I personally believe that the introduction of new technology solutions along with Best Mobile Payment Apps are transforming the commerce market, myriads of businesses willing to enter into new markets are still facing certain hurdles. In most of the cases, the hurdles are cultural rather than finance or regulatory. In addition, the varying need for payment processing according to the different culture of different countries is one of the major difficulties encountered in business expansion
Germany market could be a great example here. In Germany the payments landscape is split, with each of bank transfers, direct debits, and offline payment methods like installment, paying by invoice, or cash-on-delivery and this is significantly affecting the market share.
In most of the cases, businesses fail to provide suitable payment alternatives to the consumers, which result in checkout abandonment, and the cost of abandonment is considerably high. Thereby it has become almost necessary for businesses to be flexible to the payments landscape in each market they aim to trade.
As we said, previously there is quite big diversity in the payments modes in diverse regions and to meet these varying needs a huge number of payment alternatives have been continuously introducing with new-fangled technologies. Google wallet, Near Field Communication Apps is one such effective technology contributing to the advancement of payment approaches.
As of now you are well aquatinted with the importance of integrating different payment methods with your business functionality. It’s time to explore which are the most effective payment approaches trending in the market.
Here are Top 8 Trending Mobile Payment Apps of 2023
TransferWise
Transferwise is my personal favorite among the top mobile payment apps! TransferWise is the best alternative to your high street banks for transforming money internationally. For all your international transactions you will be having the real exchange rate. With TransferWise you can convert your money in 28 currencies, pay a bill in another country and pay off your mortgage or loan abroad, all with much conveniences and high security.
Square
Square is an all unique payment system which uses a little card reader put in into the headphone jack and converts your iPhone or iPad into a cash register. Square has empowered us with absolute cardless payment option, allowing us to simply checking-in at any the store with the Square Wallet app. When you check out, the cashier verifies your identity and the rest will be handled by the Square payment.
Square Cash
The popularity of Square Cash has been growing considerably. Square Cash is an easy to use and most secure mobile payment app. At zero cost you can take benefit of the app to make payment, send a request for money, or cash out instantly. Square Cash also offers you a cash card enabling to spend cash anywhere. The best part of Square Cash is, it allows you to buy and sell Bitcoin as well.
Tabbed Out
Once you have completed the dinner, there is no more waiting for paying. Tabbed Out mobile payment app facilitates you to view your tab in real-time and make payment at the restaurants whenever you are ready to pay. You can also split the bill with your friends having dinner with you. The military-grade encryption technique incorporated in the app provides high-level security for your payments..
Venmo
“Just Venmo me”- the phrase has been getting popular amongst the millennial. You can pay with your debit card, credit card, bank account or simply use Venmo balance. Venmo is more than just making payment; you can also connect and share with friends, add fun notes to your payments with your favorite emojis, and comment or like friends’ stories. Overall apps like Venmo are a fun payment app.
See Also: How to Make an App Like Venmo and Zelle
Chase
Chase is one of the most prominent banking apps, facilitating users to effectively accomplish their essential banking activities at 24/7. With Chase, you can make payments, transfer money, send a request for money and can do much more. The iOS version of the app also lets you log in with Touch ID, which further enhances and simplifies the way you pay with your Smartphone.
Level Up
This mobile payment platform makes use of QR codes and allows users to do payments at local businesses by just scanning their smartphone. Level Up also offers a variety of rewards and loyalty programs. New users can get discounts for shopping at a store for the first time, or can also unlock credits after spending some amount.
Gyft
Gyft is an absolutely interesting mobile gift card wallet which allows you to instantly send e-gift cards to your family and friends with some impressive text. Further, you can also track the balance and make payment in the store with your Smartphone. On the gift wallet, you can store and manage your gift cards and also redeem them in stores or online, right from your Smartphone.
SEE ALSO: How To Start a Fintech Company
Conclusion
You need to keep up with the trends if you want to attract new customers. This is the era of digital payment along with mobile payment apps and your customers are looking for hassle-free processes. Thus, adopting the latest Payment methods is the best way to allow your customers to pay for your products and services.
If you are planning to add new payment method in your website or mobile app then select your development partner wisely. Always work with an experienced development team.
Looking for Product Engineering Services?
