Mobile payment through m-wallets is becoming increasingly common. It’s undoubtedly one of the technological trends that are currently catching on.
Including this payment method is a must if you’re thinking about developing an on-demand app or an app to sell a service or product. In this article, we’ll be uncovering what m-wallets are and how they are stirring up the way in which we pay and buy.
What are m-wallets?
Mobile wallets − or simply m-wallets − are mobile payment apps which allow users to store debit or credit cards on their mobile phones to make payments in the same way as they would with a physical payment card.
The mobile device must normally incorporate NFC (Near Field Communication) technology to enable making payments with it, although there are also some mobile payment apps that allow payment through barcodes or QR codes.
This kind of m-wallets also allows you to store other kinds of cards such as loyalty or gift cards, for instance. Therefore, they also carry fundamental weight in the loyalty programmes devised by companies.
Another of its most widespread uses is storing show tickets, transport tickets or boarding passes. Amidst today’s environmental awareness, these applications have succeeded because they entail a significant saving in paper − not to mention the convenience that they offer to their users.
Who hasn’t been left high and dry by his/her printer at the worst possible moment and had to pay an extra to print the boarding pass at the airport?
There are many wallet apps that allow you to store all these transport tickets, movie and show tickets, loyalty cards, etc. And when it comes to mobile payment, there are plenty of apps to choose from coming both from fintech companies and banks themselves, in addition to those developed by technology giants (Google Pay, Apple Pay, Samsung Pay and the like).
This wide deployment of options has been essential for users to start using them and to engrain these apps in the everyday life of an increasing number of people.
Advantages of mobile payment
Among the many reasons sustaining this increase in the use of m-wallets, convenience is definitely an unequalled reason. We don’t always have our conventional wallet close by but, on the other hand, hardly a day goes by without us having our mobile devices within reach. For that matter, m-wallets are a fast and simple option and very handy for users.
Security is another of its points in favour. While a physical card can be easily skimmed or lost, it’s somewhat more complex for this to happen to an m-wallet. Even in case of losing our device or having it stolen, these apps normally require a pin confirmation. In addition, mobile devices are more difficult to use fraudulently because they usually have pin or fingerprint unlocking features.
From a company’s point of view, incorporating m-wallets into its loyalty programme is advantageous, considering that its customers are consequently much more likely to engage in it. If we put ourselves in the user’s shoes, carrying vouchers or membership cards is quite a nuisance: we may forget them − or lose them even − and we don’t want to carry things with us apart from those that are strictly necessary. However, it’s a whole different matter when you just have to open an app to use these loyalty cards, as they are always with you.
Furthermore, these apps enable sending notifications which, within the framework of a global strategy, can increase purchases and engagement thanks to their capability of sending geolocated notifications. Why not take customers directly to your store when they are nearby? M-wallets allow you to send fully personalised notifications in such a way that they arrive just at the precise moment.
Pay by mobile: an opportunity for on-demand apps
Far beyond being a passing trend, we are currently witnessing a change in preferences. We use less and less cash and this fact is reflected in the evolution of payment methods. It’s now quite common to be able to make mobile payments in large stores and in small neighbourhood shops alike.
And if it has been implemented in neighbourhood stores, why would this not be extended to online shopping? It’s necessary for both e-commerce and on-demand apps to expand their number of supported payment methods.
Users demand convenience when making a purchase or hiring a service. On-demand apps are therefore very popular, as they allow you to hire a service immediately − be it food orders, transport, laundry or cleaning, just to name some examples.
Within this context of immediacy, expanding the number of payment methods supported can make the difference between making a sale or not. If you include payment via Google Pay or Apple Pay on your website or mobile application (in addition to more traditional forms of payment such as credit and debit cards or PayPal), you will be broadening your business horizons and adapting to the new preferences and behaviour patterns of buyers.
Security in mobile payment
If you are contemplating to implement mobile payment methods in your app, you must keep very much in mind that you must comply with all security measures in order to protect your users’ data.
Payment processes are often outsourced, which means that you don’t store these data on your servers. And this is something you should keep in mind when developing your app. The best scenario is to have developers at hand who are experts in implementing mobile payment systems to ensure that your app complies with all security measures. Thus, your customers’ data will be well protected and you’ll also obtain a good app that’s enticing to your users.
Did you know that Yeeply only works with certified professionals? This way we make sure that we can offer you the best available developers. Tell us about your project and our programmers will set their hands to the task of integrating mobile payments into your app.