What Should Mobile App Developers Know About Mobile Payments?

Posted by fluper on January 11th, 2019

It does not matter what kind of business project you are planning to undertake, make sure you have an outstanding mobile application. In present times, mobile payment revolution is coming fast in every part of the world and it is expected that all payments will become mobile in the upcoming time period. According to marketers, it is predicted that mobile payment volume is likely to increase 3 billion by the end of 2020. Mobile app development is the top-rated industry in Australia that heavily contributes to the market economy. Mobile payment technology is extremely beneficial for your business. If you want to scale great heights in online business then hire a top-notch iPhone app development company. In this article, we are discussing important things that app developers should know.

Kind Of Payments You Want To Support

Latest smartphones are equipped with advanced features and that is an advantage for app developers. Bluetooth, camera, fingerprinting scanning authentication etc. can be easily combined with Mobile P2P transfers. When it comes to mobile wallet app development, mobile app development companies have to consider various things.

NFC

NFC or Near Field Communication protocol enable secure interaction between an NFC enabled smartphone and transmitter that is attached to the POS device. When a payment takes place, consumers’ information is sent to the nearest payment terminal via the NFC. Apple also incorporated this system with the launch of iPhone 6 but it is limited to Apple Pay platforms only.

Bluetooth and iBeacon

If you want to send proximity oriented information then iBeacon is the best option. The best thing about this is you don’t have to rely on an internet connection. The smartphones that are equipped with Bluetooth 4.0 can easily communicate with external BLE transmitter that is known as Beacon. The best thing is that it offers indoor navigation that is implemented in boosting customer experience.

QR Codes

QR codes are implemented by several mobile app development companies.  Besides this, notable application level also supports QR payments along with iBeacon and NFC systems. For instance, Starbuck’s mobile wallet app accounts for 21% of all the transaction only in the US. It consists of a procedure through which customers can link their payment methods as well as encrypt them into a secure QR code.

Wearables

Android app development companies have a lucrative opportunity in the form of wearables. According to researchers, it is expected that the wearable market in Australia will cross billion in the upcoming time period. Square is the most popular credit card processor provider that has launched a mobile payment app, especially for Apple Watch. Now users can send as well as receive business and personal payments through smart watch.

What Possibilities Come With Mobile Payments?

Better Experience

When it comes to getting mobile customers, well-designed mobile checkout is essential. If the payment method is too much complicated then definitely user will avoid it. Making payments with smartphones is really fun as it allows users to customize payment gateway. Once the payment is done, users can easily move back to the website.

Higher Conversion

Needless to say, mobile payments are one of the most convenient and quickest ways of paying online as well as in-store. This is because it helps to increase sales, building customer loyalty and hence comes with higher conversions. Mobile App developers can improve mobile payment UX by reducing the fields and condense the entire process into one unique page. In fact, it is extremely important for retailers to create a user-friendly checkout process that can improve the customers’ trust as well as force them to buy on smartphones.

Mobile Payments Security

In present times, customers have a lot of options to make payments from mobile devices. In fact, credit cards, debit cards are generally preferred by the customers. The biggest obstacle for online business is to manage customers’ security and addressing them how to manage fraud risk. Token technology is considered the most attractive authentication method and also packed with additional security layer. Make sure every payment is properly checked against fraud that will eventually decrease the number of chargeback.

Final Thoughts

Mobile app development companies consider mobile as an important part of their growth and success. Needless to say, mobile is becoming an integral part of the shopping experience. Do you want to provide outstanding Android app development services to customers especially in Australia?  Fluper  is a premier mobile app development company that builds up-to-date solutions to offer progressive end-to-end enterprise solutions.