How mobile apps have revolutionized payments space
- Sadesh
- Apr 16, 2018
- 3 min read
Mobile apps have played a big role in changing the way we see money now. It has almost been a hundred and eighty degree turnaround in our perception of money and how it works, as today, we can pay with the help of mobile apps, almost everywhere in the world. With the help of best mobile app development companies, mobile apps have become a mainstream thing for payments and settlements even across the border, with some of the applications featuring even multicurrency capabilities. As per the statistics released by Statista.com, total size of digital payments in 2018 amounts to USD 3.2 million, which is going to grow with an average CAGR of 13.5%, taking the number to USD 5.4 million.
A fair share of these payments corresponds to mobile payments, which is almost 14% of the total online shoppers in the world, and another 3% use cryptocurrencies to make online remittances and payments at limited number of store. And needless to mention, cryptocurrency remittances at present take place basically with smartphones and crypto wallet applications. Keeping the need in mind, Android app development company India at present are focusing more on coming up with easier ways to pay like Bitcoin wallets, Apple Pay, Samsung Pay and more. There are some of the salient features of mobile apps that have earned them the unique reputation of a quick way to solve problems in a comprehensive way, some of which are:
Ubiquity
Something that smartphones have made easy for the public is that with the help of App Store and Google Play Store, mobile applications are easily available for the people. This ease of access is what makes mobile applications an ideal choice for digital payments. One can easily download mobile applications that have been developed exclusively for payments and cover almost all the different channels that facilitate digital payments, like credit card, debit card, internet banking, mobile banking, prepaid coupons and more. Some of the top mobile applications that empower people to make merchant payments and even peer to peer payments are WhatsApp, Paytm, Google Pay etc.
Ease of hardware integration
Most of the payments apps we have in the market are native apps, reason being that these kind of apps use the hardware of the phone like camera, location sensors, infrared scanners to ease up the payments process. Few years ago, even though iPhone app development companies had payment solutions, there were separate payments solutions for users and merchants. But with latest advancements in mobile apps, these tiny little tools have got better at bringing both the parties on the same platform. For example – the recently launched WhatsApp business is a great app that allows generic users to use the popular chat messenger, but at the same time, the users can also link their business to the app, which allows quick payments with the use of Unified Payments Interface or simply UPI. Paytm is another such app that allows anyone to simply link their bank accounts and start receiving payments in the wallet with the help of camera-enabled QR scan feature.
Fast is better
Although banking technology on computers have improved a lot in last two years, the bottom line is that they are still quite pesky to use with those hefty username and password to login. Mobile apps haven’t actually replaced these solutions but have provided them with a better interfaces which are quick, without losing their comprehensiveness. In the past few years, most of the developments in the digital payments have been launched via digital platforms only because smartphones are not leaving any soon.
So these were some of the factors that have helped mobile game development grow the payments sector. And we must say the future is quite promising for mobile app payments as crypto currency payment systems are also being developed, and in the upcoming decade, will affect the payments space quite progressively.
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