How to Build a Mobile Payment Application for Your Business?

What is mobile banking or mobile payment application? It is nothing but a traditional banking service that a bank delivers to its customers via the internet through an application on a laptop, a smartphone, or a tablet.

Instead of visiting a bank branch, mobile banking allows users to manage their bank accounts and perform financial transactions over the internet. Being available 24/7 and convenient banking on smartphones makes it fast and less hectic. But this requires these banking apps to be highly secure and to function risk-free.

mobile payment application

So, if you are looking for a trusted platform to design a mature, secure, and bug, and risk-free application for mobile banking, feel free to contact S-Pro. S-Pro is a professional and independent full-cycle development team that considers the purpose and philosophy of small businesses and startups and provides them with unique products.

If you want to create a mobile payment application, you have two options. You can either hire some amateur freelancer or an agency just to face the headache of poor application design, low-quality content, and late project deliveries. Or you can be wise and hire professionals like us. S-Pro professional team is pro when it comes to building quality applications by understanding your business needs. Here is a guide by S-Pro on how we achieve what we promise while creating the best banking application according to your needs and market standards.

Advantages of Mobile Payment Application Development

Mobile payment application development offers many advantages to both the banks and their customers. These advantages include:

  • Paperless Documentation
  • Higher security
  • Reduced customer service costs
  • Time-efficient
  • 24/7 Availability
  • Variety in services and operations

Necessary Features in a Banking App

Most of the customers use a banking app for two functions mainly that are balance checking and financial transactions. According to our professionals, the following are the must-have features:

  • New account creation
  • Account management
  • Advanced security
  • Withdrawals and deposits
  • Loan management
  • QR code payment system
  • Bill payments
  • Banks branches and ATM locators
  • Record maintenance

Stages of Mobile App Development for Banks

Team S-Pro creates a well-working and mature banking application for your business by going through the following phases:

  • Discovery
  • Design
  • Delivery
  • Implementation
  • Testing
  • Launch and Feedback


In the discovery phase, a team is designated for market research. This is a crucial stage in the development because the information gathered through this research will set the foundation of your application. For instance, if your customers are more concerned to pay bills through your app but your focus is on debit or credit operations. These professionals find answers to the following questions:

  • Who is the target audience?
  • Who are the competitors?
  • What currently operating banking apps are popular in the market?
  • Why are these apps popular?
  • What would your app do to improve them?
  • What your customers would expect from your app in terms of features and services?

We know how to navigate and dodge the project hurdles. Proper research prevents you from uncertainties and it can save your budget from going high. A business analyst from our team performs market research and SWOT analysis the solution architect handles all the business aspects along with technological implementations including programming languages, app architecture, and other programming tools. A Software requirement document is also put together in this phase that includes:

  • a motive
  • a use cases
  • an audience
  • scope of the product
  • acronyms and overall description.


We have a plan after enough research and a solution to our problem, now we need to design it. In this phase, a roadmap is created that contains a graphical display of information that reflects the vision of the product and helps assess whether our goals are achieved or not.

Proof of Concept and Project Estimation

Proof of concept (POC) is also constructed during the design phase that helps the team to decide if the idea should be expected to return after being funded. Project estimation is another important task because we cannot throw valuable resources and funds down the drain without estimating the total cost of the project.



­Our goal is to create a product prototype having a minimum set of features to test key assumptions. This process is concerned with UI/UX. This prototype gives a basic idea of how the app and its feature will be used by its consumers.

This is an iterative process since changes are made in the older version and are improved in every iteration. Our goal is to achieve a simple and convenient app for the consumers with design elements and clear navigation.


Minimum Viable Product (MVP) is a very basic solution that helps in testing the market and the viability of your product at a low cost. It includes only simpler features like transactions, push notifications, payments, etc.


There exist multiple development methodologies we can apply during banking app development according to your strategy. For instance, a wise approach is to divide the full application into few logical modules. This will make the launching quicker and the testing phase will be precise with a real user. After gaining feedback from the market, we can then build subsequent versions of the app.

Another approach is to create the app all at once with full-fledged banking features. The con of this approach is that it will take much more time, the total cost will be high depending on the required scope of the project.


The testing phase is one of the most important stages in banking app development. Our testers make sure of the quality and functionality of all the app features with real-time analytics and visual test environments. These tests are taken by passing the app through the following five quality assurance gates:

  • Unit testing
  • Integration testing
  • Microsoft Test Manager
  • Automation testing
  • Penetration testing

Launch and Feedback

The banking app is finally presented in the market and it is made sure that the potential consumers are aware of its existence. The app will be pitched in a manner that it will make the buyers believe that the app will change their life for good. We come prepared on the battlefield by organizing your promotional sales materials and having an active sales team.

An application is never really finished. After publishing your app, we collect feedback from its users and find the answers to:

  • What features consumers are missing?
  • Do people find issues with the app’s UI/UX design?
  • Can your app handle heavy traffic load?
  • Are all the features working fine?

Once our team gets those answers, we make a list of strong and weak aspects of your app and work on them to make it better.

For more information, you can visit us. Click here.

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan