M-Commerce-driven age has increased the importance of mobile wallet app development like never before. Since 2017, the mobile wallet app is one of the fastest-growing digital products for enabling digital payment online.
Statista has also revealed that revenue generated by the global mobile payment app has increased from 450 billion USD to 780 billion USD over the period. A consistent increase in the user base of mobile payments is recorded worldwide.
Top Industry Sectors that leverage the Benefits of e-Wallets
Software giants like Samsung, Google, and Apple have already paved the way for eWallet or online payment app. As a robust and secure digital payment solution, the mobile wallet app can help users send or receive money with the help of their smartphones. What’s more, the mobile wallet app development services enable companies to facilitate users to keep their credit or debit card information, loyalty cards, and tickets.
Multiple uses of mobile wallet apps or eWallets are beneficial for not only the BFSI sector but also for other B2C businesses. Here is a list of top beneficiaries of eWallet apps.
- Retail and E-Commerce
The retail and eCommerce business uses mobile wallet apps in the full swing thanks to tech-savvy customers. These apps enable customers to save information about payment methods. You can integrate payment gateways in the retail app, and manage payment or bonuses and loyalty-related operations with ease. - BFSI
The biggest beneficiary of the mobile wallet app is the BFSI (Banking Financial Services, and Insurance) sector. Worldwide, financial institutions can provide cardless services and other facilities through eWallet apps. The mobile wallet apps can store debit and credit card information and give users direct access to secure mobile-based payment. - Transportation and Logistics
Ola and Uber both allow their users to pay through digital wallets. In fact, Ola has Ola Money that has multiple uses. Transportation and logistics businesses can offer their customers various online payment options through mobile wallets. Customers also find it convenient and pay through credit or debit cards or UPI-based payment methods. - Telecommunication
Telecommunication companies accept mobile-based payments for the bill, recharge, and even third-party receiving or sending money. Mobile wallet apps are useful for users to recharge their accounts as and when necessary. - Food and Grocery Business
From booking movie tickets to the restaurant table, every customer-centric business can get benefits of mobile wallet apps as a robust and reliable digital payment solution. You can order food or shopping in the mall with the help of mobile wallet apps. An NFC-based app can make the customer’s life easy amid the hectic schedule.
The digital payment solution remains very effective with customized features in the mobile wallet app. Whether you want to target potential customers or provide more comfort and convenience to the existing customers, the mobile wallet app development services can assist you to come up with feature-rich eWallets.
However, these features and complexity of the mobile wallet app will decide the final cost of the app development. Let’s go through some tips and tricks to build an easy and secure mobile payment application for facilitating digital payment.
- Do Your Homework- You need to study the market trends and requirements of the target audience before making a strategy to develop a mobile wallet app. With a little homework, you can seek all the information regarding the user expectations, mobile wallet app development companies, and the like.
- Stick to purpose- You need to create a customized eWallet app in a way that the target audience actually utilizes it. To serve this purpose, you need to decide the problem and think of related features as a solution. You can also consider the potential app users into groups by age, habits, etc. You should also consider the security aspects.
- Select type-After choosing the platform for your mobile wallet app, now, it’s time to select the type of wallets. Some types include wallet that writes off funds through SMS, a wallet that makes payment through the web, etc. Contactless payment is also possible through a mobile wallet.
- Think of user interface- Both UI and UX play important roles in attracting more people to use your app. The mobile wallet app development company focuses on the engagement, readability of content, and business model while developing a wallet app. It is necessary to keep in mind that the app remains easy-to-use and seamlessly performing.
Talking about the app’s security, it is better to talk to mobile wallet app development partners. Here we mention some of the major technologies that strengthen the security of the mobile wallet app. It should be kept in mind that customers record their credit or debit card details and other sensitive financial information in the app. Even the slightest attack can put their card details and money at stake.
Security Technologies Used for Mobile Wallet App
- Encryption
This is one of the most reliable and powerful methods for ensuring the complete security of the entire transaction process. The encryption starts immediately as the user swipe their phone over the PoS terminal. It lasts till authorization. If you hire a mobile app developer to build an app like Google Tez, you need to make sure that this technology is integrated.
- Tokenization
This approach has made the online mobile-based platform more secure. Here there is no need to give the details of cards and instead, the details are changed to a token that looks like a random number. - Password
A password is a kind of tool that is old but reliable. It can protect any app or website effectively. Here the personalized information is totally safe because the customer knows the password and it is hard to crack for hackers. Simple and short passwords are hard to guess and therefore, this method is highly reliable to make mobile wallet app secure.
All you need to make sure that you hire dedicated and experienced mobile app developers to build an eWallet mobile app. While focusing on its performance, you just cannot avoid security features.
Author Bio
Robert Jackson is a content cum digital marketer at Solution Analyst, a leading mobile app development company. He is an avid reader and likes to remain updated for technological advancements in the domains of web, mobility, IoT, and emerging technologies. His articles are informative and interesting at the same time as he expresses insightful thoughts clearly.
