E-wallet apps or mobile wallet apps are designed to enable users to pay bills with convenience and comfort at home. In recent years, we have witnessed a surge in online payments and usage of the digital wallet solution worldwide. Though it is a bit early to say whether smartphones will completely replace cash and credit card-based transactions, mobile wallets have certainly become the norm for any type of online payment.
As technology advances and we are passing through trying times, the P2P payment app development has gained ground and started changing people’s financial lifestyle. Though associated with the BFSI sector, mobile wallet applications are vastly useful for different industry sectors. These apps simply store the user’s financial data including the debit card and credit card information. Here are the top beneficiaries of the mobile wallet application.
Which Industry Sectors Get Benefits of Mobile Wallet Apps?
E-Commerce and Retail- The retail and eCommerce shop owners can get payments through a QR code. The mobile wallet app can enable users to pay bills through the QR code. As per one survey, the mobile-based online retail payment will reach $319 billion by 2020 worldwide. The mobile wallet apps also enable users to pay through coupons and loyalty cards through integrating wallet with mCommerce apps.
Telecommunication, Transportation, and Logistics- These three sectors drive the economy and assist other industry sectors to thrive. These sectors have to deal with various payment methods and transactions associated with different banks. The mobile wallet application can address these requirements and integrate various payment methods.
Healthcare- Healthcare services are getting costlier day by day. In some emergencies, if relatives of patients run out of cash, they can utilize the mobile wallet app for payment. Hospitals, chemists, and other users also accept such payments, and treatment does not stop due to the ‘No Cash’ situation.
The P2P payment app development can enable users to send and receive through smartphones. It is one of the most popular use cases of mobile wallet apps after POS (Point of Sale)-based payments.
How POS (Point of Sale)-based Payment is made in Mobile wallet apps?
NFC (Near-field Communication)- It enables users to transfer money between an NFC-enabled smartphone and a POS device in a contactless way. NFC utilizes a card emulation technique to store credit or debit card information in a digital form. In the mobile wallet app, NFC retrieves the user’s payment information and transmits it automatically to the POS device. iOS app development integrates tokenization technology with NFC while making an iOS wallet app. Android app developer combine HCE technology with NFC to make an Android mobile wallet app.
iBeacon and Bluetooth Technologies- The best thing about iBeacon technology is it does not need the Internet. The POS devices can fetch the necessary details stored in the mobile wallet app through iBeacon thanks to Bluetooth technology. Shoppers find it very useful because they do not need to wait for their turn at the cash counter. Even without the Internet, they can pay at POS terminal using their mobile wallet apps.
QR Code- It is an alternative to NFC. The wallet app user can focus the camera on the QR code for transaction or payment. Many mobile wallet apps support QR-based payments these days.
P2P Payment Apps- These apps aim at making the payment process easy and convenient. These apps can partner with local retailers or merchants and support all types of online payments. Android and Apple have come up with Android Pay and Apple Pay respectively with improved payment experience.
Wearable Devices- This is the next-gen concept. As wearable devices gain ground worldwide, many people tend to pay through such devices. Payment apps like Apple Pay plan to support wearables with the help of NFC chips.
Though mobile wallet apps have started gaining fame, still many people tend to stay away from these apps just because they are afraid of sharing their confidential financial data online. Therefore, mobile app developers need to focus on security while developing a digital payment solution. Here we mention some of the key features of the mobile wallet app.
Which are Necessary Features of Mobile Wallet Apps for All Types of Payment?
Just like eCommerce and banking apps, mobile wallet apps also need features like user registration, bank account or credit card/debit card authorization, and utilized coupons or discount offers. Other necessary features are money transfer, utility bill payment, and help desk.
Apart from these basic features, a successful mobile wallet app needs to have some of the extraordinary features with enhanced security. Features like a loyalty card, gift vouchers, push notifications, reward section, geolocation, and digital receipt can keep your app’s users more engaged with your app. These features are necessary to keep your app ahead of the curve. You can add or remove any of these features as per your budget and market trends. But, it is fair to mention that the security of your app has paramount importance.
Security features like point-to-point encryption, tokenization, and two-way authentication are necessary features that can increase the user’s confidence in your mobile wallet app, and you will get more users. Today, smartphones have various advanced safety features including fingerprint scanning, facial recognition, and the like. You can also use these features to improve the safety of your wallet app.
How to Develop a Mobile Wallet App?
After having this much information, you can go for the development of a digital payment solution. A reputed mobile app development company can help you make a customized mobile wallet app from scratch. You can also get assistance in ideation and brainstorming of the mobile wallet app idea.
The digital wallet solution is in the core of the eCommerce business and sectors like retail, healthcare, and telecommunication are its biggest beneficiaries. Today, thanks to advancing technology, the mobile wallet app development process is evolved and users can make all types of payments using their wallet apps. The mobile wallet app market is full of potential, but the developers need to focus on security aspects while integrating various user-friendly features.