An Inventory of Knowledge
In the past few years, we have witnessed a steep rise in the online payment system. From shopping to paying bills, digital payment through a mobile app like Google Pay, PayPal, Paytm is nothing less than a boon. Owing to this digital advancement, people don’t have to hang out with wallets full of cash and cards or wait in ATM lines.
According to the reports, the e-wallet market is anticipated to rise at a CAGR of 15% and reach around $2100B by 2023. Following the momentum of mobile wallet apps, many startups are investing in app platforms to penetrate this market and foster seamless transactions. The success stories of apps like Google Pay and Paytm are an inspiration for almost every entrepreneur or iOS/Android app development company.
Let’s have a look at the significant features that have contributed to the success of wallet apps.
Making a payment via a mobile wallet is very easy and smooth. The users just have to link their debit/credit card and a document with the digital wallet application. The app then stores the information for authentication to offer a secure and seamless transaction. Additionally, users can sync their data with multiples devices to use the e-wallet anytime and anywhere.
UI/UX design plays a significant role in increasing the app’s user base as well as popularity. To ensure that the app is interactive and user-friendly, one must deem UI/UX as a crucial part of their iOS /Android app development. It contributes heavily to the success of a mobile wallet app.
This feature secures and expedites the transaction process. The cloud-based technology provides customers a complete suite of capabilities to turn their smartphones into e-wallets. For example, a payment done with a simple tap at Point of Sale (POS) terminals is facilitating the transaction process for vendors, issuers, as well as buyers.
Nowadays, everyone can accept payment via mobile app no matter where they are. With GPS tracking and navigation, users can easily find people on their devices and proceed with the payments just by tapping on the specific username. This feature considerably saves time as no account information is required to make transactions.
Earlier, wearable technology was just limited to smartwatches, fitness trackers, or smart jewelry. But now, it is the next logical step for digital payments. Similar to contactless debit/credit cards, wearable payment devices comprise a Near Field Communication (NFC) chip. This chip contacts the card reader’s chip at the point of sale, enabling the seamless transaction.
This is an additional feature you must integrate into your wallet app to allow users to monitor their spending. Thus, they can plan their spending in a better manner and limit their expenditure whenever needed.
Users have to enter their card information and create a password to use a digital wallet. So, the app should have an additional layer of security to protect their data. As wallet apps are more prone to hacking, mobile app developers must create a password-protected application having features like OTP, QR Code, and fingerprint scan. These security features not only authenticate and validate the user’s identity but also enable secure, quick, and efficient transactions.
Since rewards attract users in a more engaging way, incorporating this feature into your app to add more value to it. You can opt for different rewarding techniques, including cashback, discounts, or points.
Developing a mobile wallet that automatically creates a backup of the files employed in every operation is an additional benefit. It will allow the application to save all the essential information added by users for future preferences.
In this tech-driven era, mobile apps have transformed the way transactions take place. Biggies like PayTM, PayPal, and Google Pay have elevated the overall economy as well as the financial sectors of various nations.
The above-mentioned key features emphasize the importance of developing a customer-centric wallet app that fastens transactions. If you want to create a mobile wallet app and penetrate the e-wallet market, avail our end-to-end iOS/Android app development services.