Mobile transactions always give you the next level of competition for perfection. These days, consumers around the world trust smart devices more and more. And leading the race for smart devices, smartphones have made a flawless space in people’s lives.
Not just the entertainment segment, but people are vigorously using technology to buy and sell everything from groceries to booking tickets for their weekend getaway.
This lays a clean and clear road for the success of mobile wallets or e-wallets. Multiple payment apps are blooming day by day, increasing the competition. But are they all successful?
Well, no! That’s because gaining customers’ trust is a big deal. And you can do it by following this blog of mine and by hiring an android app development company to assist.
You can thank me later for your success!
What is a Mobile Wallet?
A mobile wallet or an eWallet is a financial instrument that allows companies and individuals to receive and send money through mobile devices.
It can be seen as a type of eCommerce model that has been carefully developed for mobile devices, keeping the user’s convenience and easy access. A mobile wallet is also called mobile money or mobile money transfer.
Types of Mobile Wallet
There are many types of mobile wallet applications that differ in their payment processes. We will see these mobile payment applications one by one.
- The first type of wallet uses a mobile service provider to transfer funds. In this, the users of the mobile wallet application can send and receive money with the help of the service provider.
- The second type of wallets is those that provide various types of discounts via SMS with an OTP.
- The third type of eWallet application is the one that offers mobile web payments.
Like any other technical market, eWallet trends have also changed in recent years since the addition of mobile communication service providers and financial institutions.
What Benefits are You Offering to Your Customers by Investing in an eWallet?
Using a mobile wallet for daily transactions is really simple to get started. Downloading the application and creating a user ID and password is all you need to do here.
It is as simple as logging into your Gmail or Facebook account from your smartphone.
Easy to load money
You can easily add money to your wallet through online banking, credit card, or debit card.
Being able to store these details saves you the hassle of entering these details every time you make a transaction and saves time.
You can always hire iPhone app developer and tell him all your mobile wallet app requirements.
Range of uses
From paying bills by DTH, postpaid, data card, and broadband to purchasing airline, bus, or train tickets, you can use an e-wallet for a variety of transactions.
From paying at local Kirana stores to paying for utilities like gas, water, and electricity, the reach of mobile wallets has become very widespread.
Split bill service
Being able to split expenses with friends is another great advantage. Freecharge and Mobikwik users can split their bills by simply entering the amount and number of people expected to pay their share.
These wallets will automatically generate a link that you can send to people who owe you money.
Ensure timely payments
You can also make use of the automatic payment feature to make future bill payments automatically from your wallet balance on a predetermined date.
Incentives and promotions
Each wallet comes with its own set of incentives. E-wallets provide many avenues to save money through discounts, rebates, offers, and giveaways.
You can get the most out of it by checking your offers section and making optimal use of promo codes.
Fast transfer of funds
Money wallets have made sending and receiving money quick and easy. And on top of that, there are currently no transaction fees charged for transferring money anywhere and anytime, making it a preferable option.
According to a development report, in 2020, 32% of consumers used the digital wallet as their preferred means of payment, while 78% of consumers said they knew the service.
Mobile apps like PayTM, RuPay, PayPal, Bhim, and GPay have given people better grounds.
What are the Industries that Benefit from the Mobile Wallet App?
It is true that mobile wallet applications are generally associated with the financial sectors, as it is all about the exchange of money.
However, these can also be used as a money transfer application in various fields such as:
In retail, it can be used for mobile commerce stores or as a supplement to an existing mobile application.
Wallet applications in the retail sector help users to store vital information about their sales.
It also helps them profit from loyalty card payments, rewards, and coupons.
These establishments provide users with many facilities, such as debit cards, credit cards, and provide clients with administrations.
Logistics, transport, technology, and telecommunications companies are the main players in the financial segment.
They face the only odds of integrating multiple payment cards from different banks and financial institutions into the mobile wallet.
Key Factors to Consider When Developing Mobile Wallet App Solutions
Here are some key factors to consider when integrating mobile payments:
Prioritization of functions
A mobile wallet application is basically a collection of different functions and features.
You need to be careful when integrating these functions and features, as they will eventually make your digital payment application successful.
Conduct thorough market research, learn customer expectations and demands and prevailing market trends before creating a mobile wallet app.
Security: On priority!
Your digital wallet can only be successful if customers can trust its security structure.
E-wallets require customers to store their card information or enter their passwords.
It is your primary responsibility to ensure the security of your data through the use of advanced technological methods.
In addition to the standard security and protection mechanisms, it should include technologies that are difficult to crack.
You can always hire app developer for fulfilling these customer needs.
Don’t forget to include a digital receipt
After each transaction made by users, they need to have a confirmation about the success or failure. This is where the need for a digital receipt arises.
Regardless of the amount they have made, it is important that they receive a digital receipt for their transaction.
These digital receipts can be emailed to the respective customer’s registered email address.
Reward points are a bonus
People like to receive rewards, and if you are willing to make your digital payment application last longer, you should give rewards.
If you offer different advantages to your users, there is no way they will leave your website in the next few days.
However, you should keep in mind that they can check their reward points whenever they want and redeem them in better ways. At this point, you will need to understand your target audience, their likes, and dislikes.
Keep them engaged
Share timely notifications with your customers about new offers they have. Share personalized coupons and offers with them to keep them engaged with your request.
It is often observed that users abandon an application after its first use. Keeping them informed with the latest deals and discounts can help you keep them engaged with your digital payment app.
It consists of a computer that operates on POS software, a barcode scanner, a credit card reader, a receipt printer, and an on-site server.
Mobile wallet integration for eCommerce applications has been around for quite some time. However, multi-utility mobile wallets have now become a necessity of the era. The need now is to understand what exactly users are looking for.
Let’s Learn What a User Wants from an eWallet
Before beginning the mobile wallet application development process, it is essential for you to understand the user base and market for digital payment applications.
There are different types of mobile wallets, and you need to understand which one fits your purpose.
The list of online payment methods mainly includes:
This is the most common payment method in which a user makes the payment through debit, credit card, and net banking.
This method involves digital payments to the merchant with the help of a payment gateway.
Payments at the point of sale (PoS)
The POS system or a point of sale system is used to describe a system that includes various components such as hardware, software, analytics, inventory management, employee management, and reporting.
It consists of a computer running POS software, a barcode scanner, a credit card reader, a receipt printer, and a server on-site.
Peer-to-peer money transfer
In P2P payments, digital money is transferred from one person to another via an intermediary, which is known as a P2P payment application.
This type of payment can be received through PC and mobile devices via the internet. It provides an easy alternative to traditional payment methods.
A QR code is simply a two-dimensional square-shaped barcode that has encoded data stored in it. Usually, the data is linked to a website. QR codes are mainly used for advertising purposes.
However, its other applications include email list segmentation, social sharing, print media tracking, and connecting brick and mortar.
Mobile payments and wearables
The growing number of wearables is adding features like contactless payments with wearable apps.
Out of those mentioned above three, Point of sale technological solutions are considered a major concern, as it is comparatively difficult to build.
Are You With the Future?
Mobile Wallet Development: What does the future hold? Well, the future holds massive opportunities.
Mobile wallets are no longer just a trend; they have become a necessity of the time.
However, to enjoy the benefits of this rapidly evolving market, you must ensure flawless implementation of facts and features. Conduct the necessary market research to create an application for the mobile wallet solution.
A top mobile app development company in India can help you with the development of mobile wallet applications efficiently.
However, before finalizing a development partner, you should thoroughly study their profile and check if they have done similar projects in the past. Learning them will help you find a better digital payment solution.
Till then, that’s all folks!