According to a recent survey, about two-thirds of smartphones owners use at least one financial app.
It’s easy to see why the benefits of mobile payment and banking apps have made them popular so quickly. They simplify a basic aspect of everyday life. The average adult is constantly managing funds, making purchases, and accepting payments. These mobile banking platforms make doing these activities so much easier.
The following examples of mobile payment solutions demonstrate precisely why users embrace these products, and why developers should focus on emerging mobile banking trends. If you’re a consumer, these apps offer convenient features. If you’re a developer, these solutions offer insights that can help you design superior products.
Paypal proves convenience is one of the major benefits of mobile banking
PayPal is one of the first mobile payment apps to gain widespread popularity. As a result, it has more active users than many similar mobile payment companies.
This makes PayPal very convenient as a mobile banking solution. It allows customers to make payments to (or receive payments from) a large pool of current users. It’s also an ideal mobile banking platform for freelancers and small business owners thanks to its invoicing features.
Venmo is a secure mobile payment solution for quick transactions
Venmo is extremely popular among Millennials. That’s partially due to the mobile payment app’s simplicity. It doesn’t boast the invoicing features of PayPal, but it does allow users to make fast, easy payments.
Venmo also attracts Millennial users thanks to its social element. When sending a friend or family member money, users can add quick messages or emojis. These are then displayed publicly on a Facebook-like News Feed.
Perhaps you went out to happy hour with friends and used Venmo to make splitting the bill easier. The app lets you attach a message to the mobile payment that – like a Tweet or Facebook post – can serve to tell all your social contacts what you’re up to.
Google Wallet highlights the accessibility of a mobile banking app
Google Wallet (which Google Pay Send might soon replace) is unique. Unlike many other mobile payment solutions, it lets you send money to a recipient even if they don’t have a Google Wallet account.
Though this brings up the question is mobile banking safe if it’s this easy to access, the entire payment process is overseen by Google’s secure systems. While maintaining the highest level of mobile banking security, the company still manages to introduce mobile payments to the masses.
TransferWise brings mobile banking trends to the rest of the world
Mobile payment solutions have made it easier than ever for people to do business with overseas companies and clients. TransferWise is a particularly useful mobile banking platform, as it lets both consumers and businesses make international transfers with relatively low fees.
Facebook Messenger integrates a mobile banking platform into a pre-existing app
If you’re an adult Facebook user, you can use Messenger to send money to other Facebook users. The convenience this feature offers to both developers and users is clear; because many people already use Facebook, you may not have to download an additional app to send or receive funds.
From a banking mobile app development standpoint, this reduces the workload because it is not necessary to create an entirely new mobile banking platform. Instead, they can just integrate with what’s already in place on Messenger.
Google Pay portrays the potential of banking mobile app development for in-store purchases
Google Pay, the new and improved update to Android Pay, isn’t just for sending money. Users can also store gift cards in the mobile banking app, using it to make purchases at brick-and-mortar shops. You can even store train tickets and similar documents.
These features show how mobile payment companies bridge the gap between ecommerce and brick-and-mortar retail experiences.
Apple Pay is among the best mobile payment solutions for iOS
Apple Pay’s features are very similar to those of its mobile banking platform counterpart on Android: Google Pay.
Users can store money, gift cards, train tickets, and more within the app. The only major difference with this mobile payment app is that Apple Pay is compatible with iOS devices.
LevelUp shows how mobile banking apps can be literally rewarding
The LevelUp mobile banking platform was designed specifically for restaurants and similar businesses. After linking a credit or debit card to an account, users are provided with a unique QR code. The business scans the code when the customer is ready to pay.
Thanks to QR codes, customers can participate in loyalty programs and earn rewards. This makes LevelUp beneficial to both consumers and businesses and portrays a larger mobile banking trend to incentivize investment and finance management. Consumers earn discounts while businesses boost engagement.
Square Cash is the mobile payment app for businesses
Cash (better known by many as Square Cash) is the mobile payment app extension of the popular Square device, which allows small business owners to easily process credit card transactions via smartphones or tablets.
Although its features are similar to Venmo, this is a mobile payment solution geared more towards businesses. Users can choose to keep funds in a Cash account when they receive mobile payments, or have them automatically deposited into a bank account.
Unlike Venmo, Cash allows easy mobile payment cancellation. Combine these features with a very simple interface (there’s no social element, like Venmo’s), and it’s easy to see why a small business owner would find this product useful.
Discover highlights the mobile banking trends of the future
Although there are numerous mobile banking platforms available to users, Discover is among the most highly rated. Based on customer reviews, this is primarily due to its intuitive UI and reliable functionality.
While the mobile banking app does boast unique features that users tend to appreciate – like the ability to quickly free or unfreeze a credit card – the app’s main appeal is simply its ease-of-use. After all, convenience is one of the primary benefits of mobile banking. Thus, as Discover portrays, making a product that maximizes convenience should be the goal of any banking mobile app development team.
The IoT will transform how we make mobile payments
Although these types of mobile banking apps are constantly attracting more users, some still wonder, “Is mobile banking safe?” As developers look to the future, prioritizing mobile banking security is crucial. Users want to know there funds and data are protected.
They also want to benefit from the latest technology. That’s why developers should consider how the Internet of Things is poised to enhance mobile banking and payment apps. With IoT devices, users may soon send or request money simply by speaking to Alexa or a similar product.
Currently, these mobile payment solutions benefit users by simplifying the process of managing their funds, transferring money, and accepting payments. In the near future, the technology may essentially transform a customer’s home into their own bank.
When you can deposit checks with your smartphone, send invoices with an app, and use IoT devices to make payments, there’s much less reason for you to visit a bank in the first place.
This is the future that banking mobile app development companies should anticipate. The organizations that leverage mobile payment technology to offer users the safest, most convenient experience, will be the ones who take full advantage of the benefits of mobile banking.