This article will walk you through the different factors that determine the cost of building a mobile application.
Guide to Build a Successful Mobile Payment Application
Mobile based payment apps have transformed the way we all transfer money, and have made our lives easier. Due to COVID-19 there is even more adoption of mobile app payments, avoiding contact that happens during cash transfers.
Do you have an idea of developing a mobile payment app that can make a difference? Then this is the right time to go ahead and build one.
Before we understand how we can develop a successful mobile payment app, let’s have a look at the current situation of the industry.
Top 3 Players
Today, the top 3 players in the industry are:-
Google Pay (67 mill. active users monthly)
The most popular and widely used payment application. Initial release was on 11st September 2015, named as Android Pay. It is preferred mainly due to availability factor.
Paytm (140 mill active users monthly)
This is one of the most popular applications widely used across India. It was launched in August 2010 started off as a prepaid mobile and DTH recharge platform. Today it offers an array of services including online shopping and banking.
PhonePe (55 mill. active users monthly)
PhonePe was founded in 2015, and in April 2016 it was acquired by flipkart following its great acceptance on the market. PhonePe became the fastest Indian payment app to get a 50 million badge on the Google play store, and this user friendly payment app also focuses on offering insurance products.
But there are many other players which are more or less popular. Some of them are: Amazon Pay, Freecharge, Mobikwik, Yono, HDFC PayZapp, ICICI Pockets
This space is so crowded, and highly competitive.
Are you wondering how to find success in this crowded space? Well - from our research, there are some key factors that determine the success. If you are addressing these areas in the right manner, you are most likely to be successful.
Top Success Factors
- Availability & Reach – The most important factor is the different kinds of services available on the application. Right from making UPI transactions by scanning QR code at retail shops, to pay bills or make account to account payment, users are expecting some good level of availability
- Usability – Usability is a big factor that determines the success. The app should be very easy to use and a good flow is expected. The app should respond fast and the user must be able to navigate through the payment process without any confusion.
- Readability – The app is all about money transfer, and reliability is vital. The user should be able to depend on the app 24x7, and there is hardly any room for failures.
- Rewards – Rewards will definitely motivate users to use the app more and more. But it is very important that the rewards are easily usable and really valuable to the users.
- Device Support - There are different types of devices on the market than ever before, and the level of device support can be a factor determining how popular your app would be.
- Security – Security is something you cannot compromise on when it comes to any app today. For payment apps, it is more critical comparatively. This is a basic necessity to survive in the industry.
Top Desired Features
- Gamification based reward points – It is one attractive way using which product owners make sure that the app keeps the user engaged and motivates them to use the app again and again. It is up to your creativity to find ways to engage your customers and reward them. There is a possibility of great word of mouth publicity, if users start liking it.
- Array of transfer options – There should be options for an array of transfer options including Account to account, wallet to wallet, account to wallet and so on, which could be done in a hassle free manner by the users.
- Stop Payment at any time – One important feature that users like is the ability to stop the payment process at any stage of the payment flow, in a safe way.
- Payment reminders – The app should make the life of users easier by reminding them of the payments which are due. This can be credit card payment, electricity bill payment etc. which are repetitive in nature. This feature can help build customer loyalty easily.
- Switch to partner apps – Let it be taxi booking or food delivery, if your app lets you do more than just payment, it is definitely a value addition. Today we see apps which allow users to switch to partner apps (a basic lightweight version) within your payment app.
- One stop solution to pay all bills – From Fast Tag recharge to pay electricity/ credit card bills, today successful payment apps enable a one stop platform to pay all the bills.
- Investment Options – Today a Payment app is not just about making payments, but something that helps you to make good investments. It can be gold, mutual funds, recurring deposits etc.
- Insurance – Including Covid-19 related health insurance, now payment apps are facilitating different insurance options. The users can do everything from enrolling to the insurance to remitting the premium, all using a payment app.
This article is all about some high level information that gives you some idea on how to move forward with your payment app initiative. But there are a lot more to discuss which is out of scope of this small article. Please book a free app consultation at www.synclovis.com or write an email to email@example.com to learn more.