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Mastercard Pilots QR Payments on Messenger for Fast, Secure Transactions

By PaymentsJournal
March 2, 2018
in News
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Apps super, China payment apps, Mobile Payment Platforms Trends, Mastercard QR payments bot, financial apps

“What’s the average mobile app development cost”, sounds familiar enough? The questions seeking the exact cost to create an app are always on the top searched charts and undoubtedly the topic business owners are most curious about! Whatever be the case, it’s always the payments & costings which can shift a user’s choice. So, let’s come straight to the point, the costings entirely depends on what you choose and how you want your app to be! Well, this may have raised a string of more questions than actually providing a promising answer. Honestly, there can be a few questions which need to be self-worked upon before searching out for the company who can offer you what’s required in the lowest possible costing. Mostly newbies willing to develop an app for their business have either a question of how much money is required to develop a mobile app or what does the pricing depend upon? On the various websites claiming to provide accurate costings may somehow end up as a marketing move just attracting customers and selling their services. To be precise, the app cost may vary from as less as $2000 to as higher as $250,000. This is quite a variation! Well, here comes the role of the factors which determine the highs and lows and bring you the costing more accurate. Here’s a brief list of factors which can be in your bucket as the basic questions required to ask- • Type of company you’re choosing • Company’s location • Complexity of features • The chosen platforms • Designing complexity • Features options There are a lot more subheads beneath everything mentioned here in the list, let’s explore the factors separately and check out the best possible option for your mobile app development- Hiring an App Development Company vs Freelancers There can be a choice from choosing an app development company or hiring a freelancer for your work. Though either of the options is good depending upon their own perks and holdbacks. If you wish to choose an app development company you would have choices from a startup, a mid-level company and an experienced company whichever suits your requirement. Never confuse the high costs with quality products and the low costings with low quality work. You need strong research about the company and their genuine reviews to trust on. Choosing an app development company may bring certain perks- • Trustworthy bonds • Assured quality deliverables • Variety of services at a single place • Schedule blueprint and support • Accountability • Complete project management There is an entire stack of advantages of hiring an app development company while having quite a few disadvantages including higher rates and more bureaucracy but, that might not be an issue if you’re backed with strong research, analyzing the varied factors affecting app development. If you wish to choose freelancers, the biggest perk can be lesser costings as they work independently without having the investments done in infrastructure or backed with a team helping out. You may not also be troubled in making regular communication because you just a single point of contact and that may bring you better support at the times you wish you enquire about the development or need a few amendments in the current built. While having freelancers at work carry their own disadvantages which may help you firm your decision over the choice of either of the options. • Need separate freelancers for different services • Freelancers are working as per their availability, not having accountability to attend your queries 24/7 • You may not be sure about the quality of service as there are no reviews or research options available • Limited transparency • No team backing for support as a single person is working as per his best of skills The biggest holdback why you might not prefer having freelancers working for your project could be different developers working separately. The involvement of multiple developers can be tough to handle, their schedules, working style, communications skills might differ and when it comes to professional app development you are required to have a team working collaboratively for a single project. The crux is to figure out the cost to create an app in both cases, hiring a decent app development company may cost you around $25 per hour, which can surely vary company to company and the features you wish to have it in your mobile app. While in case of having a decent freelancer at work may cost you somewhere similar, it can be lesser though, but you might not wish to take risks in terms of work quality. Again, the choice varies as per the customizations you require to have in your mobile app! Location & Features You may have not considered location as a major factor in cost to create an app but, to your surprise, it can be one! The most preferred locations for mobile app development are- North America, Latin America, Eastern Europe, Australia and the region of Asia (where India is a part). Every region listed here has its separate costing pattern which terms North America as the most expensive one at $150 for IOS and $168 for Android development per hour. Decreasing to Indonesia with the least costing of around $11 for IOS and $12 or android. The costings may still vary as per the company you’ve chosen. Talking about the features, your app’s complexity defines the timeframe of the development this simply means that more you need the complex features to be included, higher would be the completion tenure and the costing. The average tenure maybe 2-4 months in case of basic app development, 5-7 months in case of medium features and design of larger complexity and lastly 9+ months in case of large complex applications with customized designing and development. You can calculate the costing as per the hours spent and the timeline consumed. IOS or Android Choosing the platform, you need your app to work on is a crucial decision. Finalizing on this requires deciding upon your target audience and get on working accordingly. Always keep in mind the market share of both the platforms, there are fewer devices that run on IOS than on Android and this is the reason why it is more complicated to develop an Android app that works equally well on all Android devices. Another factor to be kept in consideration is developing a native app or a cross-platform one, while we prefer to always go for a native one as it’s a better choice for the long run. Developing apps separately for both platforms involves higher costing in comparison of developing cross-platform apps compatible for both. It depends if you wish to go for quality or the lesser price! A quality app is able to produce a great return on your investment. Have into consideration what suits your pocket and choose the best!

