Mobile app developers joining us today appreciate that there are many mobile app payment gateways to choose from, but might like to know what to consider when choosing one. Let’s walk through it together.
Jared Ronski, Principal at PayArc, was recently featured in MobilePaymentsToday.com. He offered commentary on the $101 Billion Mobile App Opportunity for merchants, noting the importance of understanding different, nuanced monetization models in mobile apps.
A February 2018 study from Pew Research found that 77 percent of Americans now own a smartphone. That’s more than double the amount of smartphones than when Pew first began tracking these numbers in 2011 (it was only 35 percent then). And as more smartphones make their way into the pockets of Americans, it’s more likely that they’ll turn to that device to make payments in their everyday life.
New technology has expanded the ways we pay. Where cash was once king, credit and debit cards now reign supreme. Even that upseating is in the process of dynamic change. As consumer lifestyle preferences shift and convenience is valued over all, many consumers are looking for even easier ways to pay online.
Business objectives drive the best choices every business owner makes. At least, owners wanting to make money in the real world look to their business objectives when deciding how to take products to market. Mobile app monetization represents one such choice that all app developers must make. Have you thought that through for your app?
With more and more people needing to shop on the go, it’s become quite apparent that merchants must take their products and service to mobile markets to remain competitive. While many customers are spending money through in-app purchases and subscriptions in top app interfaces, such as the Apple Store and Google Play, there’s a significant demographic of purchasers who are ready to make their everyday purchases (event tickets, restaurant dinners, and utility bills) through mobile, as well.
With an estimated 77% of American smartphone owners using mobile wallets in 2018, digital payment demands are high. Merchants need flexible, robust, end-to-end operations that accommodate changing consumer behaviors.
PAYARC LLC is a registered ISO/SP of Commercial Bank of California, Irvine, California. PAYARC is a registered ISO of Evolve Bank & Trust, member FDIC. PAYARC LLC is a registered ISO/SP of FFB Bank, Fresno, California.
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