Payments to vendors have never been
easy with the powerful flexibility that mobile apps deliver. With the advent of
a strong startup system promoted by entrepreneurs. And startups want to comply
with the modern trend of ease in payment in their business. If you are a businessman
planning to integrate a payment system in your app, here are the important
things to consider when integrating a payment system in your mobile app.
Before we deliver the core part of
our article, why not investigate the stats related to mobile apps and payments?
Stats in the digital payment industry
Digital payments are leading the
market in the majority of industries, whether it is travel, healthcare, or
finance mobile apps. Here are some stats related to digital payments (Source).
- In 2022, total digital payments reached $8.50
Trillion.
- By 2027, the total digital transaction will
show an annual growth of 12.31%.
- Digital commerce shares the most significant
market segment valuing $5.49 Trillion in 2022.
- China is leading the digital transaction run
in 2022.
You can see how fast digital payments
integration is growing, and it has become a requirement to integrate payment
gateways in mobile apps.
Let’s understand mobile payment
gateway, some popular payment gateway providers, and steps to integrate it into
your mobile apps.
Defining the mobile payment gateway
Mobile payment gateways are a set of
processes allowing merchants and buyers to perform a payment transaction.
In the process, there are two
participants:
- Issuing bank: Checking the account balance and giving the green signal for
payment.
- Merchant bank: Confirm if the payment has been received or not.
Further, the mode of payment is
always diverse, from gift cards and credit cards to direct payment.
Popular payment gateway systems
There are several payment gateway
systems available in the market. Here are the top payment gateway systems.
Authorise.net
One of the oldest payment gateway
systems immensely popular in countries like Europe, the UK, Canada, and the
USA, working with 430000 merchants. The payment gateway manages a million
transactions per year, partnering with the most popular mobile apps built by
tech giants.
Stripe
With its prominent presence in 46
countries, Stripe is an efficient platform managing 1 million transactions
every year. The platform supports 130 plus currencies.
PayPal
It is the top player in the payment
gateway business. The security and integration of Paypal are efficient and
trusted by every business and customer.
Factors to consider for payment gateway integration
With all the above information, we
can comment that payment gateway integration is a booming trend.
Analyze the market
Before integrating the payment
system, you have to identify the market around you. For example, some regions
might prefer using credit cards to pay, whereas other areas might support bank
accounts. SO integrate the payment system and offer flexible payment
options after analyzing your market.
User
interface
Another important thing you have to
keep in mind is your user interface. Especially the mobile apps working
specifically as fintech apps, have to focus on the user interface. Ensure that
the design is easy to understand so that users can navigate throughout it and
flawlessly perform payment activities efficiently.
Strong security
While integrating a payment gateway,
you have to ensure that the details of users are secure. Perform a complete
security report and identify the possible threats in advance to deliver a
strong security system.
Analyze payment gateway companies
You have to ensure that your selected
payment gateway company has a good brand reputation in the market. If you
choose new startups, then your customer wont is able to trust your payment
processing process.
Steps to integrate payment gateway in mobile app
Here are the steps to integrate a
payment gateway into your mobile app.
- Step 1: Integrating the server-side and client-side
SDK is the first step to perform. You can always refer to official
documentation if you get stuck in processing.
- Step 2: Use the API delivered and integrate
it. While performing the same, you have to add data encryption and smooth
authorization with a nice waiting design.
- Step 3: Now you have to confirm the
certification for a certified merchant, ensuring a safe and secure payment
process in your mobile app.
Wrapping up
With that said, the above are the top
things to consider while integrating a payment gateway system into your app. We
advise you that you do not change your mobile app development company since
they know everything better from the core in your app. With payment integration
in your app, you are going to deliver complete efficiency and flexibility to
the customers.
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