Mobile payments have become an integral part of our life.
Taking into account the fact that the representatives of Generation Z become adults, this segment of financial services can grow at an exceptionally high rate in the coming years.
Since more people around the world use smartphones and more countries are moving towards a cashless economy, it’s no surprise that many of the leading payment companies are constantly developing new, improved payment systems.
Some analytics believe that this tendency will lead to the abandonment of credit and debit cards in the future.
However, cash will remain with us for a long time.
Why mobile payments are so popular?
With the appearance of smartphones and mobile Internet, payments become available to billions of people all around the world.
Now special applications make the process of online payments more transparent and provide the user with complete control over finances.
These mobile platforms also provide access to all data and the ability to track and analyze expenses wherever you are.
What’s more, the popularity of mobile payment technology is fueled by annual events in global commerce.
Among them are Black Friday sales and Cyber Monday sales.
Apart from the increase in the number of people using smart devices around the world, the development of the market is influenced by the increase in trust to payment systems.
It is explained by the fact that now there are a lot of companies that pay great attention to security issues and combating fraud.
Among other factors that are likely to drive the further development of mobile payments are some recent innovations.
Blockchain is becoming a global trend, and many major payment companies, including Mastercard, have already implemented settlement systems based on this technology.
E-wallets are also worth mentioning. Thanks to such platforms as Apple Pay and services like Wirecard that remove geographic barriers in this area online payments are so convenient.
The Development of Payment Applications
If you don’t know how to create a payment app you may apply to professional help. However, if you want to get insight into some pivotal aspects of payment app building, below you will find some crucial tips from our team.
1. Before getting down to business, make sure you know the main features your future app will have. There are some basic features that all mobile payment platforms must have:
- Users should have an opportunity to open accounts, add credit or debit cards, perform online money transactions, link to their bank accounts.
- Pay enough attention to the security measures. Provide your customers with face, fingerprint identification, ID verification. It is essential for the prevention of money fraud and identity thefts.
- Push notifications determine the quality of rendered services. The clients highly appreciate the reminders about all transactions and new features that your app provides.
- Keep abreast of the times and make use of all modern technologies. Don’t forget to provide your clients with contactless payments. NFC and QR codes are among the new trends with a lot of people using them.
2. To develop a high-quality payment app you have to analyze the industry and your potential rivals. It will help you work out unique style, add some sophisticated features, and avoid common mistakes.
3. Your payment app should work equally well on all available platforms. Make sure from your services can benefit both Android and iOS users. What’s more, the user interface should be easy to use and understand. Customers don’t like complicated tasks. If your app is difficult to master, people will simply switch to other mobile platforms.
4. Provide your clients with access to powerful servers. If you want to develop a popular payment app, be ready to face some challenges. Your mobile platform should be able to cope with thousands of transactions in a single day. Remember that long waiting times can spoil the reputation of your application.
The Future of the Mobile Payment Market and its Main Tendencies
The most noticeable trend in this field is the identification of the user when making payments with the help of biometric indicators. They include pulse, voice, fingerprints, face recognition, etc.
The terminal recognizes the presence of the user’s phone, and the employee accepting payment can view the photo of the buyer in his Google profile to additionally confirm his identity.
Another popular mobile payment trend is biometric identification.
Contactless payment using mobile phones has become commonplace. The number of devices and items that can be used for payments is constantly expanding. Now there are specific wristbands, mobile cases, keychains that allow cashless and contactless payments.
The main tendency in terms of making payments is the general optimization of this process – its simplification and acceleration, reduction in the number of actions performed, etc.
Having appeared relatively recently, mobile payments have already conquered a significant part of the market. According to experts, the approximate growth of the global mobile commerce market in the coming years will be 55% per year. It is even expected to replace traditional banking services. Who knows, maybe in the future there won’t be any physical banking establishments anymore.