The past few years have seen a steep rise in digital payment systems. Thanks to digital transformation, mobile wallet app appear to be dominating the online payment market and being increasingly preferred for quick and fuss-free transactions. Also, it’s an easy way to get rid of the waiting time to pay bills or transfer money.
Following the popularity of digital wallet apps, many startups have built their app platforms in response to this growing demand. The success stories of Google Pay or PayPal are an inspiration for several mobile wallet app development companies and entrepreneurs.
The Global Forecast Report shared by Market Research Future estimates that the e-wallet market will rise at a CAGR of 15% and is expected to reach around $2100 billion by 2023.
Why is Mobile Wallet App Popular?
The mobile wallet app offers a secure and reliable payment solution and ensures that the transaction happens quickly. Mobile wallets let you send cash from your smartphone, either to another person or to a payment terminal at the click of a button, making your transaction quick and simple.
“The market is expected to grow at an annual rate of 33% from 2019 to 2026, reaching $457.4 billion in 2026.” – SBWire
Considering their rising popularity, financial companies, telcos, banks, and eCommerce businesses are some of the sectors that can’t afford to ignore the revolution any longer. For them, missing the mobile wallet opportunity is like trailing in the digital race. Moreover, they need to be inventive than ever to ensure a remarkable wallet experience with high-security promise and great customer experience.
It is also important to launch a market research campaign to gain information about competitors, users, and application functions to improve the app performance for the end-users.
Key Features to Include in Mobile Wallet Apps
Here are some factors to consider while developing a mobile wallet app for your business:
Ease of Use & Seamless Transaction
Processing a payment through a mobile wallet is quick and smooth. All you have to do is link your debit/credit card and a valid document with the e-wallet apps. The app, then, saves your information for authentication and offers a secure and seamless transaction anywhere and anytime in the world. Users can also synchronize their data with multiple devices to use the e-wallet on several gadgets.
An Interactive and Smooth UI/UX Design
UI/UX design plays a vital role in user engagement. An attractive design can appeal to the user and encourage interaction and popularity. To make sure that the app is user-friendly and easy-to-use, one must consider UI/UX design as a crucial part of mobile app development. It helps in better engagement and readability of your app for the users.
With this feature, quick transactions are possible in a secure manner. The cloud-based technology gives customers the full suite of capabilities to transform their smartphones into digital wallets. For instance, a payment made with a simple tap at Point of Sale (POS) terminals is easing the payment process for vendors, issuers, and buyers alike.
GPS Tracking & Navigation
Nowadays, any person or business can accept mobile payments no matter where they are. Thanks to geolocation, GPS tracking & navigation is one of the essential in-built features of the e-wallet app.
With the help of GPS, users can locate people on their devices and make the payment with just a tap on the specific user name. The feature helps save time as no account information is required, and the transaction is done efficiently.
Wearable Device Integration
Wearable technology is not just limited to fitness trackers, smartwatches, or smart jewelry, but is also the next logical step for mobile payments. As per Tractica, wearable payments will grow to about $500 billion by this year 2020, from $3 billion in 2015.
Just like contactless debit/credit cards, wearable payment gadgets contain a Near Field Communication (NFC) chip. This chip contacts the chip in the card reader at the point of sale, enabling the convenient transaction.
Spending analysis is an additional tool that you must incorporate into your mobile wallet app to enable users to examine their spending. It encourages users to plan their spending better and limit their expenditure wherever needed.
Privacy & Security
An e-wallet expects users to store their card information and enter their passwords. So, the app must be capable of securing the users’ data. As wallet apps are always a soft target for hackers, mobile wallet app developers must develop a password-protected app with features like fingerprint, OTP, and QR code for proper authentication and validation in addition to a secure, fast, and efficient payment transfer.
Examples of Popular Mobile Wallet Apps
Here are a few mobile wallet apps that offer a seamless experience to their customers.
Amazon Pay is an online payment processing service that is owned by Amazon. Established internationally in 2007, it focuses on giving users an option to pay with their Amazon accounts on external dealer sites. Amazon Pay is considered one of the best digital wallets that also allows quick and convenient shopping at the tap of a finger.
Google Pay, a part of the Google ecosystem, has scaled up its customer base very quickly as compared to other mobile wallet apps. With Google Pay, one can transfer money to friends/family, pay bills, purchase online, and so on. This Google wallet app works securely with your existing bank account. The KYC (Know Your Customer) formalities aren’t mandatory here and you can entirely rely on this e-wallet for securely transferring money.
PayPal is known as the granddaddy of online payment companies with a history since 1998. It is the best digital payment medium when it comes to shopping online. It’s the only mobile wallet app that you can use to send and get cash from any US-based financial or bank account as well as transfer money to family or friends without any fees or deductions.
In the current digital era, mobile apps have majorly transformed the way transactions happen. E-wallets have upgraded the overall economy as well as the financial sectors of various countries. And, big players like PayPal, Google Pay or PayTM have changed the way people transact.
The key features mentioned above in this article stress the importance of building a customer-centric mobile wallet app that makes transactions easy and quick.
Being used widely for electronic invoices, account security, and error-free transactions, mobile wallets are increasingly becoming the most sought-after feature by businesses and customers alike.