Mobile payment apps have steadily increased their user base in recent years. The super convenience of making payments, accumulating funds and initiating transfers is to blame. Strictly speaking, applications are counted as digital wallets that give users all the facilities to carry out monetary transactions. With millions of users joining the mobile payment craze, app marketers predicted a multi-billion increase in total app industry revenue due to growing hype for quick pay and transfer apps.
Clearly, this is the right time to invest in one of those apps that will serve as a digital wallet!
This article serves as a comprehensive guide to help you have your own featured, custom payment app.
Basic functionalities necessary in a digital application
Secure User Registration: The application must enroll users with identity verification and provide essential credentials for user ID and password.
Secure database for information: Users must be able to provide and save information such as account details, credit/debit card details, beneficiary account information, etc.
Wallet support: Users can deposit money into their digital wallet at any time by linking it with a credit/debit card, bank account, or other electronic wallet.
Other inclusive features that a payment app must have are cash back generator, electronic statements for payments or invoices, push notifications, and third-party API integrations.
Step-by-step guide to preparing a payment application
Decide the platform you want to target
Your payment app can only target iPhones, Android phones, or both. The user group you want to target should be decided on the basis of extensive market research. It means that you should review the usage data of Android versus iOS devices in the country and then target the one with the highest market share. However, if you have a large budget, targeting both segments with a cross-platform app is the smartest way to get enough users.
Designing the wireframe
You know the concept of your app well. It will act as an intermediary to allow a mobile user to transfer funds to another person’s wallet or account. In addition to enabling peer-to-peer payment, it will also help make payments for bills, movies/plane tickets, purchases, etc. Designing the wireframe for such a complete application is one of the first steps for the development, which will take around 30 hours. It will give you an idea of what features the app will contain and what they will look like.
Develop the API for users to connect with service providers.
The next step in developing a payment application that relies entirely on third-party services is to get an API that interfaces between mobile users and service providers, including banks, billing portals, shopping sites, etc. The hours required to develop the API depend on the amount of third party supports or service providers required in the application.
Finding a reliable payment gateway service provider
Along with API development, you need to look for a reliable operator to provide payment gateway services to secure every payment process that is initiated on the app.
Designing the app
A simple and highly compelling design can help your payment app grow its user base. The user-friendly design will help you retain users who visit your app. Therefore, please note that the application is designed with great simplicity but attractive outlook.
But above all, you need an expert mobile app developer who is proficient enough to develop and integrate the API and payment gateway into the app.
