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5 Must-Have Features for P2P Mobile Payment App Development
By: Admin Posted on: May 4, 2020 Category: App Development

5The trend of digital payments and mobile wallets has raised increasingly in the past few years. The convenience of “tap-to-pay” fashion is winning over not only cash but debit or credit cards as well. This revolution has driven the mobile app development industry and is inspiring businesses to invest in mobile wallets and payment apps to dominate the digital payment market globally.

Why Are Mobile Payment Apps and Wallet Apps Getting Popular?

Long gone are the days when the exchange or purchase of goods and services was solely dependent on the currency system. Time has entirely changed. Entrepreneurs, suppliers, and customers are gradually transiting from the checks and bills to digital and mobile payments. Here’s why these payment methods are gaining popularity:

  • With e-Wallet apps and mobile payment apps downloaded on your mobile phone, there’s no longer a need to carry cash and/or cards with you whenever going outside to purchase something.
  • Besides eradicating the prime necessity of carrying any cash, customers no longer are required to be physically present while paying because all of the transactions take place online and digitally.
  • The online payment apps make the trades more convenient and accessible for everyone.
  • The payment apps also allow the user to record the complete list of the transactions, which makes it easier to track records, payments, and receivables. You can also name and comment on each transaction individually. In this way, you can monitor and see when, where, and how much you are spending exactly.
  • Compared to traditional transaction methods like bundles of cash, a wallet or mobile payment app enables more secure real-time transactions with tokenization and secure gateways. One will need to put a passcode or require a face or fingerprint scan to complete payments.

Essential Features to Consider During a Mobile Payment App Development:

  1. Interactive and Responsive UI

UI/UX design is the most prominent aspect of user engagement and user experience. The UI plays a vital role to draw the attraction of visitors and customers towards the app. Throughout the UI design, you should focus on making the app interactive and engaging. The best way to do this is to think about experiences and interactions from your potential users’ perspective.

A responsive and interactive user interface allows the visitor to navigate efficiently and find what they are looking for without a hassle. After registration, users should be able to make payments and receive money seamlessly with just a few clicks. The whole transaction process should be user-friendly, simple, and smooth for your users.

2. Multiple Currency Support

To maximize the adoption of your e-wallet app or mobile payment app, it’s in your interest to provide your potential customers with multiple languages and currency options. This innovative feature will enable users to select their preferred currency and allow transactions between persons who are living in different countries, regions, and areas. That will also offer a better and streamlined experience for your customers.

3. Multiple Payment Methods

The first and the foremost reason to include multiple payment gateways in your app is customer convenience, which is your top priority. Many users may abandon your e-Wallet or payment app if it offers only one gateway to make payments. That’s because customers have an inclination to access and use certain payment methods. While one user may be comfortable with using a credit card in order to improve the CIBIL score and collect cashback points, another may prefer to make transactions from the wallet directly. Another significant benefit of this feature is that the API you design can be used by e-commerce sellers and merchants to integrate your payment service into their sites, apps, and other offerings.

4. QR Codes

A QR code is an effective proximity marketing solution that is beneficial for both businesses and users. Each account created with your e-wallet or mobile payment app should be presented with a unique QR code. By scanning a QR code, customers can send and receive money easily.

5. Instant Transactions at One Touch

With this feature, the money will be transferred from the sender to the recipient easily and instantly. You should provide your customers with the option of saving their card details for future payments. In this way, they can transfer the money and make payments instantly without having to provide their login and card details every single time.

During the mobile app development, however, make sure that you use fraud protection and prevention, security alerts, and other relevant features to keep your online users completely secure.