The digital payment arena went under drastic transformations in the past decade. The increasing popularity of mobile payment made various businesses jump on the board and get mobile app development services to create their own payment apps.
The trends in the digital payment apps are moving at a fast pace because now more and more people prefer to make the payments online. The online payment methods are like a blessing that has made payments more convenient than ever before. E-payments mobile app development services are redefining the customer experience for businesses.
Recent surveys conducted by GitHub has revealed that there has been a considerable decline in the cash payments in the last few years. The cash payments are going down to below 70%. According to financial experts, there will be a further decline in cash payment as businesses are turning their focus towards mobile apps development services provider to create digital payment apps.
Nowadays, hundreds of companies have already got custom mobile app development services to provide their customers with an amazing experience. What could be more convenient for business to collect their payments instantly through mobile apps and for customers to make payments without any effort? The latest mobile app development services for e-payments are safe for both business and customers because they are secured, fast, and encrypted.
The e-payment mobile app development services market was valued at $1200 billion in 2020 and is expected to reach $4690.65 billion by the year 2025. Large stores across the world: AliPay, Apple Pay, WeChat Pay, Samsung Pay, PayPal, and many others have leveraged advanced mobile app development services to accept payment from customers.
This trend isn’t going anywhere in the near future. Therefore, various companies are investing in advanced mobile app development services, owing to the popularity in the industry. For example, WhatsApp is associated with ICICI bank in India to introduce e-payment features via UPI. Many governments are also encouraging their banks to get web and mobile app development services to create safe and secure e-payment systems. It’s a great opportunity for the vendors.
With a great number of data analytics tools, vendors are customizing their offerings to maximize the possibility of sales. According to e-Commerce surveys, more than 30% of the people purchase things and make payments via e-payment methods, using retailer mobile applications.
Moreover, the number of Omni channels is also increasing globally because people are turning towards e-payment methods. The trend is especially growing in the Asia Pacific markets such as China and India. The Credit Suisse reports have shown that the e-payment market in India is valued at $200 billion and is expected to grow further in the future.
With the entry of companies such as Google Pay, more people are now paying attention to this market and are considering the best mobile app development services.
Markets all around the world adopting mobile apps development services provider to create e-payment apps to provide safe payment methods to customers. Countries like Australia, China, Japan, and India are working to create a stable ecosystem when customers can make payments easily and quickly.
People, even in third-world countries, are also adopting new methods to make payments which show that the world is not becoming more digitized.
In this digital era, businesses need to pay attention to advance mobile app development services to enhance payment transactions. This way, you can provide your customers with the easiest option to make payments to build loyalty and retention. Providing your clients with solutions that they need is the best way to earn their trust and loyalty.