In recent years, digital payments have seen an unprecedented surge in popularity, fueled by the growing adoption of mobile devices and the increasing need for contactless transactions. As we enter 2024, the landscape of digital payments continues to evolve rapidly, with new technologies and trends shaping the way we transact.
To keep up with this fast-paced environment, payment apps must continually innovate and provide new features that meet the changing needs of users.In this article, we’ll explore the key features of a future-ready payment app in 2024.
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Trends, challenges, and opportunities for mobile payment industry
The payment app industry has experienced significant growth in recent years due to the increasing popularity of digital payments and the widespread adoption of smartphones. According to a report by Allied Market Research, the global mobile payment market size was valued at $1.48 trillion in 2020 and is projected to reach $12.06 trillion by 2027, growing at a CAGR of 30.1% from 2021 to 2027.
Global mobile payment market size (2019-2027)
Source: ReportCrux Market Research
The rise of payment apps can be attributed to several factors, including convenience, security, and speed. Payment apps allow users to make transactions without the need for physical cash or cards, which can be particularly useful for online and mobile purchases.
The payment industry also faces several challenges, including concerns over security and data privacy, the need for interoperability among different payment systems, and the need to address the digital divide that exists in some regions. Despite these challenges, the mobile payment industry also presents significant opportunities for growth and innovation, with advancements in technologies such as biometrics, AI, and blockchain offering new ways to enhance payment security and improve the user experience.
Read our article on FinTech app development to explore how to develop a future ready payment application.
Many companies experience the benefits of digital payment app adoption. But how to create an outstanding application to satisfy customers and meet the business needs. In this article we`ll describe the main features of a future-ready payment app in 2024.
Must-have features of a future ready payment app in 2024
As the payment app industry continues to grow, there are several trends that are likely to shape its future. These include the increasing use of artificial intelligence and machine learning for fraud detection and prevention, the rise of contactless payments, and the adoption of blockchain technology for secure and transparent transactions.
Additionally, payment apps are likely to become even more integrated with other services, such as e-commerce and transportation, making them an even more convenient and versatile option for users. As of 2024, a future-ready payment app should have the following must-have features:
Multiple payment options
Offering multiple payment options is an essential feature for a payment app because it makes the payment process more convenient and accessible for users. By providing users with a range of payment options, such as credit/debit cards, UPI, digital wallets, and more, payment apps can cater to different user preferences and needs, ultimately improving the user experience.
For instance, some users may prefer to use their credit or debit cards for payments, while others may prefer to use digital wallets such as Google Pay or Apple Pay. By offering these options, payment apps can ensure that users can make transactions using their preferred payment method.
The payment process should be simple, secure, and quick, with a user-friendly interface that makes the transaction process seamless and intuitive. For instance, payment apps should aim to process transactions quickly and reliably, without any delays or errors. This can be achieved by using secure and robust payment gateways and infrastructure.
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Biometric authentication features such as fingerprint scanning or facial recognition should be available for enhanced security measures. It can help prevent fraudulent transactions by ensuring that only authorized users can access their payment accounts. For example, if a payment app requires facial recognition to access an account, it would be challenging for someone to impersonate the user and make unauthorized transactions.
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The app should offer personalized discounts, cashback, or loyalty rewards based on the user’s transaction history and preferences. These personalized offers are powerful incentives for payment app users to make more transactions and continue using the app.
These features can be customized based on user preferences and transaction history by leveraging user data. Payment apps can collect and analyze user data to understand their preferences, transaction history, and behavior patterns. This data can then be used to offer personalized discounts, cashback, or loyalty rewards that are relevant to the user’s interests and behavior.
The app should allow users to make peer-to-peer transactions with ease, including splitting bills, requesting and sending money to contacts, and more. P2P transactions and bill splitting are much faster than traditional payment methods, such as bank transfers or checks. Transactions can be completed instantly or within a few minutes, making it more convenient for users to pay each other. Read this article to get information about developing a money transfer app.
Mobile wallet solution
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The app should support cross-border payments and currency exchange, making it easy for users to transact with people from other countries. Payment apps that support cross-border payments and currency exchange are becoming increasingly important as more people travel or conduct business across different countries.
As globalization continues to increase, more people are traveling or conducting business across different countries. Payment apps that support cross-border payments and currency exchange make it easier and more convenient for people to conduct transactions with others from different countries.
Explore our latest article on digital payments to examines common payment methods, trends and technologies.
AI-powered fraud detection
AI-powered fraud detection is an important feature for payment apps as it can help identify and prevent fraudulent activities, improving the security of payment apps. It can help identify fraudulent patterns in transactions. By analyzing large amounts of data and identifying patterns that indicate fraudulent activities, AI algorithms can flag suspicious transactions and alert the payment app’s security team.
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Integration with other services
The app should integrate with other services, such as e-commerce websites, taxi services, and food delivery apps, making it easier for users to make payments within these platforms. Payment apps can integrate with other services, such as e-commerce websites, taxi services, and food delivery apps, to make payment transactions more convenient and versatile for users.
These features can help to enable users to complete payment transactions without having to switch between multiple apps or services. For example, a user can complete a food delivery order and pay for it within the same app, instead of having to switch to a different payment app or website.
User needs are constantly evolving, and payment apps must adapt to these changes to remain relevant. For example, users are increasingly looking for payment apps that offer more personalized experiences, enhanced security features, and greater convenience. Future-ready payment apps must be able to address these needs to stay competitive. Payment apps must also be able to integrate with new payment technologies, such as blockchain and cryptocurrencies, as they become more mainstream.
SDK.finance payment platform
SDK.finance provides a payment platform to build a future-proof P2P payment or remittance app. This fintech software has a range of payment solutions for businesses. It offers various payment processing options, bank transfers, and digital wallets.
The platform also offers customization options that allow businesses to modernize their payment systems to their specific needs. Our API-first approach lets you integrate your instance of the software with virtually any third-party provider or service, quickly and cost-effectively. With the SDK.finance white-label money transfer software you can offer the following services: borderless remittance, bill payments, expense tracking, multi currency accounts and bank and card payments.
SDK.finance payment platform is a reliable and customizable payment solution for businesses of all sizes, providing secure payment processing.
The world of payments continues to evolve rapidly, driven by the increasing demand for fast, safe, and convenient payment options. The future-ready payment app in 2024 should be secure, flexible, scalable, and user-friendly, with advanced analytics and personalization options that enable businesses to provide a seamless payment experience for their customers.
By incorporating these essential features, businesses can stay ahead of the curve and meet the evolving needs of the payments landscape in 2024 and beyond. To meet the rising demand for fast and affordable money transfers, use the SDK.finance fintech platform and launch your payment business in a short time.
What are the main features of a payment app in 2024?
A future-ready payment app should include support for multiple payment options, a secure payment gateway, advanced analytics and reporting capabilities, personalization options, and a user-friendly interface.
What payment options should a payment app support?
A future-ready payment app should support multiple payment options, including credit/debit cards, mobile wallets, and cryptocurrencies.
What is a payment app?
A payment app is a software application that allows users to make electronic transactions to pay for goods or services. Payment apps are usually linked to a user's bank account, credit or debit card, or digital wallet, and enable the transfer of funds from one account to another.
Why is multi-layered security important in a payment app?
Multi-layered security is essential in a payment app to prevent fraudulent activities and protect sensitive customer information.