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Why you need to consider Mobile Money

As a leading mobile app developer in Perth, we here at Digital Union often get asked about creating apps that are mobile payment friendly. But what does being mobile payment friendly even mean?

“Back in my day, we paid for things with cards, not phones”.

Although physical cash will never truly be retired or go out of circulation, the same thing can’t be said for credit cards. Mobile payments may only be in their infancy, and certainly have a long way to go before they become a daily transaction staple, but NFC (Near Field Communication) payments have the potential to revolutionise the way we use apps.

For years, smartphones have come pre-installed with a “wallet” app, but have gained little interest from consumers, and the underlying factor seems to be security.

“If it ain’t broken, don’t fix it” is the second underlying factor slowing the adoption and detrimentally influencing consumers hesitating retiring their leather billfold for an app. Although mobile wallets are more convenient for some, the convenience isn’t significant enough to inspire adoption. While keeping track of and being able to carry multiple virtual “loyalty cards” has its benefits, it doesn’t seem to counter the hassle of linking multiple bank accounts, learning a new system, and accepting that the majority of retailers won’t be accepting NFC payments yet.


Prepaid Google Cards will be a fantastic companion for travellers, acting as a  global currency payment medium.

Will consumers eventually give in to trusting non-financial institutions with their money? With ApplePay supported by Visa and Mastercard, and adoption of NFC payments set to be endorsed by big brand department stores, fast food chains and retailers, consumer’s distrust of new payment systems may be softened.

So with all this hassle and distrust, why are companies such as Google, Amazon, Apple, Paypal and a large handful of start ups investing so heavy in the “mobile money” revolution?

The driver is convenience, and confidence that we are on the brink of “the next big thing”. Self serve checkouts, electronic tolls and the increased trend towards online shopping as the preferred method of purchasing goods and services demonstrates consumers value convenience, but is the perceived risk of security significant enough to halter the adoption of online payments?

Fast and free, with an inbuilt confirmation system, saving the nuisance of confirming the transaction with a screenshot. 

Soon it will be as easy as sending money to your friends through Facebook Messenger, easing the hassle of transferring money through online banking, for instances such as split bills, or a quick loan. By linking a Visa or Mastercard to Facebook Messenger, users will be able to transfer money within the application. While older generations may not see this as favourable, unwilling to trust non-banking institutions with financial transactions, the loyalty and trust younger generations place in Facebook will see swift and widespread adoption. (Read more about Facebook Messenger’s new money feature on The Verge

As a leading developer in Mobile Apps, Digital Union is here to ensure your new app will be future proofed for this evolving payment trend.

With early adopters jumping at the chance to tap and pay wherever they can, how long until mobile money becomes propelled into the mainstream? More importantly, will you ensure your new mobile apps with Facebook, Apple and Google all getting behind the revolution, the final piece of the puzzle is large retailers. Once they pave the way for this new age of personal finance, the rest will fall, and the mobile phone will replace yet another part of our pockets. Plan for the future and keep an eye on mobile money to ensure that your brand’s app doesn’t miss out on conversions with mobile apps.

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