All in One Payment Apps: What Should You Expect?

Added 10 months ago     By Kirby Dela Cruz



Payment apps are a rapidly rising trend in global Fintech, especially as cashless payments are becoming popular all over the world. After all, it would be so much more convenient to simply be able to take your phone with you on a day out and not have to worry about losing your wallet and having to fumble along with credit cards.

Over the past couple of years, more and more payment apps have appeared in the Fintech field, all of them boasting the same claims: that they are here to make payments more convenient for you. Across the board, their basic features and services also seem roughly the same. So what does make a great payment app? What truly makes one of these apps useful?

 

Security

Before anything else, the app’s level of security must be unquestioned. As it’s meant to handle payment services and cashless transactions, the first assurance that an app must give you is that it complies with the security standards that are set by entities such as banks and major financial organizations. A brief look into the standards set by the Payment Card Industry Security Standards Council, which establishes standards even for payment apps and other Fintech software, will also give you an idea of how well-protected your account might be.

Regardless of whether it will be used with credit top ups through cash at payment centres, or it would be connected directly to your bank account, if this app is meant to handle your finances, it should leave nothing to chance. Carefully inspect the app and the developer for security protocols and how it can protect you against identity fraud and how it prevents people from accessing your account.

 

Ease of Use

“Well secured” does not mean “difficult to use”. The simpler an app is the use, the more convenient it actually is. This service is meant to give you an alternative to using cash or cards, so the transaction process should make it easier for you to use the app instead of either of the two other options.

However, this doesn’t mean that it should be far too simple, which could make it more vulnerable to mistakes. There’s always the possibility that you might mistakenly send money to the wrong account, and all without you realizing what it is that you had done. The key here is that there should be the right amount of protocol checks without the app being too complex for you to use.

A seamless design also contributes to ease of use. A clean, consistent design subliminally guides you on where to go, what to do, and what to pay attention to within the app. It puts you more at ease with what you’re doing.

 

Flexibility and Options

The app should also have multiple ways with which to use it. A great app is like a well-balanced Swiss army knife: it has multiple features that are all aimed to make things easier and more convenient. If it’s constrained to ultimately a single purpose, then it becomes less useful than any other payment app that has multiple ways to use them.

For example: the app should give you, at a minimum, two to three ways to transmit money through it. It should let you add credits to it through a payment station, or connect your credit and debit cards to it. A great app shouldn’t just let you transfer money, but it should also let you pay for purchases on POS machines or buy items with it through online payments. That’s when it becomes truly convenient.

There are plenty of payment apps and services out there in the Fintech world, but it’s important you find one that can really be considered useful for your everyday life, and knowing some of the things above can help guide you to the right choice.

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