Are we moving towards a world without money or in simple terms – are we surging towards a digital economy? The current payment technology evolution indicates ‘a yes’. The methods of payments are constantly advancing at a rapid pace with new technology platforms, new enterprise solution providers and new tools emerging regularly.
The Timeline Of Payment Evolution
Definitely, money and the methods of a transaction have evolved on a large scale from the time of its inception. The story of evolution began from goods to grains (a barter solution), from coins to paper (token system) and then to bank accounts (the idea of cash pooling), and now to e-wallets, credit cards, checks (the era of cashless payments). Money and payments have transformed into various shapes, sizes and forms.
“46% of people in USA convey they do cash transactions for less than 8 days in a month and 5% people tell they don’t use cash”
Cash is becoming obsolete? Isn’t it? Well, NO. Cash will always remain a predominant way for smaller transactions. However, the acceptance of digital payments is on the rise.
One of the mobile developer in our company conveys, “Digital payments are the dawn of new age. People will no longer wait in lines to cash checks and pay bills. Online payment apps will bring ease & productivity”
Mobile Payment Technologies is Gaining Traction
As the consumer behavior with technologies evolve, the expectations & level of Omni-commerce experience increases. This indicates the need of technology that empowers you to pay with same method whether the purchasing takes place online, in an in-store or with a mobile device.
A Single Wallet For All Your Cards
Yes! You heard it right, “A SINGLE” wallet for ALL your cards. The wallet that has access to credit cards, debit cards and a variety of vouchers, transit passes, coupons and transit passes, ID cards and many more. Such app will assure you ease and convenience at any moment and you don’t have to carry and purse or wallet everywhere. One such app is ‘Suretap app’.
Mobile Payment Apps (P2P Payments)
The mobile payment apps gets you rid of the frustration of taking out bacteria covered bills, coins, credit cards, or ATM card every now and then. All you need is your SMARTPHONE. Not just you can easily pay your food bills at Macy’s or McDonald’s or do the mobile recharges, but it even makes the peer-to-peer transaction easy. You can pay to your friends, acquaintances or relatives to cover the share of your restaurant bill or any other reason.
Few popular mobile payment apps are:
- Apple Pay
- Android Pay
- Google Wallet
- PayPal
- Paytm In India
How Online Payments Fueled The Growth Of Ecommerce
Direct billing through smartphones has benefited the ecommerce companies in a huge way, as this principal method of payments has provided ease to users to buy any product. The methods like paying at checkout with just a number or with an in-built payment app has brought flexibility and productivity to users. Yes, we can say with evolution of ecommerce, we have seen a rapid rise of e-wallets.
So you are interested to have your own mobile payment app for your ecommerce industry, banking industry or a simple transaction app? We, being top mobile app Development Company can help you. However, prior that let’s understand what are some important features you will need in your online payment app.
Important Features Of Online Payment App
To make your app simple & easy-to-use, consider following key points:
Key Features Of Your Online Payment Web & Mobile App (for Users):
- Sign-up/Sign-in with email and mobile number with OTP
- Add money to wallet with net banking, debit card or credit card or get integrated easily to the bank account
- User profile giving details about transaction history
- Send money to other users by including phone numbers or scanning QR codes
- Feature to easily pay utility bills
- Cash Back Offer Feature
- eCommerce marketplace (optional)
Key Features of Your Online Payment Web App (for Admin):
- User management
- Wallet management
- Coupon code & cash back module
- Customer support & feedback module
- Digital payments module
Other than this, the app should focus on:
App Design: One the critical element you need to ensure is that the design and user experience should be simple and to-the-point. If users will feel perplexed in your app.
To test your online payment web app to make sure that it is working (without the need of using an actual credit card), you can use a credit card number generator such as this from Allfront to make sure that your app runs smoothly.
App Platform (Android, iPhone): You need to decide your app audience initially, to know which platform is best for you. If your target audience is a local/semi urban/rural market, you can start with Android. Moreover, the cost will change from platform to platform.
The future anticipates to not just get rid of cash but even debit and credit cards too. The mobile payment apps like Apple Pay, Tez, Android Pay, and Google Wallets will continue to grow in business market.
So, wondering what’s our role for your business success?
We help you to design and develop apps like Apple Pay, Android Pay, Google Wallet and other be-spoke payment apps that help users to pay with phone without leaving the comfort zone and gets you ahead of the pack.
