Why to integrate Cashless Payment Solutions for mobile apps

Why to integrate Cashless Payment Solutions for mobile apps

05 Jan. 17
8.64 K VIEWS

According to a study about mobile wallet usage, the compound annual growth rate for mobile wallets is 80%, between 2015 and 2020. This adoption rate also makes the businesses to look forward to implementing cashless payment solutions. Mobile apps are the responsible asset for making this solution feasible.

Recently, in 2016, Narendra Modi, the Prime Minister of India, took an initiative to eradicate black money from the country. This initiative leads to promote the cashless payments across most of the mediums. November 2016, is notable for demonetization initiative in India. This moreover leads the businesses to understand the importance of cashless payment solutions.

Benefits of Cashless payment solutions

Cashless payment not only helps the users by providing an easy payment option but also benefits the business.

  • Less paperwork
  • Lesser number of employees required to handle the cash counter for retail industry
  • More transparent, scalable and more secure system operations
  • Mobile app development get more market opportunities
  • Reliable solution for money transfer in case of foreign exchange

There are several ways of going cashless. Mobile app development for cashless payment solutions is one of them. It helps the business to offer an easy payment solution to the customers. This not only helps the business to move from a cash-driven economy but also give the convenience of being customer friendly.

Net-banking solution

An online transaction or transfer of money from one bank account to another is called net banking.  This is, however, the most convenient way for a business for payment process. There are three services available for such a kind of transfer:

  • National Electronic Funds Transfer (NEFT)
  • Real-time Gross Settlement (RTGS)
  • Immediate Payment Service (IMPS)

By NEFT, the money gets transfer during the bank working hours. RTGS is used for high-value transactions starting from INR 2 lakhs. IMPS fund transfer is used for emergency transfer. This facility is available 24/7. Also, the user can add recipients for frequent transfers.

Plastic money

There are mainly three types of plastic money card:

  • Debit card
  • Credit card
  • Prepaid card

Debit cards and credit cards are issued by the respective banks. Prepaid cards, however, can also be issued by banks. These are mainly useful for online payments. There are few payment gateways to carry online transactions using plastic money. The most popular payment gateways are noted to be PayPal, Google Wallet, 2Checkout, Authorize.net and Amazon payment. This method of transaction is, moreover, one of the favourite cashless payment solutions for the users that a business can offer.

A business can adopt the usage of plastic money through their mobile apps. They can securely add a feature of ‘add card’ during the mobile app development. This can make their smartphone app user and transaction friendly.

Mobile wallet

A mobile wallet is the most popular virtual wallet. There are different types of mobile wallets to address the business requirements.

Peer-to-peer payment mobile apps

You can make a payment request via these mobile apps and the person who owes you money can transfer the amount due directly to your account.

Loyalty and coupon-based wallets

These type of mobile apps are useful to maintain all the loyalty cards under one shade. Starbucks mobile wallet offers app-only promotions. Moreover, it is a popular choice among the young users.

Messaging app wallets

The users can use messaging apps such as Facebook messenger for financial transactions with the use of integrated PayPal payments.

Crypto-currency wallets

There are many mobile apps that offer the payment through crypto-currency. Bitcoin, however, is the popular currency for such wallets.

Top Mobile Wallets in India:

  • Paytm
  • Mobikwik
  • AirtelMoney
  • Freecharge
  • mRupee


Let’s Nurture, a leading IT service provider, can serve you with your mobile app development and website development requirements. We have an in-house team of developers that are up-to-date with the technological trends. If you want to utilize similar solutions, we would be happy to guide you through. Please feel free to contact us at info@letsnurture.com.

Please visit our portfolio and let us know your feedback.


