The mobile app payment scene is constantly changing and shifting, and businesses have to stay ahead of the game. You could create the best app in the world but if you don’t get your payment structure right, it could fail. After all, you’ve got another 3.5 million apps on the market to compete with.
There needs to be a happy medium between maximising revenue opportunities but also providing a smooth customer experience, and there are various ways to achieve this. There are many tried and tested methods that all businesses should be employing, while there are also a few innovative strategies emerging and enjoying great success. Knowing all the different options is an excellent way for business owners to figure out what will work best for them.
Diversify Payment Options
One of the most obvious ways to maximise revenue is to diversify your payment options. This is something that has blown up in the internet age, with good reason. In the modern age, you can’t hope to compete if you only allow people to pay with Visa or Mastercard. With all the different systems out there for performing transactions, everyone has their own unique preferences. If a user doesn’t see their usual option on a mobile app, they will most likely take their custom elsewhere.
Varied payment options have often been used as a way to stand out from the competition in a bustling industry. For instance, when players search for online casino welcome bonuses, the deposit matches and free spins might entice them to the site. However, if the range of payment methods listed doesn’t contain the most convenient option, they might go to a competitor. This is one way that sites can outdo their rivals, especially if they offer a wider number of options. Some of the main payment systems in use at these sites now include Trustly, Skrill, Apple Pay, and PayPal.
Another factor that will have your customers running rapidly in the direction of your rivals is if your payment flow isn’t user-friendly. People don’t want payments to be a chore, so everything needs to work seamlessly. You may be shocked to hear that a whopping 70 percent of online shoppers abandon their carts. One of the main reasons for this is that they find the payment process to be frustrating. This is the last thing you want to happen, so it’s crucial to test out the payment flow.
One of the best things you can do is allow customers to save their payment information so that when they return to make a purchase, it can be done with a single click. There should also be as few form fields as possible during the checkout process so that customers can quickly pay before they change their minds. Many sites are even starting to integrate Apple Pay to make it as simple as possible.
Reward Based Advertising
One interesting way of monetising apps that has grown thanks to mobile games is reward-based advertising. Due to the wealth of games to choose from on mobile, developers generally have to make their games available for free. However, they can still make a vast amount of money using this strategy, as Clash of Clans highlighted. In 2023 alone, the famous offering from Supercell has earned more than $223 million. This is thanks to selling advertising space and giving players rewards when they watch an advert.
This is referred to as watch-to-earn, and players can get anything from in-game currencies to premium features in an app. There’s also the option to use opt-in ads, which allow users to decide if they want to watch the commercials in exchange for rewards. Have you considered these options? If not, you could be missing out on current trends in the mobile market.
Gamification of Payments
What about putting some fun into the payment process itself? One way to do this is to turn the payment screen into a game itself. This can set your business apart from the competition and make it memorable. For example, when users get to the payment screen, they could be faced with a lucky wheel. They could spin it and try to earn discounts or bonus items – obviously, it helps to make it specific to your own product or service.
Another example of gamification could be to introduce achievement unlocks when users spend a certain amount or make a return purchase. This is like levelling up in games, and it can really up the engagement.
There’s no denying that the mobile payment landscape is constantly shifting. Some things that worked last week might be old hat today. By keeping up to date with trends and trying out different tactics, you can make your business stand out from the crowd.
