Want to monetize your payment app? Cash App is a great example of a successful mobile payment app and deserves a closer look.
What is Cash App?
Cash App was created by Square, a major payment processing company. This app enables users to make mobile payments to friends or businesses.
Those receiving the payments don’t need to have Cash App installed on their devices, and they normally receive these payments right away.
This app is free to use for personal payments, although there is a fee for business transactions.
How to monetize a payment app
When trying to figure out how to monetize your mobile payment app, consider how Square does it. But first, realize that Square is a well-established company with sufficient financial resources.
Because of this, Square didn’t need to use in-app ads to make money, nor did the company have to price Cash App. Offering an ad-free app that didn’t require a paid plan was a huge help in getting users to try the new app when it was first launched.
Let’s face it. Most of us don’t have the advantages that Square has. Your payment app will most likely require in-app ads for monetization purposes.
But you don’t need to stop there. You should also consider the other income sources that Square’s mobile payment app has.
- Square charges a 3% fee for credit card transactions;
- Square plans on offering premium features that would only be accessible by users with a paid plan.
Using these monetization methods for your own payment app ensures that you will get a return on your investment.
How to build a payment app
Not many app developers have the resources that Square does. In addition, an app that can handle mobile payments is difficult to build.
Following the tips below might help you create a great payment app.
Rather than trying to gain a large following, initially offer your app to a small regional market. This will give you an idea of how users like your app and if it has a chance of being successful.
And maybe there isn’t a need to achieve international status. Instead, your app might be more successful if you only target local users.
Make it secure
Security is an absolute must for a payment app. There is no getting around it! Users won’t feel comfortable making mobile payments with your app if they don’t trust it.
The payment card industry has established certification requirements that will give you some guidelines for creating a secure mobile payment app that users can trust.
Use third-party APIs
Before launching your app, you don’t know how successful it will be, so why spend a lot of time and money developing its features? Instead, use third-party APIs and services to decrease the cost of developing the app.
Rely on more than one monetization method
This article has already mentioned some monetization methods for payment apps. Don’t feel that you have to stick with one. In fact, it’s usually wise to take advantage of several income sources.
Give users stellar service
Customer service should be a top priority. Provide online chat support and an email address where users can contact you. Respond to all messages and resolve any issues as soon as possible.
Although Cash App clearly has an advantage over other similar apps, that doesn’t mean you can’t create a successful payment app on a smaller scale. Following the tips given above should point you in the direction of success.
Building the app is only half the battle. Don’t forget that you need to increase its visibility by improving your ASO strategy so that users can find it and download it.
Talk to an ASO specialist to get started!