Mobile payment refers to transactions of money performed through the mobile device as per the financial regulations. This has helped the public to get waived-off themselves from paying cash, cheque or carry debit/credit cards wherever they go. Instead, they can use their mobile wallet to pay for a wide range of services, digital or any of the goods they intend to purchase on the go. According to the studies, it is projected that the mobile retail payments would grow to $410.5 billion by 2020.
The recent demonetization effect in India and the changing scenario of the money transfer as more people are getting adopted to mobile usage, there are several types of mobile payment systems coming up in favor of the people, devices, and systems. Here are some of the types of Mobile payments apps that could be adopted for mobile transactions.
See also: Mobile Payment Adoption is on the Rise for Online Commerce Today
PayPal: It is one of the most popular brands used by 173 million people across the world. The PayPal mobile app is easy to use and is compatible with all types of credit and debit cards issued by major banks. Furthermore, the addition of loyalty card to the PayPal wallet is easier as taking a photo. The transfer of cash from the bank to PayPal is free whereas the credit and debit card payment is through a fee.
Apple Pay: It is the mobile wallet used for iPhone, iPad and the Apple Watch. It helps the consumer to pay at any stores and the restaurants with contactless point-of-sales systems. And, it also can be used for in-app purchases in iOS. Moreover, the app doesn’t scan or keep the receipts or it give the details or location information of the merchant. Thus, it is highly secure to use the app.
Google Wallet: It is the fastest way to send the money using an e-mail or the phone number. One can readily sign up with the Google Wallet with the debit card and a Google account. And, needless to say, the Google does not charge for transfer of the money to the bank account. Though Google Wallet is built from the consumer’s point of view, the businesses may also accept the payments from the consumers if they have the sole proprietorships.
LevelUp: It is the mobile payment platform meant for businesses based on the QR codes. Once the LevelUp app gets downloaded on the phone, the credit or the debit card could be linked to avail the custom LevelUp code. While paying, the code should be scanned through the beneficiary’s scanner and also may earn awards.
The LevelUp offers loyalty and rewards programs, and also provide detailed analytics enabling the businesses to customize the discount types offered to the customers. Moreover, the businesses may avail the white label LevelUp app, use the service’s API for integration of the payment capabilities with their mobile apps. The normal app uses the camera to scan the QR codes, and the white label app uses NFC and Beacons to accept the payments. It offers an in-app order and the iOS specific gift card feature.
Square cash: With the Square Cash app, the user is able to send money to friends and the family instantaneously. It is free for the consumers whereas for the businesses, they may request for the payment by submitting a transaction fee.
And, there are more mobile payment apps available in the market. If you are interested in developing mobile payment apps for your businesses, our mobile developers are experts in doing so. You may get in touch with them by visiting our website.