The world we live in is slowly yet steadily moving towards a cashless future, away from the hassles of complications such as slower checkout processes at brick-and-mortar stores, overhead costs, and storage issues. Gone are the days when it was almost impossible to order things from the comfort of your home.Â
Fast forward to today, the total transaction value in the Digital Payments market crossed approximately US$9.45tn in 2023 and a projected total amount of US$14.78tn by 2027. No wonder, white-label payment gateway solutions are in huge demand, and the role of a trusted mobile app development company such as ITIO Innovex is only going to be bigger with every passing day.
As global markets and consumers across the world are pushing for a cashless economy, more and more businesses are leveraging the potential of mobile payment gateways to authorize and process app payments.Â
If you are thinking of creating a mobile app or already owning a mobile app, monetizing it would translate to more revenue for you, and more customers. You may be thinking, how so? Let us find out.
Card and wallet payments solve several pain points associated with making payments to purchase products or services. They help customers avoid the hassle of carrying cash (notes or coins of different denominations) while fully utilizing discounts and coupons. These payment methods also protect consumers from cash-related concerns such as fake currency and theft. Digital payments come with unbreakable and robust security measures, making the possibility of data breaches and fraud not just difficult, but close to impossible.
Imagine standing in long grocery or bank queues, waiting for your turn to make a payment! There is only one payment mode (cash) and the cashier is taking almost forever to process every single transaction. Now imagine if there is an app for the bank or the grocery store. Life would have been so much easier. Right?
Moreover, today's tech-savvy and impatient consumers demand instant gratification. They are always looking for safer payment options and faster and more secure transactions. This is where white-label payment gateway solutions offered by a trusted mobile app development company come into the picture.
Payment gateway integration can be overwhelming, but for a reputed and successful mobile app development company like ITIO Innovex, it's a cakewalk.
Let us understand the entire process in a few steps.
Countless payment gateways can help your business accept and process credit card transactions through their respective application programming interfaces (APIs). At first glance, the entire process appears very simple but you need to be highly careful as the complete security of critical payment data of your customers lies with you as the data now passes through your mobile apps.Â
Data privacy and security concerns can hurt your business long time, and may even land you in financial and legal trouble if there is any misappropriation of funds or fake dealings. Furthermore, you need to ensure your payment solution is compatible with all forms of payments so that consumers cherish unmatched flexibility, comfort, security, and convenience.
This is where PCI-DSS compliance steps in.
The first and most vital requirement for any organization that collects payments is to strictly adhere to the Payment Card Industry Data Security Standard (PCI-DSS). However, the entire process of becoming PCI DSS certified can be overwhelming, and non-compliance to PCI DSS regulations can result in heavy fines or penalties. A reputed mobile app development company can help you access robust native libraries for Android and iOS to easily integrate mobile payment capabilities while adhering to PCI DSS regulations.
The mobile app development company can assist your business with smooth and seamless payment gateway integration. It helps you choose the right payment gateway for the specific requirements of your business while considering important factors such as fees, supported countries & currencies, and ease of integration. It will then guide you to sign up for an account with the payment gateway provider and complete any required documentation and verification process.Â
The mobile app development company will then use the API credentials to facilitate seamless communication between the payment gateway and your mobile app to integrate payment functionality into the mobile app. It will then initiate the task of implementing payment buttons and ensure that the critical payment data always gets processed in a secure environment. It will also look after server-side processing (to generate tokens or handle callbacks from the payment gateway) for additional verification and security steps.
Thereafter, the mobile app development company will utilize sandbox or test environments offered by the payment gateway to simulate transactions and make sure that the integration of payments into your mobile app is flawless. It will also handle errors and edge cases while complying with security standards and regulations, such as PCI DSS (Payment Card Industry Data Security Standard). The app development company will then launch the mobile app with the integrated payment gateway and will monitor transactions and address any concerns.
Before you finalize the right mobile app development company for integrating payments into your mobile app, you should carefully assess the different types of payment integration products or services offered by different payment gateway providers. It is highly recommended that you should cross-check the facts and claims made by different mobile app development companies. Furthermore, you should thoroughly check their website, expertise, skills, and past experiences of their customers to find out the real truth.
Also, the right mobile app development company should have successfully handled and delivered both Android apps and iOS apps if you're thinking of launching the mobile app on both Google Play and Apple Store platforms. If you want to launch the mobile app only on one of these platforms, their relevant experience must be gauged before making the final decision.
If you have any questions regarding white-label payment gateway solutions or online payment gateway integration, please feel free to contact ITIO Innovex, as a top mobile app development company, we're happy to help!