Sunil Veluri
Posted by Sunil Veluri

Blog A directory of wonderful things

COVID lockdown has brought the digital future forward

The Novel Coronavirus epidemic that has spread its tentacles worldwide almost brought business and the economy to its knees. With no way of attending office, how are employees supposed to …

The Impact of COVID 19 on Restaurant & Hospitality Industry

Coronavirus has literally crippled the economies of different countries catastrophically and has forced many industries to put down their shutters for long. Some have closed down temporarily abiding by the …

AI for Pneumonia Detection

The risk of pneumonia is enormous for many, especially in the nations where billions face energy poverty and rely on polluting forms of energy. “The WHO estimates that over 4 …

AI for Food Detection

“Four simple ways to fight diabetes/Obesity: Go for regular medical check-ups; Exercise more; Watch your diet, and Cut down on soft drinks.” – Singapore PM Lee Hsien Loong (Nvidia Research …

Django vs Laravel vs Node js

Web Frameworks are basically software packages that ease the complexity of web development. They come with many inbuilt features that are common in web development, thus minimizing the development time, …

Tech in Prenatal Care-Empowering rural women with a mobile first avenue for information

In the era of wireless technology, where there are more mobile phones than people, mobile applications play an important role for rural women to improve their maternal health. Technology is …

Survival of the Fittest is now the Survival of the Agilest

A joint study by Forbes magazine and Scrum Alliance has found that Agile practices are gaining a lot more popularity among SME businesses and across sizes that and include startups, …

How agile will transform the organization framework?

Innovation is no longer just about new technology, it is about new models of organization. The high tech breakthroughs that do count today are not only about speed and performance …

How do Chatbots benefit Businesses and Marketers? What do your consumers expect from the bots?

According to compounded annual growth rate (CAGR), global chatbot market is projected to account for $1.23 billion by 2025. Tools designed to simplify the interaction between humans and computers have …

UAE Drone Monitoring: Constructions Sites in Abu Dhabi

While drones or unmanned aerial vehicles are nothing new to the mainstream media, they have come a long way in both their technical specifications and their capabilities. Modern drones are …

How Virtual & Augmented Reality Will Evolve and Impact Society in 10-15 Years

While we are constantly reminded that we have made numerous strides in technology over the last few decades, our actual ability to notice the changes that have occurred, is minimal. …

Why you should outsource your Voice-Assisted App Development?

According to Tractica, unique consumer users for virtual digital assistants will grow from more than 390 million worldwide users in 2015 to 1.8 billion users by 2021. For the vast …

Smart Parking Solutions enhancing Customer Experiences for Businesses

Any individual that has driven through any large metropolitan city during the middle of the day, is all too familiar with the bumper to bumper traffic and jam packed surface …

Welcoming The New Year With Recognition & Celebrations

The start of 2019 once again came with a good news for Let’s Nurture. Let’s Nurture has been yet again announced as the Top Beacon App Development Company of 2018 …

8 Reasons Why Push Notifications Are Important Part of App Development Strategies

8 Reasons Why Push Notifications Are Important Part of App Development Strategies In today’s mobile-dominated world, creating and launching a mobile application that does not get abandoned is daunting. With …

Tech Trends for Hatchery Business

The growth in hatchery business has been tireless. In coming 30 years, another 3 billion people will inhabit the Earth. The consumption of chicken and egg will grow constantly. Hatchery …

Clutch Review for Mobile App Development for Television Chat Platform

Project Overview – Television Chat Platform Mobile App Development for Television Chat Platform is resemblance of all those small group gossips over your favourite TV shows. It is a mobile …

How Pizza Delivery App can Reshape Your Pizza Parlour Business

Your customers are waiting for a pizza to be delivered from your company and you are still in confusion whether to develop pizza delivery mobile app or not? Almost every …

Fantasy Sports App Development and 5 star Client review

Project Overview – Fantasy Sports App Development Fantasy Sports is a type of online gaming platform for game of skills. It has a season long fantasy sports leagues for Cricket …

5 Reasons to integrate Chatbot on your Insurance App

In recent times, almost all businesses – small and large are stepping into AI Chatbot Development from conventional Mobile App Development. Apparently, Chatbot creation will be the major part of …


Have an !dea or need help with your current business?

We use cookies to give you tailored experiences on our website.