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How To Build Payment Apps: Detailed Guide 2022

Introduction

Amidst the pandemic, there is a massive inclination toward cashless and contactless payments across the globe. 

Here’s what the numbers say. 

These numbers signify the surge in demand to develop payment apps in industries – BFSI, Retail, eCommerce, Transportation, Healthcare, and Media. So let’s get into the depth of payment apps. 

What are Payment Apps? 

Payment apps are simply mobile-based applications that enable consumers to receive and transfer money securely. 

Examples: Google Pay, Apple Pay, and Amazon Pay.

Unquestionably, these apps have become a part of consumers’ daily life. They facilitate an easy-to-understand interface to perform electronic transactions at their fingertips. 

Why are Businesses Developing Custom Payment Apps?

Third-party payment apps are cost-efficient and take no time to set up. 

In addition, the convenient and smooth usage lets consumers quickly adapt to other evolving mobile payment apps. This is why businesses across all industries are launching custom payment apps.

Guest Post Payment 1

Different businesses have specific requirements and consumer segments that demand personalization, scalability, plus advanced security—a gap that custom apps fill up. 

On top of it, with custom apps, businesses –

  • Save varying transactional costs
  • Customize features and functionalities
  • Drive more sales by proposing exclusive offers
  • Reduce the risk of compliance and fraudulent
  • Operate hassle-free with minimal complexity 
  • Control chargeback disputes via priority consumer support

Besides, custom payment apps remove third-party dependencies, streamline payment processing, and build strong credibility.

Steps To Build a Payment App

Here’s a 9-step process to develop a custom payment app. 

Step #1: Conduct a Comprehensive Feasibility Study

It includes deep research—from the problem statement to understanding the target audience, market, and technical aspects. Here’s a gist.

  • Business requirements
  • Concurrent issues
  • Proposed solutions
  • Payment app architecture – web, mobile, or hybrid
  • Type – standalone, bank-centric, social media-centric, or mobile OS focused
  • Functional capabilities – payment methods, currencies, and models
  • Non-functional capabilities – standard regulatory and compliances
  • Technological competency and visual appearance of consumer persona
  • Competitor research corresponding to your app’s beneficiaries and vision

Step #2: Prepare an MVP Blueprint

Describe the below-mentioned crucial metrics end to end:

  • App deliverables and End Goals
  • Budget, Investment, and Associated Financial Risks
  • Resource Allocation and App Development Timeline in Sprints
  • Operational Workflow in AGILE style – KPIs, Milestones, Sprint Objectives, Team Collaboration, Communication Mode, and Review Rounds
  • Monetization Model – Subscription based or Per feature/User/Transaction 

Step #3: Plan UX and UI Design

Visualize every design aspect from the outlook of consumer behavior (individual and corporate users) and administrators. Create mind maps to understand the app’s full functionality (sequential processes) and brainstorm UX for different roles.

guest post UX/UI

Your design team must build UI mockups following the wireframe designs and content layouts. 

On the whole, devise a complete design prototype illustrating the role-based journey from source to destination implementing different use cases.

Step #4: Define Tech Stack and Features

Define the payment technologies and must-have functionalities to develop the MVP. Ensure the selected tools, platforms, frameworks, integrations, and associated components correspond to your app’s requirements and vision. 

The Core Full-Stack encompasses:

  • Digital wallet
  • Receive, Transfer, and Request money with bills/invoices
  • eCommerce transactions
  • QR code payments
  • Pay later, and EMI facilities
  • Automatic conversion of currencies
  • Card-account transfers
  • Full-fledged transaction history
  • Real-time push notifications and messaging capability
  • Authorization via unique OTP and ID verification
  • Data encryption, two-factor authentication, and biometric identification
  • Income and Expense Tracking
  • Chatbot consumer support with priority response via call/mail/ticket

Step #5: Verify compliance with PCI-DSS Requirements

Qualify PCI-DSS requirements in the country/region before launching your app. 

It is a must to attain the license to validate that your app is fully compliant with current regulations. This will help you to handle security and legal concerns. In addition, the PCI-DSS certificate will foster trustworthiness in the marketplace.

Step #6: Develop, Integrate, and Deploy

It takes a substantial time to complete the development, integration, deployment, and testing sprints. As a key stakeholder, you must constantly indulge with the development team until final production and deployment. 

Step #7: Perform UAT

From UX and UI to testing the database and functional modules, review rounds incorporate User Acceptance Testing (UAT) before beta launch. Notably, the test includes consumer and administrator roles to experiment with the interconnected payment operations.

Step #8: Beta Launch and Optimize the MVP

The Beta Launch is the most progressive stage, where you gather quality feedback and loopholes from the consumer viewpoint.

guest post beta launch

 It is a process of building the MVP where you launch the product with a specific and small segment of users. These are your beta users (domain proficient) who test the payment app and share user experience.

Accordingly, filter them out with product owners and optimize the MVP before the final launch.

Step #9: Roll out and Scale

On accomplishing the above steps, roll out the app for your target audience and consistently monitor performance. 

Incorporate OTA (Over-The-Air) updates to the payment app to identify and fix bugs and release the upgraded MVP version. 

It is a long-term, iterative process that demands app maintenance periodically with evolving market trends.

The Bottom Line

By now, you must have understood the ins and outs of custom payment apps. Currently, the fintech trend across all industries is booming at its peak. So leverage the ongoing rapid digital transformation and head to build your custom payment app.

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