From ordering a meal to booking a cab to shopping, everything has shifted to online. And mobile phones are the vanguard of this revolution. People nowadays use their smartphones to browse online, making havoc in the internet space.
Almost all people tend to digitalize everything they are doing, from car rentals to booking a vacation; mobile payments have become a norm in today's world. Mobile apps are growing in numbers with the kind of products and services they offer, and this comes with a mobile app collecting payments from customers.
Mobile apps integrate a payment gateway to handle payments as it is one of the essential steps in the customer's life. Hence apps like Paytm ensure the payment procedure combine with a seamless experience for their overall experience.
There are several things such as security and analytics; mobile apps need to consider integration with payment gateway. Today Paytm is a leading business in the digital wallet industry, competing with other mobile wallet apps such as free charge, Mobikwik. If you are among those developers who are eager for an app like Paytm, here are some things to consider before building a payment gateway in a mobile app.
Security
Mobile wallets act as a lifeline for recharge apps as it is nothing without them. All digital wallets make use of encryption technology. At the same time, data protection and privacy are essential parts of security as it is one of the concerns for consumers or businesses alike.PCI-DSS(PCI Data Security Standard ) is one of the best options for maximizing safety.
Different Modes of Payment
You can offer your users different alternatives for payment options. Though some users prefer to pay through PayPal, others with a debit card or credit card. Some even choose the COD option as these options can attract your target audience. Make sure your app supports a different mode of payment.
Go for hassle-free Method
Going for a hassle-free payment is a crucial component for any digital wallet. Some app developers choose the payment gateway in the app, while others prefer the webpage on mobile.
It is easier if the payment feature is a part of the app as it is easier for shoppers to save the details of their payment. On the other hand, a web page optimized for mobile will have friction steps that make users not use it again, so a hassle-free payment gateway is better.
Payment Status Intimation
Whenever a payment is cancelled or not successful, let the users know immediately about the status as it is about their money. Otherwise, it will leave a wrong impression of distrust or something.
Analytics and statistics
Payment gateways can be messy to handle sometimes as it is easy to make mistakes in terms of payment details for many users as they may forget some steps. To keep everything right under control, it is necessary to have reports of analytics and statistics to see whether you are sticking to the plan or not.
Making it easy and convenient
When the technology is pacing towards great heights, everyone is looking for the payment process to happen as fast as possible. Nobody likes a slow app, which makes the device worse in performance.
The SDKs you integrate into the payment gateway depend upon the quality you have installed, making the app work fast or slow. So research quality which offers an easy mode of payment for users and in apps.
User Interface
The user interface must attract customers to engage in your application.
Geolocation Services
This feature increases the application's popularity as it helps the users find nearby stores that accept the payment mode. This feature can allow the users to reach out to the place and make the required payments. This feature should be implemented and one of the critical things to consider for developing an app.
Coupons and Rewards
To attract the target audience with your ideas. You need to consider this coupons and rewards feature as mandatory as this will help find more users. According to the juniper research, the number of rewards and coupons redeemed through the mobile app is increasing every year from the previous year. The ability to scan coupons brings more value to mobile wallets.
The Cost Structure
You should choose a cost structure that can be affordable in the long term as markets have many different cost structures. It is essential to have a quality-based cost structure that can effectively build your digital wallet to success.
Data Integration
You need to add features like storing bank account details and password to retrieve the data whenever they want on their device. You can also add features like sharing the link to download with your friends, payment slips, and transaction history.
In-app Camera and Cloud Operation
Cloud operation provides the user's safety and security in terms of passwords and other information. The camera is used for scanning the barcode, QR codes for payments. Through this, the user can receive the payment receipt.
Key Features that need to include in your payment app just like Paytm
Developing a payment gateway in a device is not as easy as it looks. It requires a great deal of research to know about the features and things to be included in an app like
- Provide a secure method to recharge data, data card, DTH services.
- Provide a simple payment platform for alternatives such as debit card, credit card, net banking, and other online payment wallets
- Easy access to online shopping on home appliances and other daily use items
- Provide cash book offers on occasions and seasons.
- Size design of the application
- Push notifications, bar code, QR codes
- Choosing a reliable development company for your cost-effective program.
Cost of Developing an App like Paytm
App developers are pursuing their payment getaway business plan to follow an initial step of legal requirements.
App Platform
All the recharges and wallet are registered as a vat registered company. The cost of developing a payment app just like Paytm can be a tricky one as it depends on the features and platform that launches your app. The more you wish to support platforms, the more the cost for developing an app will Be. Generally, you need to prefer the Android app as more users use it, and it costs more than the IOS app compared to fewer users in the IOS app.
App Design
Designing an app plays a crucial part in developing an app. A reason for success depends upon the app design. Creating an app requires many advanced technologies and materials designs beyond app developers' scope, but it will be worth it. For an average hour, an app designing takes 140 hours to design an app with a user interface, wireframe, and user experience.
App Functionalities
It is not necessarily an app that has to be the same as Paytm. Additionally, you can add more features to your app to attract a target audience. The development of Paytm required dozens of developers to design the complete functions for years. If you are starting a recharge app, you need to start with few features, and after the app gets popular, you can add a few more features and functionality to it.
Third-party API Integration
The development of a payment gateway app depends on the third-party API's integration completely as customers and service providers can connect directly while using the app. The third-party API's implementation hours depends on how well the third party supports the mobile app development company. To implement an API, it takes nearly an average of 300 hours.
Protection Against Fraud
Nowadays lots of scams are happening in every industry and the digital industry is one of them. Internet and fraud are almost two sides of the coin in the digital industry so to protect against fraud you must have a protection system for successful credit card payment integration against illegal activities.
Most popular gateways mobile app are as follows:
Stripe
Strife in itself is a payment service provider and processor. The important service stripe offers its payment gateway. Stripe accepts foreign payments from over 100 different currencies
Square
Square is a mobile payment financial service company that allows its merchants to accept payments immobile app by integrating square payment gateway with a built-in secure payment.
PayPal
PayPal payments are popular among the brand and it is one of the market leaders because it's the high-status brand name.PayPal accepts payments in 26 types of currencies all over the world. Their service successfully processed almost 5-10milion payments every day.
Conclusion
It is not enough to have an idea to build the desired app with its features. Having a good quality can lead you to success with good app developers who provide their support through your app journey. Both merchants and developers must integrate a payment gateway in a mobile app.
