Mobile transactions has become a norm for users nowadays. With the availability of smart devices it has become easy to make payments online. Consumers are getting more and more relied on the smart devices. Not only the mobile devices are for communication, but people are vigorously using them to buy and sell everything ranging from grocery to airlines tickets.
Introduction to Mobile Wallet
A mobile wallet is a software application that allows businesses and individuals to send & receive payments in digital form via mobile devices. It follows e-commerce model integrated with mobile devices. A mobile wallet is also termed as mobile money in simple terms. Seeing its success most brands are approaching Mobile app development company to build & integrate mobile wallet within their application.
Types of Mobile Wallet
There are different types of mobile wallet apps available based on their payment processes. Let’s check them one by one.
• The most commonly used wallet is for fund transfer. Here, the users can send and receive money with the help of service provider.
• Second type of mobile wallets provide various types of discounts via SMS using an OTP.
• Third type of application offers mobile web payments.
The trends for the mobile wallets have changed in the last few years since the inclusion of network service providers, and financial institutions.
Benefits of Building Mobile Wallet Application
1. Easy to Use
Using a mobile wallet for everyday transactions is really simple. Just download the app and create a profile with user ID and password to start the transaction. It is as simple as login to your Gmail or Facebook profile from your smartphone.
2. Simple to Add Money
It is easy to add money to your wallet using net banking, credit card or debit card. With feature to store details saves you from trouble of entering information every time you make a transaction and saves overall time.
3. Different Uses
Making bill payments for DTH, postpaid, data card and broadband to purchasing air, bus or train tickets has become simple with wallets. The reach of mobile wallets has gone far from paying at grocery stores to paying for your utilities like gas, water and electricity.
4. Timely Payments
With the functionality of the auto pay facility it has become convenient to make future bill payments automatically, straight from the wallet balance on a predetermined date.
5. Incentives and Promotions
Each Mobile wallet has its own set of incentives. It offers plenty of money saving features through discounts, cashbacks, offers as well as free gifts. You can benefit the most by going through offer section and making best use of promo codes. With so many benefits to avail of from wallets hiring mobile app developer has become a major activity to stay competitive.
6. Quick Transfer of Funds
Mobile wallets have made sending and receiving money fast and easy. In addition to that, there are no transaction charges levied for money transfer anywhere, anytime, thus making it a secure option.
As per reports, in 2020 over 55% consumers used the digital wallet as their preferred medium of payment, while 75% consumers are aware of the wallet service.
Key Factors to Consider while Developing Mobile Wallet App
1. Function Prioritizing
A mobile wallet application is a collection of diverse functions and features. Be careful while integrating these functions, as they play a vital role to make your wallet app successful. Perform deep market research, know customer expectations, behaviors, and the market trend before building a mobile wallet app.
Your digital wallet app is only successful if the customers can rely on its security standard. The e-wallets need customers to store their card details or enter passwords. It is your responsibility to ensure data of customers is secure by using advanced technology techniques. In addition to standard safety and security approach, it must comprise technologies hard to decrypt.
3. Include Digital Receipt
After every transaction, they look for confirmation regarding the success or failure. This is where a digital receipt importance arises. Irrespective of the amount they transacted, it is essential that they receive a digital receipt after every transaction. The digital receipts can be sent using email to the respective email address.
4. Reward Points
People like receiving rewards. If you look to make your digital wallet survive for a longer time amid competition integrate rewards. With the availability of different engaging offers, there’s no way that they’ll be abandoning your app. But make sure they can check their reward points whenever they want to redeem.
5. Improve Engagement
Share timely notifications regarding the new offers and updates with your users. Take assistance of React Native app development services to integrate push notification feature in your application. It is often noticed that users abandon an application after its first use. Keep them notified with latest offers and discounts for engagement in your digital payment app.
Mobile wallets are not just a trend they have become a need for business enterprises. But to relish the benefits of this innovative application, it becomes crucial to ensure flawless implementation of facts and features. Reach out to experienced enterprise app development service provider like Mobi India for desired business results. They have relevant resources to meet your business needs in a secure manner.
Frequently Asked Questions
1. What is the actual cost of Mobile Wallet App Development Services?
The cost of Mobile Wallet app development can be analyzed after coming across the project’s requirements and every element available in it. Our team of mobile app developers first identifies the project requirements and later, plans to complete the process. Once this process is completed, we offer our clients with the best quote for app development.
2. What is the time duration of the Mobile Wallet App Development process?
The average time needed for the Mobile Wallet app development relies on the project complexity. Our development team breaks down the whole approach with specific milestones. After that, a time period is set for every milestone.
3. Have you worked on an existing Mobile Wallet App Development?
Yes, we hold our core expertise in Mobile Wallet app development as per the client requirements. Furthermore, our experienced professionals can also perform customization to improve application performance.
4. What pricing model you have for the Mobile Wallet App Development process?
You can hire our app developer on an hourly, full-time or part-time basis. We have different & flexible pricing models as per the client’s budget.