Since everyone spends more time on their smartphones than they do with their computers or laptops, mobile payment apps have become increasingly popular and are being used for most online transactions today.
There were over 18 million smartphone users in 2017 with a prediction of over 20.5 million users in 2018. The use of smartphones will only increase with time.
Making payments with your smartphone is easier than ever with mobile payments apps providing consumers with new ways to exchange money, purchase products both locally and internationally, manage expense and earn rewards while doing all these fun activities.
Mobile payment apps are digital wallets, mobile commerce apps, cryptocurrency apps and peer-to-peer payment platforms.
Features of a Mobile Payment App
A standard mobile payment app should have these features regardless of their platform.
- Person-to-person payments
- In-store payments
- Pay on online stores
- Web interface
- International Payments
- Loyalty programs
- Airtime purchase
- Pay bills
- Collect quick loans
Person-to-person payments
These are sometimes called peer-to-peer payments -which occur when a person sends money to another person. You can send funds to friends and family.
The money sent could either be for family or friends or payment for goods and services. Each payment is different from the other.
Using PayPal mobile payment app has an example when you send payments as family and friends, the sender pays the transaction costs but if you send payment as goods and services, the person that receives the money will pay the fee.
In-Store Payments
Mobile payment apps can also be used to make payments in a brick and mortar store. You don’t need your ATM Card or POS machine. All you need is your smartphone and the mobile payment app installed on it.
Although this looks very smooth and easy, there are a lot of technical issues behind the scenes, which contribute to making this work.
First off, the offline store needs to have the facilities set up and in place before this can work. This setup involves Near-Field Communications (NFC) technology, which makes the use of mobile payment apps in offline stores successful.
Pay on Online Stores
I’m sure you already guessed this feature because it’s an obvious one. Mobile payment apps can be used to make payments on online e-commerce stores, websites and blogs without the need for an ATM card.
For this to work, the e-commerce store or website/blog should list your mobile payment app’s platform as one of the payment options, which give you, access to make payment using your app.
Example: You want to make a purchase on ebay.com; they accept a wide variety of card payments and PayPal. So all you have to do is make payment using your PayPal mobile app and the transaction is successful and complete.
Web Interface
Every mobile payment app should have a web interface that can be accessed using a web browser. This web interface will mostly be accessed on computer/laptops, which can be crucial when a person’s smartphone battery is dead or non-operational.
Web interface creates an excellent substitution and can help keep transactions going with or without the use of a smartphone.
International Payments
The world is a global village and international payments have been so important in recent times because a person living in Nigeria can decide one day that he wants to make an international purchase, maybe a product or service.
This purchase would involve international currencies and in order for the transaction to be successful, international payments in foreign currency have to be used. Payment would be converted and paid in foreign currency with the buyer getting billed in his local currency.
Loyalty Programs
Some mobile payment apps reward its users for taking positions within and outside the app. You earn points by referring friends, performing transactions and doing special actions within the app.
These rewards can be converted to real cash in some instances.
Other features of Mobile Payment Apps in Nigeria include
Airtime recharge purchase, payment of bills like electricity, DSTV, LCC etc and quick loan collection feature is available in some mobile payment apps in Nigeria.
List of Mobile Payment Apps in Nigeria
Source: Top Finance Apps in Google Play store
- Paylater
- Zenith bank mobile app
- FirstMobile
- Branch
- GTBank
- UBA Mobile Banking
- Ecobank Mobile Banking
- Access Bank PLC
- Diamond Mobile
- Aella Credit
- Luno Bitcoin Wallet
- GTWorld
- QuickTeller
- SkyMobile
- FairMoney
- UnionMobile
- Fidelity Online Banking
- FCMB Mobile by FCMB
- StanbicIBTC
- ALAT
- IQ Option Broker
- FCMB Mobile Plus
- QuickCheck Loan App
- Bank 737
- Keystone Mobile
- Sterling Bank Mobile
- MetaTrader 4
- Blockchain Wallet
- PayPal
- Pay9JA
- Remita
- Coinbase
Introducing GPAY Revenue & Collections Optimizing Platform
The GPAY Revenue and Collections Optimizing Platform offers a host of solutions to maximize revenue collections, reduce the cost of collections and facilitate payment reconciliation and reporting for electricity distribution companies.
No comments:
Post a Comment