Why to integrate Cashless Payment Solutions for mobile apps

05 Jan. 17

According to a study about mobile wallet usage, the compound annual growth rate for mobile wallets is 80%, between 2015 and 2020. This adoption rate also makes the businesses to look forward to implementing cashless payment solutions. Mobile apps are the responsible asset for making this solution feasible.
Recently, in 2016, Narendra Modi, the Prime Minister of India, took an initiative to eradicate black money from the country. This initiative leads to promote the cashless payments across most of the mediums. November 2016, is notable for demonetization initiative in India. This moreover leads the businesses to understand the importance of cashless payment solutions.

Benefits of Cashless payment solutions

Cashless payment not only helps the users by providing an easy payment option but also benefits the business.

  • Less paperwork
  • Lesser number of employees required to handle the cash counter for retail industry
  • More transparent, scalable and more secure system operations
  • Mobile app development get more market opportunities
  • Reliable solution for money transfer in case of foreign exchange

There are several ways of going cashless. Mobile app development for cashless payment solutions is one of them. It helps the business to offer an easy payment solution to the customers. This not only helps the business to move from a cash-driven economy but also give the convenience of being customer friendly.

Net-banking solution

An online transaction or transfer of money from one bank account to another is called net banking.  This is, however, the most convenient way for a business for payment process. There are three services available for such a kind of transfer:

  • National Electronic Funds Transfer (NEFT)
  • Real-time Gross Settlement (RTGS)
  • Immediate Payment Service (IMPS)

By NEFT, the money gets transfer during the bank working hours. RTGS is used for high-value transactions starting from INR 2 lakhs. IMPS fund transfer is used for emergency transfer. This facility is available 24/7. Also, the user can add recipients for frequent transfers.

Plastic money

There are mainly three types of plastic money card:

  • Debit card
  • Credit card
  • Prepaid card

Debit cards and credit cards are issued by the respective banks. Prepaid cards, however, can also be issued by banks. These are mainly useful for online payments. There are few payment gateways to carry online transactions using plastic money. The most popular payment gateways are noted to be PayPal, Google Wallet, 2Checkout, Authorize.net and Amazon payment. This method of transaction is, moreover, one of the favourite cashless payment solutions for the users that a business can offer.
A business can adopt the usage of plastic money through their mobile apps. They can securely add a feature of ‘add card’ during the mobile app development. This can make their smartphone app user and transaction friendly.

Mobile wallet

A mobile wallet is the most popular virtual wallet. There are different types of mobile wallets to address the business requirements.

Peer-to-peer payment mobile apps

You can make a payment request via these mobile apps and the person who owes you money can transfer the amount due directly to your account.

Loyalty and coupon-based wallets

These type of mobile apps are useful to maintain all the loyalty cards under one shade. Starbucks mobile wallet offers app-only promotions. Moreover, it is a popular choice among the young users.

Messaging app wallets

The users can use messaging apps such as Facebook messenger for financial transactions with the use of integrated PayPal payments.

Crypto-currency wallets

There are many mobile apps that offer the payment through crypto-currency. Bitcoin, however, is the popular currency for such wallets.
Top Mobile Wallets in India:

  • Paytm
  • Mobikwik
  • AirtelMoney
  • Freecharge
  • mRupee


Let’s Nurture, a leading IT service provider, can serve you with your mobile app development and website development requirements. We have an in-house team of developers that are up-to-date with the technological trends. If you want to utilize similar solutions, we would be happy to guide you through. Please feel free to contact us at enquiry@letsnurture.com.
Please visit our portfolio and let us know your feedback.

Blog A directory of wonderful things

When you are creating or developing a web or mobile application that will be accepting monetary transactions, one of the choices you will need to consider is which payment platform …

Mobile application development is a specially developed software app for the usage on small, wireless portable devices such as smartphones, smartwatches, and tablets. It developed for various OS such as …

The growth in hatchery business has been tireless. In coming 30 years, another 3 billion people will inhabit the Earth. The consumption of chicken and egg will grow constantly. Hatchery …

Project Overview – Television Chat Platform Mobile App Development for Television Chat Platform is resemblance of all those small group gossips over your favourite TV shows. It is a mobile …

Your customers are waiting for a pizza to be delivered from your company and you are still in confusion whether to develop pizza delivery mobile app or not? Almost every …

Project Overview – Fantasy Sports App Development Fantasy Sports is a type of online gaming platform for game of skills. It has a season long fantasy sports leagues for Cricket …

In recent times, almost all businesses – small and large are stepping into AI Chatbot Development from conventional Mobile App Development. Apparently, Chatbot creation will be the major part of …

There’s quite a preachy recommendation given on how essential it is to develop restaurant apps and ensure you have restaurant online ordering system via mobile app development. Imagine being able to …

The trending technology of Blockchain Development and cryptocurrency – Bitcoins is taking over the businesses in the world. In last five years, bitcoins have grown by more than 560 times. …

Last year, tech industries have evolved at rapid pace, with emergence in technologies like Artificial Intelligence and Machine Learning. They have poised to revolutionize the ecosystems across varied industry verticals. …

Educational institutions inculcated the mobile experience for the campus. We saw institutions collaborate across departments, engage students of all technical abilities, target and segment communications, promote special events, and utilize …

Considering it for any business, deciding to go for mobile app development is easy. But what about doing it successfully? Well, it can be as tricky as one can imagine. …

In this mobile driven world, Business associate IT outsourcing with cost efficiency and price arbitrage. Why not do more for less?  Statistics state that around $288 billion has been spent …

Completely Automated Public Turing test to tell Computers and Humans Apart. (Blinks several times.) Famously known CAPTCHA is a type of challenge test used in computing to identify whether the …

The innovations and the customization of the technologies to incorporate the role of smartphones to make lives easier for the people using them. Gone are the days, when shoppers had …

4G LTE is already getting a hype. We can estimate that cellular operators will keep on developing this technology for next 3-4 years.  On the other hand, development of 5G …

App sales are a $25 billion industry, as reported  by WSJ. Mobile app development and purchase is a huge market we are talking about. Once you have developed an app …

Wearable technology is in existence since quite a long time. The most popular example is a digital smart watch. Wearable app development is inevitable to grow further in your business. …

People like to stare at their mobile screens all the time. They might be checking their emails, reading messages, watching videos or plainly browsing through social media. Smartphones have replaced …

People among us using Android wear are not willing to share an opinion that the wearable app development can do much better. At present most of the common functions of …

We use cookies to give you tailored experiences on our website. Talk to us for COVID19 Support