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How to Innovate Your Mobile Payment Application?

With the growth in mobile consumption and ownership, people are now more connected with technologies that they tend to do most of their daily activities via their respective gadgets. Among the services that mobile users maximize, mobile payment is one of the most common. If you are planning to build a payment system for a smartphone, tablet, or smartwatch, then this article will help you to create one with good returns.

Top mobile payment options today

Are you planning to build your own mobile payment system? If so it’s probably worth reviewing the most popular and top payment options currently on the market (as of July 2014) and their net influence scores, according to Appinion's report.

  1. Paypal – 197.8 (most influenced)
  2. MasterCard – 69.7
  3. LevelUp – 17.4
  4. Braintree – 12.4
  5. Venmo – 10.6
  6. SinglePoint – 8.7
  7. Square – 8.1
  8. VeriFone – 6.6
  9. Visa – 6.32
  10. Clinkle - 6

Read also: Stripe or Braintree?

Tips to innovate your application

In order to build a compelling mobile payment system, there are various innovative ways you can include in your application. Here are some tips you should consider:

1. NFC-capability and more connectivity
To present showcase your innovation, acquire some of the most revolutionary technologies that will turn your system into one of the most wanted mobile payment solutions today. Samsung is a good example as their new propriety Samsung Pay that is present on their new Galaxy S6 and S6 Edge devices. Based on the video presented by O2, the company incorporated payment techniques of NFC, bar code reader, and MST (Magnetic Secure Transmission) for older payment terminals. You can also include other sensors such as data connection (3G and 4G LTE), Bluetooth, GPS, and Wi-Fi.

2. Real-time update and a wide list of partners
One of the best features that attracts users to install applications is the ability to provide real-time updates and assistance. If they are able to make payments in real-time without any problems, then the application is performing a very efficient service. It will also be beneficial if you can reach to a wide number of partnered banks or systems for your mobile payment app in order to avoid any problems regarding transactions.


3. Expand your reach through wearables
Paypal did it, so why shouldn’t you? Paypal has expanded its app reach to Android Wear, Tizen-powered devices, as well as the Pebble smartwatches. Wearables, particularly the smartwatches, are among the most anticipated technologies today. It will be beneficial if you look at the possibility of your app being available to wearable devices as soon as possible. Although the expansion doesn’t have to be immediate, the idea will give you an edge over your competitors.

Read also: Which payment system to integrate for your mobile app?

Issues to address

To guarantee success with your payment scheme for mTech, here are some of the issues you will have to address and fix with your application:

  • Security – Only partner with top banks and reputable online payment systems online to ensure that your application is fully secure. It’s imperative that you feature that in your app at all times to show potential consumers that your system is safe.
  • User experience – Ensure that your app has a good user experience, with fast loading time, professional design, and real-time updates. Never run an application on the market, without ensuring that your app is flawless. Although nothing is perfect, you can better address the common concerns of users by doing market research first.
  • Mobile app has to be mobile – Never create a mobile application that looks like its desktop version or something that leads to its official website. Remember that the reason they installed the application was for the convenience, thus provide it to them by ensuring that the design is responsive to all mobile screen sizes.


Here is a list of mobile threats you have to consider when making an app.

There are other ways on how you can innovate your mobile payment application. With the tips we’ve provided, you are one step ahead your competition once you started. What other innovative ways do you wish mobile payments have?

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