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4 In-App Payment Trends To Expect In 2020
January 27, 2020
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In the year 2018, In-App purchases have skyrocketed to 71.3 Billion US Dollars across all Android & iOS devices, which is almost an additional quarter of a full leap from 2017. While the number for 2019 is yet to come, we can already estimate how big of a leap this year will take. And as we are heading towards 2020, it is clear that businesses need to make the in-app payment more fluid and efficient if they want to be a part of this billion-billion-dollar annual transactions. Here are 4 significant in-app trends that you can expect in 2020 and businesses should consider practicing or implementing these in their 2020 plan.

1.      Wearable gadgets are “in fashion”& “in Game”

From Apple Watch to Samsung, Huawei and even Xiaomi’s smart gadgets are in the game pretty strong. And according to Optile’s study, since the emergence of “Internet of Things” or IoT, more than 80% of people who shop online are prone to using wearable payment services.

Since people have wearable gadgets these days on them anyways, using these wearable technologies for payment processing will only make the whole payment services more efficient. Besides, it is estimated that in-app payments will reach around $500 Billion US Dollars. So, it’s only fitting that you implement wearable technology into your payment processing flow.

2.      Simple, Quick – Convenient

Why did wearables become this popular?

– Convenience.

These days, people don’t even want to take out phones from their pockets when they want to change the music track or to check who liked their Instagram photos. They just look at their smartwatches for convenience. This convenience is also important in payment processing for apps & games. No one wants to wait for their revival in games. Gamers, like most app users, want quick and hassle-free payment processing. According to a study, more than 10% of shoppers leave the shopping cart when they find the check out processing lengthy and slow.

Just think of how much revenue will you lose from your annual sheet if the whole in-app purchasing isn’t prompt. So, in your next update, don’t forget to make the whole payment process more streamlined.

3.      High-Rated Apps are more trustworthy to customers

This is a no brainer – an app with a good rating definitely brings more revenue. When your potential customer sees you got a 4.5+ rating on Play Store, he will be confident with purchasing from your app. But for that, you’ll need to ensure your customer support is offering their best at solving customer’s problems so that users leave a generous rating in your app in the App Store or Play Store.

4.      Security & Data-Protection

Users these days are more concerned about the security of their data more than ever before. So, unless you ensure their data, especially payment data is safely stored and secured from external intervention, you can’t really expect to build a giant brand loyal community. So, during the transition to 2020, make sure you work overtime ensuring your customers have faith in your platform.

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Richard Nevis

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