Mobile apps have brought great convenience to our lives and have made everything so much easier and quicker. So much so, that mobile payment apps have brought banking into our pockets. They have enabled us to go cashless and cardless with confidence. Whether it is booking your travel, managing your expenditures, or even splitting your bills, mobile payment apps have optimized and expedited all these processes. With time, our visits to the bank and ATMs have become very limited.
The global number of mobile payment users is expected to go beyond 1 billion by 2020, as per Statista. This is because people are no more comfortable with paying through mobile apps than handling cash. Apps such as PayPal, Skrill, and Venmo are already dominating the global market.
Paytm and Google Pay are widely used mobile payment apps in India which have infiltrated the businesses of even the smallest of vendors in the Indian market. With such a global acceptance of mobile payment apps, it is only natural that many would wonder how to create a mobile payment app. There are startups for food, grocery and medicine delivery, there are shopping apps, there are travel, hotel and flight booking apps, every business is integrated with these mobile apps.
Steps to create a mobile payment app
For creating a mobile payment app, the key factors to be considered are the design, security, and standardization of the app. Following these steps would help you create a mobile payment app that is secure and has the capability to attract a lot of customers.
- Native or Hybrid app
Before you proceed with the creation of a mobile payment app, you would have a rough idea of what your app is going to look like and what the monetization model is going to be. You also should decide whether you want to build a native app or a hybrid app. Native apps are developed for one single platform whereas a hybrid app works on all platforms.
For instance, if you are building a native app for Android, and need your app for iOS as well, you will have to get another app developed for the iOS platform. Native apps tend to be costlier than hybrid apps but also provide additional benefits.
- Select a mobile app development company
The most important step to build a mobile payment app is selecting the right mobile app development company.
There are numerous companies available on different platforms, therefore, it can be challenging to find the right fit for your app idea. Enuke software is the company which delivers the best apps for you.
To select a mobile app development company you can refer to different platforms such as GoodFirms and Clutch and shortlist a few good companies.
It is crucial for you to check the experience, projects developed, clientele, and other important factors of the shortlisted companies. That would give you an idea about the capabilities of the companies to transform your idea into a viable reality. You should also get in touch with the shortlisted companies to gain insights about the cost of development, the development team, and the quality of services provided by the company.
- Choose the design
In collaboration with the design and development team, you then need to choose the design for your mobile payment app. The experience of the mobile app development company in designing similar apps will aid in designing a unique and attractive app that provides the best UI/UX for your users. The app should work fast and should not be complicated for users to understand. The design should reflect your brand image and ensure that the users would use the app for the long-term.
- Select the features
Quality user experience can be delivered by integrating the best features within your mobile payment app. Your app must-have these features to stay in competition:
- Unique login: Users can unlock the app with a fingerprint scan or security code.
- OTP: Users should receive an OTP for every transaction to happen.
- Notifications: Users should receive notifications of all activities on their account and wallet, as well as discounts, offers, due dates of bills, etc.
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- Transaction history: All transactions are stored in transaction history for the user to view.
- Transfer money: Users should be able to transfer money from their bank account to anyone.
- Digital Wallet: The most sought-after feature is the digital wallet that allows users to store card information, in-app funds, special offers, etc.
- API integration
API integration is important for the security of credit card information of the users. Credit card data is securely stored by APIs. Use third-party APIs to save on costs. These third-party APIs will facilitate sending payments, managing compliance, or connect the app with banking systems.
- Regulatory compliance
To create a mobile payment app it is necessary to get the Payment Card Industry compliance. Getting a PCI certification can be a time-consuming process. Therefore, it’s best to use the popular payment gateways that offer native mobile libraries and ease PCI compliance by encrypting credit data and transferring it into a token.
- Launch and market the app
The mobile app development company will develop and deliver the app to you within the stipulated time. The app is launched in the App store Play store based on the platforms it has been developed for. Once the app has been launched, focus on marketing and promoting the app to increase the number of users and downloads.
- Build partnerships
You will have to build partnerships with different businesses so that users can use your payment app for various purposes. For instance, the Paytm app in India enables users to pay bills, shop for groceries, buy train tickets, etc, in addition to P2P money transfer.
Following the above steps on how to create a mobile payment app will enable you to build your own scalable, secure, and successful mobile payment app. You can also view various monetization methods for your app and use a combination of some of the monetization models to increase your ROI.