Ever wondered how much we love to end up in an impromptu online shopping? What is the reason, ease, comfort, safety, security? Well, it's everything! We just love the feeling of effortlessly transferring amounts into the respective accounts using our smartphones and receiving our products in return. The built-in payment gateways in the eCommerce stores have facilitated seamless transactions and have soon acquired a monopoly position. Do you wish to find out how you should integrate a payment gateway in the app that will elevate the user experience? If yes, read this blog...
It is estimated that mobile payment volume will increase tenfold by the end of 2021! That’s big news to digest, isn’t it? Well, 35 million Americans along with others possess smartphones and have adopted online payment methods. It is expected that these users will take the online payment transaction volume hit to $275 billion by 2021.
For millennials, online shopping is a go-to option to make purchases instead of physical shopping. The competition of such eCommerce stores is high and the business owners need to think of ways in which they can stand out from the rest. Online payment gateways are an integral part of the eCommerce industry. It has made buying and selling of goods, local as well as internationally a lot easier for the buyers and the sellers both.
Mobile app development companies are constantly trying to develop an app for iOS and Android facilitating in-app purchases. With a pool of options of payment gateway options like PayPal, Stripe, Square, Dwolla available in the market, it is difficult to choose one for your app.
You can check out our blog on the top 5 payment gateways comparison blog and make the right choice.
Before we move forward with the payment gateway integration process, let’s understand the definition of it.
What is a payment gateway?
In simple words, a payment gateway is financial software that handles online transactions and transfers a money amount between the customer and seller. This technology allows customers to integrate credit & debit cards to make payments through mobile applications.
It collects essential information from the consumer and sends it to the banks. Payment gateway integration in an app is important specially if the app deals with hotel reservations, travel bookings, grocery shopping, salon booking, etc.
The payment gateway integration in the mobile app allows the user to have a flawless shopping experience without any disturbance.