Top 5 Mobile Payments Apps

With the advancement of technology and increasing popularity of smartphones, people can now shop and pay for products and services, on-the-go. Hence, eliminating the need from carrying money or credit cards, businesses that support mobile payment wallets may have an edge in this new year 2015.

This blog will highlight mobile payment trends (stats) and leading apps that have transformed the way businesses and customers make payment, in today’s digital world.

Global mobile payment transaction volume from 2010 to 2017 (in billion U.S. dollars)

Below statistic shows the global mobile payment transaction volume from 2010 to 2013 with a forecast for 2017. The worldwide mobile payment volume in 2012 was 163.1 billion US dollars and is expected to grow to 721.4 billion U.S. dollars in 2017.

Source: Statista 2015

Top 5 mobile payment app

Apple Pay

With less than a year since it’s launch, Apple Pay has opened a whole new dimension in mobile payments. Compatible with the iPhone 6, iPhone 6 Plus, and the Apple Watch, this solution offers contactless payment technology and unique security features to change the way your customers pay at retail and online checkouts. Users with iPhone 5, 5C, 5S, 6, or 6 Plus can use the service through an Apple Watch. One of it’s major benefits, it allows your customers to make payments in-store (list of stores that accept ApplePay- http://goo.gl/ry1iAZ) eliminating the need of carrying credit and debit cards, wherever they go.

Website: www.apple.com/apple-pay

Google Wallet

Developed by Google, Google Wallet is a mobile payment app with NFC technology that will allow your customers to store debit cards, credit cards, loyalty cards, and gift cards among other things, as well as redeem sales promotions using their smartphones. It offers customers a speed checkout with “Tap and Pay” on their Andriod devices (check compatibility http://goo.gl/tmttJx), allowing notifications for every transaction they make. And, most important, all financial information in Google Wallet are encrypted and stored in Google’s secured servers in secure locations.

Website: www.google.co.in/wallet

PayPal

One of the world’s largest mobile payment app, PayPal allows a smarter way for performing payment processing for online vendors, auction sites and other commercial users. Compatible to iOS and Android phones, this app is a powerful tool that not only allow businesses to process credit card payments, but also provides entire online transaction process, including shopping cart and checkout services. This app gives an ability to instantly transfer money to friends and family with an email address in more than 50 countries and regions.

Website:  www.paypal.com

Square

The most simplest mobile payment app, Square is transforming the way people are making payments. Compatible to smartphones and tablets, Square directly links with your customer’s bank account, and accepts payment from all major credit card companies. Offering benefits to your customers, this app also allows you as a business owner to track sales, print daily summaries, and customize sales reports, whenever needed. This means, you don’t have to spend more time in preparing for taxes.

Website: www.squareup.com

PaySimple

Offering all payment solutions under one roof, PaySimple simplifies the way you collect money from your customers. Everything from electronic payment processing, invoicing, online payment forms, customer contact management, recurring billing, and cash flow forecasting, can be accessed from PaySimple. This way, apart from allowing your customers with the simplest, secured and quickest mobile payment solution, you save time. Compatible with iPhone, iPad, and iPod touch. This app is optimized for iPhone 5, as well.

Website: www.paysimple.com

With the increasing trend of mobile payments around the globe, it matters on how soon you start using the system!

Godspeed!