Explosion of Mobile Payments: A Trend Impossible to Ignore!

The number of mobile transactions surged by +177% in 2021, +137% in 2022, and +90% in 2023, according to the Banque de France. This rapid growth confirms the rise of mobile payments!

As a retailer, you may be wondering:

  • Which applications do your customers prefer?
  • Which apps should you integrate into your offering?
  • What criteria influence their adoption?
  • Which banks are they compatible with?

Find all the answers in our article!

What is a Mobile Payment Application?

Apple Pay, Google Pay, and PayPal: if you're familiar with mobile payments, you've certainly heard of them. These applications allow your customers to make purchases by directly debiting their bank accounts.

Did you know that beyond these big names associated with tech giants, major banks also offer their own contactless mobile payment applications? These banking wallets (or issuer wallets) have been available on Android since 2015 and have millions of daily users across Europe.

How Do They Work?

To use these applications, your customers must first install them on their smartphones (if they haven’t already) and add their bank card.

Once their information is validated by their bank, they can use the app to make future purchases.

The payment process is similar to a contactless card payment. The user (customer) simply brings their smartphone close to the terminal where they are about to pay, and within seconds, the transaction is completed.

Contactless payment technology is based on NFC (Near Field Communication), which allows short-range wireless communication between your payment terminal and the customer’s smartphone.

Key Principles of Smartphone Contactless Payments:

The user’s phone must support contactless technology (NFC): most recent smartphones include this feature.

The user must choose an app that matches their phone’s brand: for example, Apple Pay is designed for Apple products.

They must check if their bank is compatible with the chosen mobile payment app.

Once these steps are completed, they can start using it.

Three Mobile Payment Applications You Should Know for Your Business

Comparison of the Best Mobile Payment Apps

Apple Pay: The Leading Payment Solution for iPhones

Apple Pay is a payment solution available to Apple users. It works through the Wallet app integrated into iOS systems.

Apple Wallet stores users' banking information for future smartphone payments. Apple Pay is also a secure payment solution: merchants cannot access buyers’ banking data, and Apple does not store it. Additionally, payments can only be made when the app is open, reducing fraud risks.

Which Banks Accept Apple Pay? Most bank cards (Visa, Mastercard, American Express) issued by neobanks and online banks are compatible with Apple Pay, along with most traditional banks.

Some compatible banks include HSBC, BoursoBank, Hello bank!, Fortuneo, BforBank, N26, Revolut, Nickel, SG, Credit Agricole, BNP Paribas, and Credit Mutuel CIC.

For all payments: Customers can use Apple Pay for in-store payments with compatible POS terminals, online purchases via Safari, and mobile app transactions, depending on their device (iPhone, iPad, Apple Watch, or Mac).

Google Pay: Google’s Android Payment Solution

Google Pay allows payments via the Android operating system, enabling users to store their banking data in Google Wallet on smartphones or tablets. It also facilitates online purchases through Chrome.

Beyond bank cards, Google Pay can store loyalty cards, transit tickets, and more.

Security Features: Google Pay enhances online payment security by using a virtual card number to mask users' actual card details from merchants, reducing fraud risks.

Partner Banks with Google Pay: Google Pay is compatible with several banking institutions, including Bimpli, BoursoBank, Qonto, Ticket Restaurant Edenred, Fortuneo Banque, Lydia, B for Bank, Max, N26, Pixpay, Revolut, Swile, Up Chèque Déjeuner, Vybe, and Zelf.

Banking Wallets (Issuer Wallets): The Alternative to Google Pay (and Soon Apple?)

On Android, banks have long offered their own contactless mobile payment applications.

In France, for instance, Crédit Agricole offers "Paiement mobile CA," Crédit Mutuel CIC provides "CIC Pay," and Société Générale has "SG Pay."

These banking apps work on all POS terminals, including SoftPOS solutions like Tap to Pay, accepting CB, Visa, or Mastercard payments.

Did You Know?

Following the historic March 2024 agreement between Apple and the European Union, Apple Pay's monopoly as the only NFC mobile payment wallet on iPhone is over. Similar to Android, banks and payment card issuers can now offer their own NFC wallets on iPhone! These first banking wallets for iPhone are expected to launch in 2025.

PayPal: The Universal Mobile Payment Solution

PayPal integrates with both iOS and Android apps, allowing users to pay easily via smartphones or tablets without sharing bank details.

Users don’t need to pre-load their PayPal accounts; the chosen payment source is automatically debited at checkout.

PayPal payments work only on websites that support this method, accepting major international cards like Mastercard and Visa, with additional payment options depending on the country.

Mobile Payment Apps Compatible with Android Smartphones

Google Pay: Available for all smartphones or tablets running Android Lollipop 5.0 or later.

Wero: A mobile payment app developed by 21 French banks, compatible with Android smartphones.

Lydia: Known for its simplicity, available on both iOS and Android.

How to Choose the Best Mobile Payment App?

  • Key Criteria: Security, ease of use, and compatibility. Before adopting a mobile payment app, what are the essential criteria influencing your customers' decisions?
  • Security: Customers prioritize transaction security. Opt for apps with advanced security features such as biometric authentication (fingerprint, facial recognition) and data encryption.
  • Ease of Use: A good app should be easy to set up and use daily. An intuitive design enhances the user experience and facilitates seamless payments.
  • Compatibility: The app should work with their smartphone and be accepted by merchants and payment terminals they frequent.

Which Banks Are Compatible with Each Application?

Not all mobile payment apps are compatible with all banks. For example, Apple Pay, Google Pay, and PayPal have partnerships with specific banking institutions. Customers must ensure their bank is supported to link their accounts seamlessly.

FAQs About Mobile Payment Apps

Where Can You Pay with a Mobile App?

Mobile payments are accepted in most businesses equipped with NFC-compatible terminals, including small shops, supermarkets, restaurants, and parking facilities.

If your payment terminal supports online PIN entry or contactless payments, it is likely compatible with mobile payment apps like Apple Pay and Google Pay.

If you use Market Pay’s SoftPOS contactless payment solution, rest assured that it supports various payment methods, including Visa, Mastercard, Amex, CB, Apple Pay, Google Pay, Samsung Pay, and Pay by Bank.

Are There Additional Fees for Mobile Payments?

No, there are no extra fees for mobile payments.

For PayPal, purchases are free, except for currency conversions where fees may apply.

Conclusion:

Mobile payment apps have seen explosive growth, particularly among younger generations, becoming a standard payment method in 2025. Offering the right payment solutions can boost your sales.

Security, compatibility, and ease of use are key factors influencing customer choices. Apple Pay, Google Pay, and PayPal are currently the top choices. Increase your chances of closing sales by integrating these solutions!