More and more people are migrating from personal computers to mobile phones. This trend created a great opportunity for businesses to build an app. However, choosing a successful monetization model often proves difficult, opting for an apple pay integration being the choice of many app owners.
Monetizing an app is complicated since people are usually expecting their digital products for free. However, selling products inside an app that already provides value could prove a rewarding system. Here is how you can do it.
When it comes to integrating payments right within your already existing mobile app the benefits can be endless.
Integrating such a payment gateway can result in the creation of a secondary source of revenue for your business. If your business is operating in the e-commerce field, integrating a payment gateway is the best thing you can do.
At the same time, the on-growing trend of mobile usage has also opened doors for many new people. Building businesses, solely around an in-app integrated payment gateway, has proven to be a working model. Considering the growth in online shopping, giving the customers the possibility to pay through an app will result in higher profit margins on your end.
Instead of giving the users the possibility to only view your products through the app, and making them pay through your website, you can directly implement mobile payments. This will save your customers plenty of time, making them more comfortable. Both things increase the likelihood that they will buy your products again.
Moreover, even if you’re not running an e-commerce business, payment gateways into your app can prove useful. If you’re owning a blog, for example, using a payment gateway to allow your audience to purchase products like subscriptions directly in the app will benefit you greatly.
Payment Gateway Options
When it comes to payment gateway providers, the options are many since online payments and shopping have been around for quite a while. Currently, the two giants that are starting to take over mobile payments are Apple Pay and Google Pay.
The best thing about services such as Apple Pay and Google Pay is that they are already starting to get used by many people even for offline payments. Because of their versatility and reputation, the likelihood that somebody will decide to buy your products because you have Apple or Google Pay integrated is higher.
Besides these two giants, there are other popular options that are mainly used for online payments, like Stripe, PayPal, and WeChat for Asia.
Because of the increased security, and high future opportunities, we are only going to focus on the implementation of Apple Pay and Google Pay in this article.
In order to use the Apple Pay services, the app owners have to provide various functionalities that ensure the security of mobile users. For Apple Pay to be fully integrated, businesses have to make sure that they have a fraud protection system in place, user authentication, Apple Pay transaction processing, Card lifecycle management, and seven other essential requirements.
Google Pay, on the other hand, it’s a bit different from Apple Pay since it requires a third-party SDK provider. Setting up Google Pay is a bit more complex but, the features are also more. To have e fully functional Google Payment System, app owners must check the eligibility of their SDK choice, to develop a full payments system, and to implement a card lifecycle.
Apple Pay, because of its quicker and easier implementation is perfect for somebody that wants to use a payment service without having to worry too much about development and maintenance. However, even if more complicated, Google Pay is worth using too because of their offline transactions capability, and the possibility of choosing your own SDK provider.
Implementing a Payment Gateway into your mobile application is becoming increasingly important. Monetizing your app by selling products is starting to become a better and better business model.
When it comes to benefits, they are many and so are the payment gateways. However, going with Apple or Google Pay will prove to be a great option long-term because of their secured networks, high reputation, and ever-increasing user base.