Digital Payment Platforms Evolve to Meet Rising Consumer Demands

The world is swiftly moving towards digital payments. A Deloitte report projects that global digital payment transactions will hit 726 billion by 2020. As more of your customers adopt digital payments, having the right features in your payment app is crucial for driving engagement and transactions. 

In this post, we will discuss the top 10 must-have features you need to include in your digital payment platform in 2025 to delight customers.

1. Easy Account Setup and Management

The first step towards getting customers to use your payment app is removing friction from the signup process. 

Your app should allow creating an account within the least number of steps. Provide options like using existing social media accounts to register quickly. 

Offer easy login methods like passcodes, touch ID, face ID, etc. that customers are already familiar with. Allow them to reset these credentials easily whenever required.

You must also make it simple for customers to update their personal details or bank account information from within the app. The easier you make the onboarding and account management, the faster you will gain new users.

2. Multiple Payment Methods 

Today’s consumers use a variety of payment modes ranging from:

– Digital Wallet solutions

– UPI

– Credit/Debit Cards

– Net Banking

Your payment app must integrate all popular payment modes used in your target market. Offering multiple options in one unified interface adds convenience for customers.

You can also include global payment systems like Apple Pay or Google Pay to allow foreign transactions. As cryptocurrencies gain ground, that could be the next big addition to your payment app.

The more payment alternatives you offer, the more useful your app becomes for handling all types of transactions.

3. P2P Payments

Once customers have signed up, they should be able to instantly send or request money from other users on your platform. 

Allow users to transfer money to anyone in their contacts list or use a payment address/UPI ID. It should be as simple as sending a message on WhatsApp.

P2P payments enable use-cases like: 

– Splitting bills with friends

– Sending gifts or pocket money to family

– Paying a freelancer or home services

The easier you make P2P transactions, the more your payment app will get used regularly.

4. Bill Payments and Mobile Recharges

Managing recurring payments is another top requirement for your payment app.

Integrate the ability to pay bills from electricity to mobile, water, gas, broadband, etc. Send users automated reminders when a bill is due and provide one-click payments for registered billers.

Allow users to recharge their mobile, DTH connections, and data cards in a few taps. Synced biller accounts reduce the friction of manually adding a new biller each time.

Frequent bill payments and recharges will drive higher engagement with your app.

5. In-Store Payments  

For a payment app to truly replace a physical wallet, it has to work seamlessly for in-store purchases. 

Provide a tap-and-pay functionality using NFC so users can pay at retail chains and stores accepting contactless payments.

Additionally, allows the scanning of a QR code to make payments to small vendors or individuals. This should work even in offline mode without requiring Internet connectivity.

Facilitating in-store digital payments will make your app indispensable for customers.

6. Shopping and Offers

Since your payment app already stores the user’s payment instruments, extending it for in-app retail purchases is a natural fit.

Integrate a payment gateway so users can shop from within your app. You can earn revenue via merchant fees on these purchases.

To incentivize usage, partner with popular brands to offer exclusive deals to users paying via your app. Personalized cashback and coupons will delight customers. 

As the host platform, you can charge brands a promotion fee driving additional earnings.

7. Transaction History and Statements 

An essential need for a payment app is to track expenses and manage budgets effectively.

Provide an easy way for users to view their complete transaction history in one place. Allow them to search, filter, and tag payments for quick lookups.

Give users the ability to download statements in standard formats. You can also add a feature to email monthly statements as a handy summary of spending.  

Smart transaction management and insights will keep users engaged with your app.

8. Security

Security is an obvious concern when dealing with payments. Your app should implement rigorous measures to build trust and prevent fraud.

Add multiple layers of protection like MPINs, device binding, and location checks before approving transactions above a threshold. Allow users to instantly block all payment instruments in case of loss of the device.

Use biometrics like fingerprint or face unlock so users don’t have to enter credentials every time. Provide instant transaction alerts and let users report unauthorized payments with a single tap.

The more you highlight security features upfront, the more confident users will feel transacting via your app.

9. Rewards Program

A rewards program tailored to user needs will help increase sticksiness. 

Offer reward points on every purchase or transfer made via the app. Let users redeem points for shopping vouchers, air miles, movie tickets and more. 

You can provide personalized reward tiers like gold or platinum based on transaction history. Special deals and offers for elite members will delight your loyal users.

Gamifying rewards can drive engagement, retention and transactions in a win-win manner.

10. Support 

A payment app managing user’s hard-earned money requires robust customer support. 

Provide 24×7 support via call, chat or email. Maintain an extensive FAQ section with video tutorials to resolve common user issues.

Monitor transactions to prevent failures due to issuer downtime, insufficient funds etc. Assist users in raising refund requests or chargebacks in case of issues.

Set up dedicated teams to resolve complaints quickly and efficiently. Generating goodwill by going the extra mile will earn you positive word-of-mouth.

Conclusion

We have just discussed the top 10 must-have features your digital payment platform needs to provide the best user experience. The right set of capabilities can make your app indispensable for customers.

As consumer needs and technology evolve, you need to continuously enhance the app features. Seek direct feedback from users and keep improving the functionality.

With a stellar payment app that delights customers, you can build lifelong trust and habit. This will ultimately translate to increased transactions and revenue in the long run.

The time is right to build the payment app of tomorrow. Get in touch with our experts to start your digital payments journey today!