Mobile payment app development is gaining greater impression in the market over the years as people across the globe are getting adapted with payment apps progressively. There is no surprise for this adaption as these payment apps assist them to make financial activities in ease with card-free, cashless, just-in-clicks. Mobile payment apps hasten and optimize everything regarding our financial side, right from paying bills, booking trips, to governing our expenditures.
Moreover, in this pandemic period mobile payment apps are shining as a life saving savior as people are in the situation to maintain social distance and to stay at home in order to stay away from this terrible COVID19 disease. At this time, most of the businesses are being done with these mobile payment apps which aid in making contactless payments.
This is the major reason for the significant adoption towards mobile payment apps and these apps are now entirely changing the dimensions of the cashing method. Who knows, maybe these apps will lead us to a day where there will be no banks.
A P2P payment app or wallet app refers to the payment process or to make electronic money transactions with each other via mobile devices. Using a payment app, you can send and receive money as well as can also pay your debts like EB bills, mobile recharge and much more.
Go through the various factors that makes depicts mobile payment app development as a sensible business concept right now
As said before, usage of mobile payments is rising greatly. According to a report, global mobile payment users will surpass 1.4 billion by the end of 2021 and the numbers will increase nearly twice in the upcoming years. This clearly admits that mobile payment apps are all set to dominate the fiscal market in 2022.
Best Platform to Invest
By the end of 2021, this mobile payment market worth is estimated to hit above $340 billion. Also payment & transaction based startups who has invested in it have experienced a colossal ROl in the first quarter of this year alone.
Well above facts says that payment app development is a massively successful earning concept in this 21st century and resembles as a superlative source of revenue for businesses. Moreover the ability to build individual gateways for various functionalities are the key factors for this inevitable success and there are several avenues to earn in this industry.
Capitalize this lucrative opportunity to make millions and billions by creating a payment app.
Ease to Use
Mobile payment apps make everyday transactions simple and get done with just a few clicks. All like Gmail and facebook, initially users need to download the app and provide required details. And for the rest of his history, payment can be done in a smooth manner.
Fulfills Every Aspects of Financial needs
Mobile payment apps are functioning as a one stop solution for all financial requirements without doubt. Right from bill payments like Electricity, DTH, gas, water to buying travelling tickets for bus, train and flight, mobile payment apps are best for sure.
As these transactions are made online, there is no border limit and so users can make transactions with anyone from any end of the world. From a business perspective, you can attract consumers from a global level for your app.
Rewards & Offers
This is also a major reason for the users to prefer mobile payment apps. While making transactions, these apps will provide several discounts, offers, and cashbacks for the users which greatly boost them to use mobile payment apps.
Simplified Process to Load Money
Adding money to the wallet is very simple here via debit card, credit card or by net banking. It is not essential to remember our details every time while making transactions. This also saves time considerably.
Schedule Timely Payments
It is also possible to schedule payments for the future in advance via the auto payment option. If you set a date for payment, the app will automatically pay your bill from your wallet.
Once going through business benefits, you would probably go for mobile payment app development without doubt. If that is so, then we MacAndro is here to make your dream alive. As a leading mobile app development company, we reputed in providing customized, secured and fully protected mobile payment app development solutions for Android & iOS devices. Our skilled banking & financial app developers are expertise in delivering state-of-the-art mobile payment apps that addresses all your requirements.
Apart from bill payment, money transfer and balance checking, there is a lot to explore in mobile payment apps. Find some of them below
Digital wallet in the app will uphold the user’s card details and offers. Users can also store money here from their bank accounts, and can make payments whenever needed through this.
In App Chat
This feature allows the users to make conversation within the app. So that the users can confirm the person before sending money.
Direct Transfer to Account
Using this feature, it is possible to send money directly to the bank accounts irrespective of banks as well as can receive money to their bank account.
Here users track their entire transaction history in detail with time, received person details, mobile number or bank account number etc. Keeping a record in our transactions will be very useful while calculating the expenditures.
This feature will notify the users about this payment status, offers, and intimates them immediately if any fraudulent activities are detected.
Apart from the fundamental features, we add some advanced features in our mobile payment app development concerning the security and various factors. Explore them below
QR Code Scanning
This will allow the users to pay and receive money from each other even though there is no mobile number or bank details. By just scanning the code, one can make payments
MacAndro incorporates analytics in mobile payment app development which will help you to grab valuable insights of your app usage and user behaviour in detail.
We also design our app that functions some limited activities even in offline mode. With our offline app feature, some of the features and data can be accessed by users even without an internet connection.
High Security Features
Our skilled payment app developers integrate high end security features to ensure the safety of the user’s details and money. So that the users can make transactions without any panic.
Tokenization is one of the methods to make secure transactions. This will generate OTP for fund transfer so that your users won’t send money to other accounts by any chance of mistake
In our payment app development solutions, we provide access for the integrate the with wearables. So that you can manage your payments even without a smartphone.
We integrate GPS Technology in our mobile payment app development process which enables the users to find friends who are in nearby locations and make rapid money transactions.
Cross Platform Support
At MacAndro, we build mobile payment apps that work on multiple platforms. With our cross platform app services, you can launch a mobile payment app that works on both android and iOS platforms.
Getting into the ocean of fintech might be a challenging one but it's worth investing in it. With technological innovation, people are getting into modern day life and utilizing the favour of smart devices to make their payments. Rather than going to banks or visiting to make payments in person, getting all done with just clicks attracts them more. In the future, there is great scope for mobile payment apps without doubt.
Well, time to build a payment app depends on various factors like type of app, features, sophistication, characteristics, client’s requirements and much more. Averagely it will take around 5 months to create a fully secured mobile payment app.
Cost for developing a mobile payment app depends upon the app’s, features, UI and UX design, functionalities and platform to build. Approximately payment app development cost may starts anywhere from 30,000$ to upwards. To Know exact cost, reach us!
At MacAndro, we will provide protective mobile payment app with integrating advanced security features. Some of our security measures are listed below
Yes, We will provide 24/7 support for your project before and after the app launch.
Ofcourse, MacAndro will allocate a separate team of well experienced app developers, project manager, testers, UI & UX developers who are professional in developing payment apps especially for your project.