Mastercard is testing an innovative QR payments bot on Facebook Messenger, aiming to simplify the payment process for consumers and businesses. This pilot program allows users to make payments through a bot that generates QR codes directly in the chat, enabling fast, secure, and convenient transactions. The integration of QR payments into a widely-used platform like Messenger demonstrates Mastercard’s commitment to exploring new digital payment solutions.

As mobile messaging apps become increasingly central to consumers’ daily lives, integrating payment options directly within these platforms offers a seamless and user-friendly experience. By piloting the QR payments bot on Messenger, Mastercard is positioning itself at the forefront of the evolving digital payments landscape, making transactions easier for both users and merchants.

How the QR Payments Bot Works

The Mastercard QR payments bot simplifies the payment process by generating QR codes that users can scan to complete transactions. Here’s how it works:

  • User initiates a payment: Consumers can start a payment process within Messenger by interacting with the Mastercard bot, which prompts them to generate a QR code.
  • QR code scanning: Once the QR code is generated, the merchant or user can scan the code to complete the payment, allowing for quick and secure transactions without the need for physical cards or entering card details manually.
  • Instant confirmation: After the QR code is scanned, the transaction is completed instantly, and both the user and merchant receive confirmation within Messenger.

Benefits of QR Payments on Messenger

The introduction of QR payments on Messenger offers several advantages for consumers and merchants alike:

  • Convenience: By integrating payments into a messaging app, Mastercard is making it easier for users to make purchases without switching between different apps or platforms. Consumers can complete transactions directly within their chat, making the process more streamlined and efficient.
  • Security: The use of QR codes for payments reduces the need for sharing sensitive card information, enhancing the security of transactions. Additionally, Mastercard’s payment network ensures that transactions are encrypted and protected against fraud.
  • Accessibility: QR payments make it easier for small businesses and merchants to accept digital payments without the need for complex point-of-sale (POS) systems. This opens up new opportunities for businesses to accept cashless payments and expand their customer base.

The Future of Payments on Messaging Platforms

The Mastercard QR payments bot is part of a broader trend toward integrating payments into messaging platforms, a move that could revolutionize how consumers interact with businesses. With billions of users active on messaging apps like Messenger, integrating payment options creates a more engaging and frictionless shopping experience.

  • Expanding mobile payments: As mobile payments become more popular, QR code-based solutions offer a simple and effective way to facilitate transactions. Integrating these capabilities into messaging platforms opens up new possibilities for mobile commerce.
  • Opportunities for businesses: The ability to accept payments directly within a messaging app allows businesses to reach customers where they are spending their time. This creates new opportunities for businesses to engage with customers and offer a seamless checkout experience.

Challenges and Considerations

While QR payments on Messenger offer significant advantages, there are also challenges to consider:

  • User adoption: Although QR codes are widely used in many regions, particularly in Asia, consumers in other markets may still need time to become familiar with this payment method.
  • Competition: As more companies explore payments within messaging platforms, Mastercard will need to differentiate its solution to ensure widespread adoption.

Conclusion

Mastercard’s pilot of a QR payments bot on Messenger highlights the growing integration of digital payments into everyday platforms like messaging apps. By simplifying the payment process with QR codes, Mastercard is providing a secure and convenient way for consumers and businesses to transact. As messaging apps become more central to commerce, this pilot program could pave the way for a new era of digital payments.

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