Digital wallets have gained huge popularity, and the functions of e-wallets have assisted several fintech-based applications in gaining success in the competitive sector. Today digital wallets play a vital role in all types of transactions across the globe. With the growth of e-wallets, a mobile wallet app development company can assist business transactions process could lead to more sales.
The necessity of digital wallets in the current scenarios cannot be denied. A digital wallet caters to the same purpose as your wallet but it is in electronic form. Various types of digital wallets are available that are not only more comfortable to use but are also considered to be more secure than conventional payment ways.
The market of mobile wallets is estimated to grow at a CAGR of 28.2% rate from 1043 billion$ to 7580.1 billion$ in the year 2027. And by the end of 2023, the global market will lift to 2.1 trillion. Building a popular mobile wallet app will help businesses in generating more sales and it is convenient and safe. Now let us have a look at some essential and unique features of the digital wallet solution.
Essential features required for a mobile wallet app development
Management of virtual cards
The wallet application must permit users to save their credit and debit cards details by providing them with high security. It must enable users to pay bills online, electricity bills, rents, gas, etc. However in addition to these to make it successful, wallet app development solutions will have to collaborate with various service providers in the category to give users an easy option to make payments.
Make payments to and from the bank accounts
Mobile wallets should empower seamless transfer of money to a bank account as well as get money credited from any bank. The procedure of transferring or receiving money must be made simple and convenient so that users do not face any issues.
Merchant payment through contactless technologies
In this digital world, more and more merchants have started adopting advanced technologies. Retail clients can make in-store payments using mobile wallets via contactless ways such as near-field communication and QR codes. NFC is a contactless remote technology that operates at a close distance and offers merchant payment solutions and retail users secured payment between POS devices and smartphones.
Immediate payments between wallets
Immediate payment means the money transfers between the payer’s wallet and the payee’s wallet happen within seconds, instead of taking 3-4 working days. This feature offers amazing benefits like allowing payments anywhere and anytime, making funds immediately available, and increasing the control of the business and personal funds. In this cashless society, instant payments are getting more popular due to their safety and convenience.
Security
When you offer financial mobile services the main factor to keep in mind is security. Transactions of money have to be safe and secured from end to end. Mobile wallets have to be secur with a plethora of latest technologies like tokenization, biometrics, security questions, and OTP via SMS. Although digital wallets are more secure than credit cards, security concerns are one of the main problems with wallet adoption by consumers.
Discounts, Rewards, and Coupons
The power of coupons and rewards is popular among sales teams and marketers. Mobile wallets are a perfect environment to offer deal-seeking consumers these benefits. Therefore features that permit the easy creation, and managing of coupons, tickets, discounts, loyalty points, etc. Users are always attract to fabulous discounts and rewards. And all these features can make your mobile wallet application stand out from the crowd.
Cash in/ out at the bank branch or ATM
Mobile wallet customers without using a physical credit card can make an ATM cash withdrawal. They can also select to withdraw cash from an agent or branch. The future of banking with digital wallet solutions is beneficial and when it comes to ATMs, NFC technology is used as the same contactless technology that lets users pay by tapping or connecting their devices to a POS terminal.
Loan Origination
This is one of the mobile wallet features that meet the increasing demand for convenience, and real-time banking. The loan origination procedure through smartphones must be user-friendly, mobile-friendly, and automated. This feature includes collecting customer application details, integration with bank systems, immediate approval supported by credit bureau integration, and more.
Planning and Budegeting
Empowers users to plan their finances smarter even when on the go. Mobile wallet services must allow users to plan their budget and spend wisely. In this way, you can enable your customers to spot spending habits, track expenses, etc. The advanced mobile wallet can act as a financial planner they provide options such as:
Developing categories for expenses and income
Set a budget for every category of expenses
Sending reminders when users’ bill dates are due.
Sending reminders when users are about to reach the limit of their budget.
Backup Facility
A backup facility is an important mobile wallet feature that allows users to restore wallet data. Backup is mostly automatically fix within wallet apps for the data safety of users. It is always suitable to provide various ways to protect user data.
Various types of mobile wallet apps
Open Wallets
They are used directly in a third-party application or a bank app. It allows customers to use the money in their wallet apps to make payments or withdraw the funds that are deposit into the accounts.
Semiclosed Wallet
It permits customers to make use of the funds in their wallets to make payments for transactions on websites or apps their merchants have partnered with.
Closed Wallet
The closed-loop wallet solution is mainly designed for a merchant. The user can only make use of the wallet for that certain merchant. Take an example of any eCommerce app, it allows you to store money and use it to pay for an item in the cart.
Conclusion
As we all know mobile wallets are gaining huge popularity due to their amazing features. And in this article, you got all the information about the essential features of mobile wallet app development. If you are planning to develop a mobile wallet app development, get in touch with the leading mobile app developers that can provide you with a robust mobile wallet app.
