When everything is moving digital, why shouldn’t payments?
As more and more businesses are opting for mobility solutions, it only makes sense to move your payment gateways to mobile apps.
Mobile app payment methods are gaining traction for a lot of reasons these past years. The ease of completing traction with a few clicks facilitates users to accomplish more with fewer efforts.
Of course, customers can pay from wallet apps dedicated for this purpose such as PayPal, but mobile in-app payments (integrating such payment gateways into your app itself) eliminates the need of depending on another app. Making your mobility solution a one-stop for all can make your app a hit among users.
The notion is becoming so popular that the global mobile payment market is predicted to increase to $3.08 trillion.
To help you understand better, let’s give you some numbers to back up our discussion.
The graph by Statista states that by the year 2023, approximately 1.31 users would make at least one mobile app payment in a 6 months gap.
Number of proximity mobile payment transaction users worldwide in 2018 and 2019, with forecasts from 2020 to 2023(in billions)
Here’s an example to further understand the importance of in-app payments. Imagine you have an e-Commerce store which you operate from your website or an app.
Now, if you do not add the in-app payments option to them, users would be directed to other websites on the browser to complete the transactions, which we all know is not the best experience for users. Adding mobile in-app payments allows you to offer a better user experience.
Many popular mobile apps are cashing big on this trend from every industry, but vastly from food, entertainment, retail, professional service, and other industries.
Often a pioneer of the latest trends, Amazon also features in-app payments where you can pay with multiple gateways.
Although most of them would require you to redirect to the chosen app method to pay for the purchase (such as redirecting you to the PayPal app if you selected it as a method), Amazon also has its service “Amazon Pay” which lets you pay then and there in the app.
Spotify is another popular music streaming mobile app offering subscriptions for a smooth and advertisement-free experience. The app also allows you to make in-app payments, depending on the options you choose.
Memrise is a language learning app that features user-generated content to help people learn languages faster. It provides rich media from native speakers with other fun and interactive activities to expedite learning. The app also offers a mobile app payment option for its subscription.
Now that we have covered the basics well, it is time to move on to the real dead – “Why in-app purchase is beneficial for your business?”
What are the benefits of in-app payments feature for businesses?
Increasing mobile app usage than websites
The report below by Statista clearly shows the unprecedented increase in mobile users in the past years and how it continues to rise to a staggering 3.8 billion in 2021.
Find more statistics at Statista
Ipso facto, businesses are either moving towards Progressive Web Apps (PWAs) by converting their existing website into mobile apps with the help of no-code app builders like Swing2App or invest in dedicated mobile apps for their business model. Either way, the desktop is largely out of the picture for everyday use.
User can try freemium model
In recent times the freemium model has become quite popular to make money from apps.
For example, in Candy Crush you can play the game for free, but if you get stuck on some hard level you can purchase level boosters or gold bars to complete the level faster.
For users who want to waste less time grinding on their games and who want to use more features for their texting, editing or video apps, such items inside the app, such as access to more features or more in-game money, have significant benefits.
The creator can ensure that their app is maximally downloaded by implementing these approaches and that customers use their app regularly. This raises the chance of sales from in-app transactions in exchange.
Use push notifications to attract customer to purchase in-app
Many e-Commerce apps leverage push notifications to nudge users to take purchase action on their cart and use the in-app payment feature to shop in real-time. It is a quick and easy way to complete a transaction without overwhelming users by asking them to switch platforms.
In-app transactions are a huge revenue source in the current market and can allow small developers and publishers to expand and do bigger things when applied properly.
In-app purchases are not only beneficial for mobile marketing, it benefits users too.
The in-app experience should be complemented by in-app transactions and give actual value to consumers. Not only are they an important source of future sales, but they will also strengthen the confidence of a customer in your brand.
Promote your brand loyalty
The more features and ease of use you give to your users on your app, the more they are likely to convert into your loyal customers. Mobile in-app payments are a simple way to offer your customers that extra support and consideration that can make all the difference.
Enhanced customer experience
Customer experience is the center of everything for a business. It is the determining force whether a business can survive the competition or not. The better the user experience, the better chances of users favoring your business. If you want your users to keep using your app and interact with your business, you need to give them the best services and functions they can get.
Having an in-app payments option saves them the hassle while purchasing and they feel more motivated to make the purchase, hence increasing your sales and profits. If your transaction process is all over the place, users will prefer to leave without buying.
Quick transactions thus saving both user and seller time
Time is of the utmost value to the users, which is the reason they prefer to use a mobile app in the first place. It is this need for time-efficiency that birthed on-demand apps. So, you need to make sure that users can easily do anything in your app with the minimum time possible.
And what better way to save their time than providing them the mobile in-app payments option that lets them purchase on your app with only a few clicks.
Promote app-only purchase by offering benefits
You can also practice self-marketing and encourage people to shop with you by offering them rewards or discounts for purchasing from your app directly. This will not only increase your sales but also boost users’ confidence in your business and turn them into loyal customers in no time.
By now, we are sure you are grasping the huge presence of in-app payments in the mobility solutions domain and how its demand is only going to increase with time. Irrespective of the size of your business, if you have an app that can facilitate in-app payment, then you should incorporate it into your app.
However, if you do not have an app, worry not, you can create one yourself with Swing2App no-code app builder and add this feature to your app.
Mobile business applications can provide almost any business with several advantages. We hope the reasons in this blog will help you make the right decision if you are still not sure if you need a mobile app.
The key point to note is that particular problem must be addressed by every product and lead to the growth of the business. For this proper planning is required to include all the essential functions like in-app payments for your future app.
As well as staying tuned to the latest technology, every organization can aim for growth and adapt to developments that can make it more effective. Creating a smartphone app will help to accomplish these targets efficiently and with Swing2App you can make one easily.