Let’s talk straightforwardly!
Today, mobile payments are considered among the hottest industries. The global mobile payment revenue is going to top $780billion by the end of this year.
You should also consider this that in the year 2015, approximately 39% of all mobile users in the US had made at least one mobile payment. It is fact that when there is a constant flow of mobile payment transactions, there must be a payment method and a secure storage for it. That is a mobile wallet.
What is a Mobile Wallet?
In simple words, a mobile wallet is an application that enables users to link and store different types of payment methods such as debit/credit cards, digital currencies like Bitcoin, coupon codes and discount deals, and more. The app is known as a mobile wallet; however, such app may also feature some of the additional functionalities.
If you have decided to develop one, you need to first decide whether you plan to deliver just one feature e.g. storing and using loyalty cards/coupons or to develop a more innovative solution that will enable users to pay for goods, accompanying P2P payments and more.
In the last year 2016, 32% of consumers used the digital wallet as their preferred way of payment, whereas more than 78% of consumers said that they are familiar with the service, according to the latest survey report. Various such mobile wallet apps like RuPay, PayTM, Bhim and Jara have given a great ground to people.
For eCommerce apps, integrating mobile wallets had been quite for some time as money multi-utility mobile wallets become a need of this new era. Now, it is important that you comprehend what exactly the users are looking forward so that you can deliver them a rich experience.
Comprehending the Users’ Requirements
It is highly essential that you comprehend your users’ requirements and the digital payment app market before commencing e-Payment app development process. Currently, there are different types of mobile wallets and you need to know which fits your purpose. Here is the list of online payment methods:
- Point of sale (PoS) payments
- Online Payment
- Peer-to-peer money transfer
- Point of sale technological solutions
Important Points to Consider While Development Mobile Wallet App
One of the most important points that you need to consider while developing mobile wallet app is the security. Your application can only get success if the customers can rely on its secure structure.
The e-wallets ask customers to store their card information or enter their passwords. Therefore, it is your accountability to ensure their data security by using advanced technology methods. Along with standard safety and security mechanisms, all you require is to include technologies that are hard to decrypt.
NFC Capability & More Connectivity
To showcase your revolution, you can easily get some of the essential and revolutionary technologies that can turn your system into one of the most wanted mobile payment solutions. For example, Samsung’s new Galaxy S7 and S7 edge devices have its new propriety Samsung Pay.
The company combined payment techniques of NFC, MST (Magnetic Secure Transmission), bar code reader for older payment terminals based on the video presented by O2. You are also allowed to include other important sensors like data connection, GPS, Wi-Fi, Bluetooth and more.
Real-Time Updates & a List of Partners
Real-time updates and assistance are considered as the excellent features that compel users to download applications. If users can easily make payments in real-time without any issue, it means that the app is performing very well.
It would be great if you can reach to many partnered banks or systems for your mobile payment application to avoid any kind of problem related to the transaction.
Remember to Include Digital Receipt
Once users performed their transactions, all they need to have a confirmation about the success or failure of it. At such times, the need of a digital receipt arises. No matter how much amount they transacted, it is essential for them to get a digital receipt of their transaction. Such digital receipts can be sent easily through email to any respective customers’ registered email address.
Bluetooth and iBeacon
Do you know that iBeacon technology allows users to transfer data without using the Internet connection? Bluetooth 4.0 based smartphones can communicate with an external BLE-transmitter called the Beacon.
Below are some of the ideas on how you can utilize this technology within your mobile wallet:
· POS that enabled with iBeacon can easily read detail information about users. They don’t have to swap/scan their card or coupon while checking out. All the information and data will be visible in their clerk’s POS terminal.
· Now, you can boost in-store customer experience by sending personalized deals and offers and can also offer real-time recommendations as they move along the walkaways. Furthermore, you can also provide indoor navigation with this technology.
Keep Them Engaged Throughout the Session
You can easily keep your users engaged throughout the session by sharing timely notifications regarding the new offers. You can keep sharing coupons, discount deals and offers to keep them engaged in your app.
Users prefer to abandon applications after their first use, so you should keep them notified about coupons, special offers, and deals as this way you can engage them in your digital payment solution.
Today, making a wallet app is not considered as a trend, but it becomes a need of the time. However, to acquire the benefits of this fast-evolving market, it is essential to ensure immaculate implementation of facts and features. Have required resources to develop a perfect and successful mobile wallet apps.
Jyoti Bharwani is a Content Manager at Space-OTechnologies and she is very much passionate about tech writing and loves to do Guest posting on different topics. In free time, she loves to read non-fictional books.