The mobile payment industry is proliferating as consumers prefer to make payments using their mobile devices. This is evident from the increasing number of mobile payment transactions that are being carried out daily.
In fact, mobile payments are now coming to the forefront of most businesses as they offer several advantages to users.
One of the main reasons for the growth in mobile payment statistics is the covid-19 pandemic. With people being advised to avoid physical contact, mobile payments have become one of the users’ most preferred payment choices. Mobile payments are a faster, easier, and more convenient way of making payments anywhere and anytime.
As mobile payments are always rewarding or offered discounted, users are more attracted to them. As per recent studies by e-marketers, mobile payments in stores grew by 29% last year in the U.S. In 2020, businesses that accept mobile payments increased by $80 trillion compared to the last year.
With the mobile payment industry growing at such a rapid pace, there is a lot of potentials for businesses to capitalize on this trend. If you are looking for ideas on how your business can start accepting mobile payments, here are some great mobile payment app ideas that you can consider.
In this blog post, we will look at some mobile payment statistics and facts for 2023 that will give marketers an idea about the current trends in this industry.
We will also discuss some popular mobile payment app ideas among users and how businesses benefit from them.
Let’s Get Started!
Mobile payments like Zelle and Venmo lets you transfer money quickly and securely, and it’s an excellent way to replace cash transactions. More people are using mobile eWallets to make payments, which is likely to continue because of the growth of digital payments and e-commerce businesses.
Younger people, called “generation Z,” are especially likely to use mobile payments. Companies that offer mobile payments often give rewards, like points or loyalty points, to encourage people to use their phones for payments.
For example, in June 2021, PayU partnered with twin to launch a rewards program that lets customers pay with loyalty points and rewards.
The global Mobile Payment Transaction market is estimated to grow significantly in the next few years. In 2023, it was growing steadily, and with key players’ rising adoption of strategies, it is estimated to grow even more.
It will go from $1.54 trillion in 2020 to $1.97 trillion in 2021 to $11.83 trillion in 2028 at a 29.1% rate in 2021-2028.
The coronavirus COVID-19 has severely impacted the global economy and humans significantly. It has changed the way people buy things and how they pay for things. People are now more careful about cash transactions, so many use contactless payment methods such as mobile wallets, NFC, QR codes, and more.
In March 2020, the World Health Organization (WHO) said people should use contactless payment methods to avoid getting sick.
This has helped to raise the number of people using mobile payments and boosted the use of contactless payment modes such as custom QR codes, tap-to-pay by near field payment NFC, and carrier billing payment, among others.
According to MasterCard’s survey, 79 percent of consumers worldwide use contactless payment to stay safe and clean. These people will likely continue using this payment mode even after the pandemic.
No one was willing to use mobile payment apps a few years back as they were unsure about their security. But, now, mobile payment apps are one of the most used apps among people of all age groups.
Why? Because now, mobile payment apps are more secure than ever. Also, mobile payment apps offer many features that users find convenient, such as peer-to-peer payments, mobile commerce payments, and in-app purchases.
Let’s look at some of today’s most popular mobile payment apps.
Every country is different, so the popular mobile payment apps in one country might not be as widely used in another. For example, AliPay and WeChat Pay are popular mobile payment apps in China but are not as well-known in other countries.
Apple Pay, Google Pay, PayPal, Cash App, and Venmo are popular mobile payment apps in the United States.
The most popular mobile payment apps in India are PhonePe Google Pay and e-wallet apps like Paytm, and. These three apps have a combined total of over 500 million users.
Now that we have the Mobile Wallet Statistics & Facts 2023 for Marketers, now is the time to understand how small businesses can adopt mobile payment solutions.
How Businesses can adopt and integrate digital wallet usage statistics or payment apps into their existing system.
Digital wallets or mobile payment apps are becoming more popular each day. With the increase in mobile users and the convenience of mobile payments, businesses must keep up with the mobile payment trend.
There are many ways businesses can adopt mobile payments. The most common way is by integrating mobile payment apps into their existing system. This can be done by partnering with a mobile payment provider or developing their mobile payment app.
Another way businesses can adopt mobile payments is by using digital wallets. Digital wallets are apps that store your payment information and allow you to make mobile payments. You can use digital wallets to store your credit card information, loyalty cards, and coupons.
If you’re a business owner, staying up-to-date with the latest mobile payment trends is essential. Digital wallets & Mobile payments are convenient for both businesses and customers.
By adopting these emerging technologies, you can make it easier for your customers to pay you. Mobile payments are also fast and secure and are a great option if you’re looking for a way to improve your business.
Mobile payments offer many advantages for businesses, such as increased sales, improved customer loyalty, and reduced costs.
Mobile payments also have some disadvantages for businesses, such as the risk of fraud and the need for investment.
Despite the disadvantages, mobile payments offer many benefits for businesses, so investing in mobile payments is definitely a good idea.
Businesses can consider many mobile payment app ideas when developing their apps.
Some mobile payment app ideas include:
Mobile payment apps are becoming increasingly popular as people look for ways to pay that are faster, easier, and more convenient. E-wallet app development can provide your business with a mobile payment solution that meets your customers’ needs.
There are several things to take care of while developing a mobile e-wallet app. Here are some mobile payment app ideas:
From having trust issues to becoming more comfortable with the idea of mobile payments, customers’ perceptions of mobile payments have changed a lot over the years.
In 2023, we expect mobile payment trends to continue to grow in popularity as people become more accustomed to using their phones to pay for goods and services.
Some mobile payment trends we expect to see in 2023 include:
We at Arka Softwares, a mobile payment app development company, offer a plethora of mobile payment solutions to our clientele based in the USA, UK, Canada, Australia, and UAE. Our mobile payment app developers have expertise and experience in developing e-wallet apps, mobile POS apps, NFC mobile payment apps, and much more.
So, if you want to develop a mobile payment app for your business, feel free to contact us.
We will be happy to help you with the necessary inclusions in your mobile payment app as per the latest mobile payment trends.
After going through this blog, if you have any queries or want to share your mobile payment app ideas with us, then feel free to contact us.
Our mobile payment app development experts will get back to you shortly.
We are Arka Softwares, a leading mobile app development company in the USA that has provided its mobile payment app development services to businesses across multiple industries.
We develop all types of mobile payment apps, including e-wallet apps, mobile banking apps, mobile POS apps, mobile wallet apps, and more.
Mobile payments have many benefits, including convenience, security, and discounts. Mobile payments are always faster and easier than traditional payment methods such as cash or checks. They are also more secure as they use multiple layers of security, including encryption, to protect your information.
Yes, you can. We have a team of experienced mobile app developers who can develop a mobile payment app per your business requirements. Alternatively, you can also hire an individual mobile app developer from us.
The cost of developing a mobile payment app depends on various factors, such as the features you want to include, the platform you want to develop it on, the mobile payment app development company you choose, etc.
Just contact us and schedule a call and discuss your mobile payment app requirements with our mobile payment app development experts.
The app quickly earned over 1,000 downloads within two months of launch, and users have responded positively. ARKA Softwares boasted experienced resources who were happy to share their knowledge with the internal team.
While the development is ongoing, the client is pleased with the work thus far, which has met expectations. ARKA Softwares puts the needs of the client first, remaining open to feedback on their work. Their team is adaptable, responsive, and hard-working.
I started my project with Arka Softwares because it is a reputed company. And when I started working with them for my project, I found out that they have everything essential for my work. The app is still under development and but quite confident and it will turn out to be the best.