The top 6 ways to monetize your Fintech app

1. The top 6 ways to monetize your Fintech The top 6 ways to monetize your Fintech app app How many of us visit financial institutions for our regular banking-related tasks? Probably the number would represent a small minority. Whether it is about transferring money, paying insurance, bills, or investments, we use fintech mobile apps to complete our financial activities. Entrepreneurs are highly interested in building and launching their own Fintech apps. But they pause their idea just because they are not aware of how a fintech app makes money if they just offer financial service without any costs. We will clear up your confusion and tell you the top 5 ways of making money with your fintech mobile app. Before heading into the core of the article, let us explore the current state of the FinTech market. The current state of the FinTech market The current state of the FinTech market • FinTech recorded a $ 135 Billion market in 2021. • New start-ups added with a valuation of $18 Billion in 2021 (Source) • Between 2022 and 2027, the Fintech market is predicted to grow at an 11.9% Compound annual growth rate (Source). • By 2027 the Fintech market is forecasted to reach $266.9 Billion. The above stats speak about the high opportunities in the Fintech market for new businesses. Ways to monetize your Fintech app Ways to monetize your Fintech app If you are planning to build a Fintech mobile or web app platform, then now is definitely the right time. Moving further, here is how you can monetize your fintech app through various ways. RipenApps Technologies

2. Digital wallets Digital wallets E-wallets in mobile apps have been a tremendous innovation for Fintech companies. E-Wallets deliver users an instant payment option without worrying about the bank servers. Further, customers can make contactless payments to the merchants using digital wallets, paying a fraction of the amount as the services fees to the E-wallet providers. By integrating an E-wallet into your Fintech idea, you can monetize your Fintech mobile app easily. Further, you can also sell your E-wallet service to third parties who want to integrate your wallet app into their FinTech platform. One example of a successful digital wallet app is the Paytm wallet in India. The wallet was launched in 2014, and since then, it has gained wide popularity. Paytm has won multiple coveted awards at the global fintech awards in 2022 (Source). Peer Peer- -to to- -Peer Landing Peer Landing Peer to Peer lending has been in our system for a long time. Earlier it was working traditionally; now, P2P is performed using mobile apps. Through peer-to-peer network platforms, people can borrow money from other people without any involvement of financial institutions. When more and more people lend money to other people for interest, Fintech companies charge their commission. Further, when you create your own platform instead of stepping into an existing system, you are free to customize your platform according to your requirements. Mintos company is one example of Peer-to-peer landing. The company offers a global platform for investing in loans. Customers can choose from diverse options for investment. Today, the company is a market leader in Europe, with a 43.5% share on the continent (Source). Subscriptions Subscriptions If you have analyzed the app store and play store, you can find a number of apps that are not free. Users have to pay for these apps prior to using them. Further, some apps have pro features inside the app, and users need to pay in order to access those premium features. You can also plan a subscription-based model for your FinTech app. Or you can deliver pro functionalities to the premium users by charging fees. Crowdfunding Crowdfunding Crowdfunding is one of the key methods to raise money. The raised money may be performed with the goal of supporting a financial institution. But how is money collected in Crowdfunding? Well, in Crowdfunding, smaller amounts of money are collected from a very broad base audience. There is no fixed amount to be taken since the collected amount solely depends upon the will of donators. Generally, start-ups and financial institutions contact FinTech companies with Crowdfunding services to raise capital. Once the crowdfunding company completes its fund-raising activity and meets the targets, they deliver it to the business by charging a fee for the overall amount. If you want to refer to an example of such a platform, then you can take a look at Buy Me a Coffee. Although it is not for businesses, it is for creators, but you can still take a reference from the idea. Creators come on the platform and produce content. People who love specific RipenApps Technologies

3. content from creators have the option to support them by paying them money. In return, Buy me a coffee charges its own fees. It is a strong example of a Crowdsourcing funding platform. Crypto Currency Crypto Currency Crypto Currency is now a popular investment, and 58% of Americans have reportedly owned stocks (Source). As an entrepreneur, you can monetize your Fintech app using Cryptocurrency exchange. For every transaction users use the cryptocurrencies, you can charge a percentage of fees. It will be convenient for users to directly use their crypto wallets for financial activities. Advertisements Advertisements Apps have become a source of advertisements, whether it is on mobile or computer. App platforms allow third-party companies to advertise their products with prescribed fee charges. Google is one of the top working advertising companies that act as a mediator between the advertisers who want to advertise their products and people availing advertising services. Every time a user clicks on these ads, the app hosting the advertisements makes money. You can either adopt banner ads in your app or multimedia ads. By adopting this, you can easily monetize your Fintech app but make sure that you do not show too much of an ad to the users. It may lead to a bounce rate from your app. Wrapping up the ways to monetize fintech app Wrapping up the ways to monetize fintech app No doubt there are multiple options for monetizing your fintech app. Now is the right time to stand strong on your Fintech idea and step towards converting it into a product. Individuals highly adopt mobile and web apps, and finance is something that will be present in the unforeseen future. Whatever way you use to monetize, make sure that you implement it with the right amount of research and take a good number of references from competition. RipenApps Technologies