In the past few decades, one thing that has constantly and swiftly evolved and has become a critical part of our lives is mobile phones. These devices are brilliant and portable in comparison to other digital devices. We even rely on mobile phones for making payments, so much so that we hardly carry cash or cards anymore.
Digital and online payments have become so efficient, sophisticated, and secure due to mobile payment apps that people cannot go the other way now. Thus, most businesses, especially those that provide online services or e-commerce businesses, have already incorporated mobile payment features in their apps or have developed their mobile payment apps. According to research, 69% of global mobile users depend on mobile payment or P2P apps for transactions.
This is one of the significant reasons that new-age businesses are looking for mobile app development services to develop their mobile payment app. So today, we will learn about what precisely mobile payment apps are, what their top features are, and how you can develop one.
Understanding Mobile payment apps and their types
Online mobile payment apps or Peer to Peer apps are mobile applications that enable mobile users to transfer money or make financial transactions from one mobile app to another mobile app. Users can use these apps to send money for several reasons, from simply booking a car ride to making international transactions.
Usually, users use these P2P apps for the following reasons:
- To make payments in multiple currencies and to send payments across the globe.
- Track their transactions and find out about various transaction fees.
- Share payments among more than one peer.
- To use online and mobile remittance.
- Make payment requests to their peers.
The Working of these Money Transfer apps
Although the features of a P2P could vary, the workings are usually the same. To use a P2P or Mobile payment app, the users first have to create an account and verify their identity. Next, they have to link their bank accounts or credit cards to their account; this enables them to make and receive payments. In further steps, the users may have to share some more personal and financial details and set up multi-factor authentication as well to make their transactions more secure.
Once done with these initial settings, the apps could take several steps in making a payment. Usually, the users just have to add the payment amount and some recipient details, followed by a security pin, to make a payment. Depending upon the type of P2P app you are using, the payment could take a few seconds to several days to complete.
Various types of Mobile Payment apps
There are several broad categories of Mobile Payment apps, depending on who offers them and why. The major types are the following:
Banking apps:
Banks are one of the primary providers of P2P or Mobile banking apps, and these apps have drastically helped them improve their customer service. According to some reports, 71% of Mobile Banking app users are highly satisfied with their primary banks. Such banking apps even allow other financial organizations to expand their business in the banking niche.
Independent Services:
Some independent services or startups are trying to get into the financial industry with the help of their Mobile Payment apps. Some of the best examples of such services are PayPal and Google Pay. Usually, such services offer e-wallets to add banking cards and make Peer-to-Peer transactions more seamless.
Mobile OS Systems:
Even Mobile OS systems are staying on the chance to leverage the P2P systems. They don’t typically offer Mobile Payments apps, but they incorporate their OS with such features. The best examples are Apple Pay and Android Pay, which enable users to make transactions with the help of NFC and other payment features at stores.
Messaging Platforms:
Some of the most popular messaging apps have also enabled online payment features in their apps. They are leveraging P2P systems so users can make payments directly from their messaging apps without any extra convenience. One of the best examples of this is WhatsApp. The company has added payment features to their messaging apps in India and Brazil.
Most desired features of Mobile Payment apps:
With so many apps already available, one thing that can make or break your app is its features. So, if you are looking for Mobile Payment app development in Toronto to develop your own P2P app, you first need to prioritize the features you want to offer with your app.
Regardless of the business or industry, the following are some of the most desirable features that every Mobile payment must have:
E-wallet: Every Mobile Payment or P2P app must have an E-wallet using which the users can check their balance and efficiently manage their payments.
Payment request: Users don’t just want to send but also receive payments. Thus, your mobile payment app must have a payment request feature, using which users can send payment requests to other users.
Currency exchange: Mobile Payment can make international transactions very easy if they have the currency exchange feature. And most of the users are looking forward to this feature in their app. Thus, make sure users can easily exchange currency for making online transactions and can even keep their money in a different currency.
Transaction Tracking: It will benefit users if they can track their transactions in real time. This can help users find where the transaction process has reached if the transaction is taking a longer time to complete.
Now, MillionDev Steps-in:
If you want to develop an exceptional Mobile Transaction app leveraging the best Software services in Toronto, MillionDev is where you must be. With several years of hands-on experience and a remarkable team of developers, the company can develop world-class software solutions for you.
