In-app Mobile Payments
- What are mobile payments?
- How does in-app payment work?
- What are the benefits of in-app payments?
- Are mobile payments safe?
- What are the best mobile payment apps?
- How can I add mobile payments to my business?
Mobile apps that support in-app payments are becoming more popular as mobile internet usage increases worldwide. They are fast, secure and much more convenient way to pay. Brands like Starbucks or Zara allow their customers to pay for products through a mobile app with the tap of a button.
What are mobile payments
Mobile payments are simple transactions that are initiated by a customer who wants to pay for a product or service with a mobile phone (instead of using cash or card). The number of mobile purchases is rapidly growing because they are safe, fast, and convenient. The in-app payments volume is predicted to reach over $500 billion in 2020 therefore adding a mobile payment technology to your business may be extremely valuable. Mobile payments not only enhance customer checkout experience but allow you to forget about the hassle of cash and checks.
How does in-app payment work?
Once you decide to pay for a product in the mobile app of your choice and click a "Pay" button, it passes information (your financial details are encrypted so that they can’t be used by fraudsters) between the shop and your credit card company to process the payment. This all takes just seconds. Fast seamless transactions are one of the main advantages of mobile payments. They take a fraction of the time and are way faster than cash.
What are the benefits of in-app payments?
One of the reports found that use of mobile wallets doubled the number and value of transactions after the system was introduced. It also gave a boost to customer acquisition.
A 2015 Accenture Consulting report found that 23% of millennials make a mobile payment at a merchant at least weekly - it's no surprise that this number has increased since. According to one recent report nearly 2.1 billion consumers globally use a mobile to make payments or transfer money - an increase of over 30 per cent from the end of 2017.
Once the mobile payment integration is complete your payment process just works. You do not have to deal with cash or checks anymore.
Mobile contactless payments are the fastest way to pay taking only seconds. Businesses that have checkout lines, in-app payments are even more attractive as they can improve the checkout speed of the customer that does not have to stand in the line anymore. This also translates to more sales for a business in a shorter amount of time.
Why would anyone like to carry cash or card when you have your phone all the time with you? With mobile payments customers no longer need to go to a bank, use ATM or issue a check. What is more, having encrypted access to your card on your mobile phone is far more secure than all of the traditional methods mentioned above - even if someone steals your phone they won't be able to access the encrypted information stored on it. China is one of the countries where people use mobile payments on a daily basis even for groceries, accounting for more than 60 per cent of the world's mobile payment users. See how mobile payments are fast displacing cash as the preferred means of settling transactions in China:
Loyalty programs integration
One of the biggest benefits of using a mobile payment option is the ability to integrate loyalty and incentive programs into the mobile payment app. Instead of customers having to keep up with punch cards or key ring tags, all of their information is stored in the application each time they make a purchase with their mobile device. If businesses use technology to link a payment to their points or other loyalty programs then it adds value to the customer. This makes the customer want to return, which then increases revenue.
Are mobile payments safe?
Mobile payment systems have multiple layers of encryption, making them an extremely secure way to pay. They’re far more secure than cash or card payments. If you are using a mobile payments app with fingerprint ID, it’s arguably more secure than chip card payment.
What are the best mobile payment apps?
How can I add mobile payments to my business?
Bleesk provides end-to-end mobile payment solution. We offer the simplest but secure way for customers to pay for your products through a mobile app. Contact us now and we will provide you a quote and help you get started.