Consumer expectations have seen a steep rise over past years in terms of customer service. A mobile payment solution is no different with regards to extensive range of payment options, encrypted transactions, processing speed, and above all convenience.
This is the reason why one peer to peer payment app after the another have emerged out of the competition in fulfilling all the above parameters. Such a scenario has only led to an increased competition with a plethora of other mobile payment apps available in the market.
All this has led to a new technological term in the circuit nowadays, termed as “mobile money”. It is an important term for Financial Technology (FinTech) businesses, since it is an utmost ideal solution for banks and other financial services to enable customers stay connected with them at fingertips.
For most, mobile money is still an unknown or confusing term. So, before going down further on how mobile money apps increase business revenue, and customer satisfaction, let us first understand the term.
Defining the term ‘mobile money’
Mobile money is nothing but a synonymous term used for mobile payment. Any such peer to peer payment app operate under the regulation of financial bodies, facilitate online payments between two parties, wherein users get to pay online for purchased products or services.
A mobile money solution support payment options like cheque, cash, credit/debit cards, and wallets. It is a preferred alternative for almost all the banks since it is a mode of payment that is fast, easy to use, safe and secured.
Boosts business revenue
Imagine, when you allow customers to pay online, they would be lured to purchase more from you due to the conveniency of ordering at any place any time. Customer loyalty gets a solid upswing due to this, especially when your app increases revenue and customer satisfaction both.
There are a lot of offerings within a mobile money app that allows you to open up new avenues of retaining customers, ensuring their loyalty towards you, while helping in generate revenue from a mobile app. Let us look at the ways by which you can enable customers stick to your business.
- Rewarding loyalties to the returning customers
This is a great way to have customers keep using your app consistently for micro or macro transactions, to keep them constantly excited with loyalty points or money. Customers nowadays are so fickle minded that they always want something extra, and they won’t mind to switch wherever they are getting a better option.
A loyalty and reward solution can be in the form of referral bonuses, redeemable points, occasional gifts, exclusive deals, and so much more. As per Forbes, it is way more expensive (almost 5 times) to acquire brand new clients than to retain existing clients.
- Coupons, Discounts, Offers work very well
Just like a loyalty and reward solution when you offer shopping coupons, cash discounts, cash back offers, it works really well especially with credit cards/debit cards and wallets. Mobile coupons are those digital codes that can be redeemed before aforementioned deadline.
Cash discounts are common when certain payment methods used or cards are swiped. Cash back offers are also common when purchase done beyond a certain amount or number of units.
Escalates customer satisfaction
Generate revenue from a mobile app should not be the sole objective for a mobile money app. It is equally important to gain utmost customer satisfaction for winning their loyalty in the long run.
It’s even more challenging today with technological advancement and customer expectations moving at a swift pace. There are some simple tried and tested ways that increases revenue and customer satisfaction both.
- Entire transactional experience need to be seamless
FinTech has changed the scenario of banking and other financial services for good. Today, people strive for smooth transactions without any lags or interruptions avoiding money lost in the transit.
Since users are doing everything on their phone, they need to rest assure of transactions made online. Users want to perform transactions without hassles and that is what you should provide.
- Support staff should be available just a click away
Mobile wallet apps are tough to operate for people who still believe in old conventional ways of performing financial transactions like going to banks or depositing checks physically. For them net banking, mobile banking, digital wallets, etc. appear as a nightmare.
Sometimes even for those using mobile money apps, some transactions are hard to tackle, or technical problems shoot up from nowhere. Hence, customer support should be integrated in such a manner within the app that technical staff are ready to help you at a touch of a button.
- User navigation should be simple and intuitive
When financial apps are easy to use, it gains instant popularity through word of mouth for conducting online payments. Such apps should be built in such a way so that users have to invest minimal efforts and time in executing a transaction.
Keep only that much tabs, menus, screens, and links required to navigate within the app. Moreover, an AI enabled virtual assistant or chat bot can make things absolutely interactive.
- Incorporate tracking via analytics, charts, graphs
Tracking historical transactions is another key feature of such apps that most fail at. With historical sent and received payments, one can keep a track of yearly, monthly, weekly, or daily transactions with ease by means of graphs, charts, or analytical insights.
Such insights prove helpful in jotting down expenses, earnings, profit, loss, sent payments, and received payments over a course of time. Moreover, such insightful data play a major role in future investment planning and decision making.
Are you ready to develop your next mobile money app?
Mobile money trend is everywhere and is here to stay for a long time. Taking leverage from the above points and get started on building your own mobile payment app can help you take an early mover advantage considering there is still a lot of scope for technological improvements.
A mobile payment solution is a win win scenario for both financial services and end users. By balancing cutting edge technology with minimalist layout, you can deliver a mobile money solution that is unbelievably unparalleled.
Nikunj Gundaniya, Product manager Digipay.guru, one of the leading digital wallet app development company USA, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.