
What is Venmo?
Venmo is a trending mobile payment gateway that allows traders to pay or request money from others. Venmo users can experience a safe and secure payment transaction in less time. PayPal owns Venmo-like mobile applications to offer this service.
Efficient ideas to implement Stellar like blockchain network :
Stellar Network Protocol :
The Stellar is developed to perform a chain-based network with a high reach among traders to benefit in the marketplace for crypto exchanges. The Stellar allows the traders to invest in low assets to gain more exchange rates.
Stellar Foundation :
The Stellar Foundation is considered a non-profit organization that initiates managing the entire network and protocols of stellar. It was initially built with instructions to handle the fluctuations of rising and fall of exchange values.
Stellar Core and APIs :
Stellar Core focuses on the communication and maintenance part of the network with the help of Stellar Network Protocol, harmony, and network validity gets completed.
The Stellar horizon APIs perform an interaction with Stellar Core for developing apps with ease on the web.
Creating Accounts :
An account is created before interacting with the network and depositing lumens in the wallet. Stellar account holders have access to private and public keys instantly.
Stellar Assets :
The Stellar Assets consists of resources like equity, money, and real estate. You can trade all various currencies through this network, and Stellar owns a native currency called Lumen (XLM).
The Venmo-like apps are considered to be anchors. To develop your payment app like Venmo, furnish the assets on top of Stellar and transfer them to other Stellar accounts. The anchor that shows fiat is a restricted entity to deal with banks, savings, and remittance companies. Traders deposit crypto exchanges to the anchor’s account and then transfer to their stellar account with equal amounts.
Merits of stellar blockchain network: :
- Asset Digitization: :
Investors began to invest in crypto assets, shifting their focus away from traditional assets and toward digital assets. The acceptance of digital assets is reflected in the adoption of blockchain/crypto. In the stellar network, asset digitization techniques such as slicing are available.
- Building Decentralized Exchanges: :
Unlike centralized institutions or smart contracts that hold your currency, Stellar DEX allows you to have complete control over it. This protects the central servers and smart contracts from being hacked, putting your funds at risk.
- P2P payments app: :
Using stellar blockchain technology to build a peer-to-peer payments app enables quicker cross-border transactions with minimal remittance rates.
- Enables Sharing Economy: :
The stellar network facilitates the creation of revenue-generating financial solutions for service providers. For instance, the stellar network’s banking system produces revenue for the service provider by allowing users to share hotspots with others.
Working process of Venmo like app with Stellar :
- Install and Create User Account :
The users can install the app and create a new user account to store their details. It requires only a Sign-in process and not a password.
- Verification Process :
The verification process requires details like driver’s license, passport, proof of residence, etc., for updating the Venmo-like app.
- P2P Payment method :
The P2P payment method works once the account is created and gets some cryptocurrency deposited in it. Later lets you send cryptocurrencies to other users.
- Balance Transfer method :
The payment gateway app holds a separate section for depositing money into their bank account.
Important Tech-stack to be preferred :
- Front end development :
Develop an eye-catchy front-end view with smooth performance, interface, and internal structures to lure many users into having access to your payment gateway app.
- Back end development :
Ensure to implement a scripted programming language for your app as it is considered the main backbone for the application to work.
- Smart contract functions :
The smart contract functionality is one of the vital stacks in the key to deploying a blockchain-based network. It includes the benefits of secure, truthless, and P2P for providing a smooth functioning of the payment transaction.
Services offered with developing a Venmo on Stellar :
Like Stellar, a Venmo app consists of scripted codes written by developers to build this payment transaction gateway for asset exchanges.
The payment gateway app provides a trustworthy feel after usage of it. The performance and security let the user exchange their currencies through safe transactions.
The users need not fear losing their cryptocurrency due to technical errors or hacks since it will be under constant monitoring of transactions.
The app’s payment gateway platform lets the user experience quick transactions instantly without delay if the internet connection is stable.
The Venmo app on Stellar comes with numerous solutions related to the app’s development at an affordable price.
The payment transaction app consists of multiple logins and sign-in features for users to have a convenient mode of payment exchanges done.
Safe and secured access
The global payment gateway app comes with high-security features and a safe mode of transacting cryptocurrencies.
How can you make money through a Venmo-like app??
A payment software like Venmo can be used in a variety of ways to make money such as,
Instant Bank Transfers
Transactions to bank accounts can take a day or two depending on the laws followed, but this process can be made lightning-fast and swift for an additional fee.
Credit card payment charges
When you use a credit card instead of a direct peer-to-peer transaction, the Venmo-like app charges a predetermined rate for each transaction.
A modest portion of each transaction will be charged by merchants who use the Venmo clone app to conduct commercial transactions. On the other hand, direct peer-to-peer transactions are free of cost.
Why prefer Infinite Block Tech for building a Venmo-like app on Stellar?
We at Infinite Block Tech have professional experience building a trending payment gateway app like Venmo on Stellar. We are one of the best leading industries in blockchain technology. We offer our services at a cost-effective price range for clients to benefit from trending features in less time. We have globally recognized the work provided in the advancement of blockchain technology. Our technical support team offers services 24 x 7 for clearing clients’ queries. Instead of wondering the possibilities, step in to reach us out to build your business growth.