According to statista.com research, the worldwide mobile payment revenue in 2018 was around 930 billion U.S. dollars and is expected to surpass 1 trillion U.S. dollars in 2019.
Thus, you may use your phone to carry out payments for physical goods online or make in-app purchases of digital products.
Both of the stores (AppStore and Google’s Play) charge a 30% fee for each user’s in-app purchase.
Here are some variations how you can use In-App Purchase:
A basic version of your app with additional premium features
A magazine app that lets users purchase and downloads new issues
You need an app concept, but let’s assume you have it already.
Mobile commerce will total $142 billion in revenues by the end of 2016 according to Forrester forecasts.
The average order value for tablet purchases is $98.07 and $81.27 for mobile purchases.
Set up card distinguishing by the first four numbers.
Others feel reluctant, especially after the recent series of major data breaches.
However, as long as you are selling physical products or subscription plans for your software, then you can choose any payment gateway integration that suits your business needs most (and avoid the 30% payment cut Apple and Google takes from every app purchase made).
And this is where things get complicated.
50% of online shoppers will abandon their carts if your app doesn’t have their favorite payment method. But there are more than 70 payment systems out there! Each has different terms (read the fine print!), fees, and features.
That’s why I’ve already outlined 13 questions you should ask while looking for a payment system. And today I’ll compare three popular gateways (PayPal, Stripe and Braintree) to make the choice even easier.
The increased popularity of online and mobile banking and e-commerce applications made us see peer-to-peer payments as an essential part of the technology landscape we live in.
Traditionally peer-to-peer payments required writing a check or walking to the nearest ATM, but as of today P2P applications are leading us to a more “walletless” economy than ever before.There is a growing trend for commerce to evolve beyond person-to-market to person-to-person exchange.
In terms of peer-to-peer payments Paypal has dominated the market for the last decade, but now other companies are finally starting to catch up.
According to Business insider, volume of mobile peer-to-peer transactions could reach $86 billion in the US within the next two years.What are peer-to-peer payment apps?The P2P service is sort of like a middleman: peer-to-peer payment services help people transfer funds from their bank account to another person’s account or card using software applications.Peer-to-peer apps are especially popular with younger users who are more tech-savyy and less worried about potential danger of sharing their financial information with a third-party software product.There is a number of mobile applications that people use when they want to send money to each other outside of the established business context - for example, when you pay back your friends, who lent you money for a movie ticket, or you want to split the bill at the restaurant among several people in the group.
PayPlum is a secure and feature-rich digital wallet and payments app that allows users to send and receive money, pay bills and receive cashback.
Designed with privacy and security in mind, the PayPlum digital wallet app can be protected via fingerprint lock for protection from misuse.
Being an integrated payment solution, the app can be used by individuals to pay for utilities, products, charity or to send/receive payments from around the world.
The biggest challenge was to create a digital wallet system that offers the facility of instant payments and sending money across borders.
Further, integrating the payment app to support payments for various utilities and eCommerce websites also was a big hurdle that the team had to overcome.
Privacy, security and encryption were also critical concerns for a financial app like PayPlum.
