In-App Payment: All You Need to Know About it

Our phones have simply turned life upside down. Today it is one of the main means of communication, regardless of our location. In addition, it serves as a diary, translator, calculator, book, TV, video game, GPS, radio, video camera, voice recorder, and even a payment tool.

This last function, as a means of payment, covers all existing methods that allow you to make and receive payments using any type of mobile device (smartphones, tablets, smartwatches, etc.), with a mobile data connection and without having to have cash or a credit or debit card at the time.

We are used to paying for our purchases with Apple Pay or Google Pay. It has become something of a routine for us. In addition, new applications appear daily that allow you to perform all financial transactions. Therefore, mobile payment app development is only growing.

Although a priori it can be considered as something easy to develop, the truth is that it requires work and cooperation between a wide variety of actors, such as financial institutions, software developers, electronics manufacturers and users, both in the area of ​​buying and selling.

What do users value most when using mobile payments?

Although this technology still has a long way to go in terms of its development and perfection, the keys to its good development and benefits are clear:

• Speed ​​when it comes to being able to start using it. Quick implementation on your phone or digital terminal and ensuring its 100% performance;
• Its ease of use. Intuitive, easy to use applications where you don't need to be a technical expert;
• They allow you to better control costs by having an immediate record of all movements made;
• Continuous improvement in security and data protection levels: dual authentication, tokenization or biometric access (voice, face, fingerprint recognition);
• At this time, it is not necessary to have physical money or carry a credit card with you, a mobile phone is enough;
• It is a contactless technology that increases the speed of any transaction and also improves the customer experience.

Reasons to choose mobile payments

As practice shows, most people use their phone as a means of payment. To go to the store, you just need to take the phone, which is always with you anyway. The time of carrying cash and credit cards is slowly fading away as there are newer and more innovative payment methods.

This method of payment is gradually taking root among the population. It is the favorite means of payment for the younger generation aged 18 to 29. They often use the phone in everyday life specifically for financial transactions. They do not need cash and cards for this, because all the functions are in the phone.

How to use the payment application?

To accept mobile payments in your store or office, all you need to do is confirm with your bank in advance that you have the option of having an NFC-enabled POS phone (usually the contactless payment symbol appears on the terminal itself).

Also confirm the type of fee you will have to pay to activate this service, which is usually the same as if you receive payments with a credit card.

Payment apps for companies

If you are an entrepreneur and you are concerned about the payment methods that your customers use, then it's time to enter into an agreement with the relevant companies to carry out such financial transactions. Today, there are a huge number of companies that will help you connect the best payment methods with applications that users can use.

If mobile card payments are common in your business, it is great. It's about innovating your business with electronic payment tools and, more importantly, minimizing barriers when a customer wants to make a payment (offer more alternatives and the most up-to-date ones).