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Payments App Development: A Complete Guide for 2021

The first online transaction was supposedly conducted in 1994. Since then, the global payments market has grown to nearly $60 billion in 2020. Largely due to the adoption of mobile phones, online payment apps, and e-Commerce. As such many entrepreneurs are looking to create payment apps to tap into this burgeoning opportunity.

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The most common methods of payments before payments apps were cards, cash, or cheques. While cash was convenient as transactions were real-time, carrying and storying cash is a hassle. Cheques take a while to complete the transaction while cards do provide access to bank accounts balance for both the sender and receiver, cards also need to be carried separately.

E-wallet apps development provides users the options to make payments in real-time without touch, cards, or exchanging cash notes. It is easy, safe & convenient. Users simply have to use their mobile phones and make the payments. The receiver will also receive the payment directly into their wallets or bank accounts and as such will not need to store the cash or cheques.

What Is Payment Apps Development?

A payment app allows individuals and businesses to send and receive money through an app. The app uses digital technologies such as NFC, Bluetooth, QR codes, and payment interfaces to conduct transactions.

The app can be connected to an existing bank account and can also store & use credit and debit cards for sending money.

Expert mobile app developers will develop payment apps that can be used on any mobile phone with features such as QR payment, NFC enabled payment and mobile number linked transactions.

Payments apps will also provide e-wallets where users can store cash which can be used for real-world transactions. Offers, discounts and other incentives such as cashback and reward points will encourage the user to adopt online payment apps instead of using cash or cards.

Some Prominent Examples of Payment Apps

Google Pay
Google Pay allows users to conduct in-person or online transactions using the Google Pay app. Google Pay also offers services related to ticket booking, government services wherever applicable, and bill payments for electricity, utilities and also stores loyalty cards.

Google Pay heavily uses NFC, that is Near Field Communication by using the NFC chips in a phone and the NFC chip of a terminal that communicates with each other to complete the transaction.

Amazon Pay
Much like Google Pay, Amazon also lets users pay using its payment interface known as Amazon pay. The major advantage users get with Amazon pay is that they can use the wallet to purchase items from Amazon and users can connect the merchant account and Amazon seller account to collect payments.

As nearly 50% of the eCommerce transactions of the US market happens on Amazon, Amazon pay is an attractive option for many Amazon users.

Venmo
Venmo is the most popular payment app in the US. It allows the user to add and store their debit or credit card for payments. Everything is secured with high-grade encryption. Venmo right now is miles ahead of all the other apps on the market for payment apps in terms of popularity.

Major Features For Payment Apps Development
To make your app successful, here are the major features you need to include in your payment app.

Instant Login
Users can get registered quickly using email or phone. This will allow users to quickly get registered on the app and start using it.

Two Factor Authentication
The security of the app needs to be of the highest order as it will be used for financial transactions and hold sensitive financial information.

Read More:
https://www.itpathsolutions.com/payments-app-development-a-complete-guide-for-2021/

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