11 Key Features That Make Your Mobile Wallet Stand Out
In recent years, digital payment trends have gained in popularity. Mobile wallets will dominate the online payment market as the digital transformation occurs, and they are growing increasingly popular for rapid and smart transactions. It’s also a practical way to avoid waiting for bills or money transfers.
As mobile devices and mobile applications continue to penetrate all aspects of life, including day-to-day financial transactions and commercial operations, mobile wallet app development is becoming increasingly popular.
The mobile wallets industry is expected to expand at a 28.2% CAGR from $1043 billion in 2017 to $7580.1 billion in 2027, according to a new report. The worldwide e-wallet industry is expected to reach $2.1 trillion by the end of 2023.
Developing mobile wallet app is anticipated to become increasingly popular in the next years. If you want to create a highly engaging eWallet app, we have a detailed guide that will walk you through every top feature.
Must-have Features of a Mobile Wallet App
The worldwide payment business has evolved dramatically with the introduction of mobile wallets. As a result, financial service providers must stay up to date on the newest payment trends. They must utilise mobile wallets for this. Here are some key features of a mobile wallet app that may set it apart from the competition:
Instant end to end payments
This feature offers several advantages, including the ability to make payments at any time and from any location, the rapid availability of cash, and more control over personal and company funds.
Quick self Registration
The registration process for an e-wallet software should be quick and easy just like any other financial app. This is essential if you want to maintain a positive customer experience (UX).
To make the sign-up process go more smoothly, the app should be connected with social network sign-up so that the users’ details may be pulled from there rather than having to enter all of their information again. This saves them a lot of time. Having a separate account allows consumers to view the history of all their transactions in one location.
Any time Bill Payment
People nowadays prefer to pay their bills online, thus this is one of the most important aspects. Mobile wallets make it simple to pay your bills, whether it’s a prepaid or postpaid service, or rentals, electricity, gas, or mortgages.
However, for it to be a success, you’ll need to collaborate with a number of service providers in the category to provide consumers with a simple way to make payments.
Payments To and from bank accounts
A mobile wallet allows you to transfer money to any bank account, even your own in the same bank. It also allows you to transfer money to other people’s accounts in various banks. The procedure of transferring money from a wallet to a bank account should be made as simple and convenient as possible.
Card Operations Management
People nowadays have a range of credit and loyalty cards. As a result, your mobile wallet applications must be capable of managing different card operations such as blocking/unblocking your cards, changing your pin, updating your account limits, applying for new cards, and so on.
Digital wallets should be able to save a user’s credit/debit card information, which is utilised to execute fund transactions at any time. Since it does not keep card numbers, a mobile wallet is safer than carrying all of your cards with you; instead, the card data is encrypt using high-grade encryption.
POS Integration
Mobile wallets are now being use in conjunction with an enhanced POS system to help you increase sales. It makes use of NFC and QR code technologies. When compared to card payments, these solutions allow far faster payment processing.
QR code is an abbreviation for Quick Response code and is comparable to a barcode. The QR code may be readily scan with a smartphone’s camera. The barcode is interpreted by the smartphone, and a link application or website is launch.
Offering NFC and QR payment is a must-have wallet feature, given the increased customer demand for contactless transfers and the convenience they enable.
Privacy & Security
An e-wallet requires its customers to keep their credit card details and input their passwords. As a result, the wallet must be capable of protecting the users’ data. A password-protected software with features such as fingerprint, OTP, or QR code for adequate authentication is require because a mobile wallet is always a soft target for hackers.
Tokenization, security passwords, biometrics, security questions, point-to-point encryption, out-of-band authentication, and one-time password (OTP) via SMS are some of the powerful advancements that may be use to safeguard mobile wallets.
Even though digital wallets are more secure than credit cards, consumers’ major barrier to wallet use remains safety concerns. This is why you need to provide your customers with a Mobile Wallet App that is pack with effective security capabilities.
International remittances
Mobile wallets allow people living abroad to send money to their loved ones quickly and conveniently. As a result, they choose to send money without having to deal with any complications. Using a mobile wallet is the best option for this.
The traditional technique of performing financial transactions has been significantly change by digital payment systems and mobile wallets. They’ve aided people in reducing the hazards associated with cash storage. Additionally, they provide their consumers with a variety of remittance payment alternatives, allowing them to make payments with ease.
Budgeting and Planning
This feature of mobile wallets may help you better plan your budget. You may save money by making a detailed budget of your income and expenses.
With the help of a mobile wallet, you may set a spending restriction for each transaction. A mobile wallet system can establish discrete earning and expenditure categories for you and deliver warnings when these categories surpass their limits. It may also send late payment alerts to its subscribers.
Rewards and discounts
Mobile wallets are a perfect platform for providing deal-seeking consumers with relevant Rewards, Coupons, and Discounts. This will assist firms in increasing sales, which may result in larger returns. Integrating an effective mobile wallet solution might assist you in taking advantage of this benefit.
A mobile wallet with this function provides its users with incentives, rebates, discounts, and so on for making a specified amount of purchase. In addition, for their clients’ birthdays or marriage anniversaries, they present personalised promotions and incentives.
Chatbots for real-time assistance
Chatbots in digital wallets enable businesses to interact with their customers at any time and from any location. Customers can also instantly communicate with their digital wallet applications 24*7 customer support services in real-time to register their inquiries about a product or service.
Conclusion
Digital wallets eliminate the need for any intermediaries, making financial transactions simple and convenient. Simply connect their accounts to one of these e-wallet apps and begin making payments directly to the vendors’ bank accounts. It has made online shopping, bill payments, and other types of payments incredibly simple and convenient.
Mobile wallets are more vital than ever before. Mobile wallets are gradually becoming the most sought-after feature by businesses and customers alike as more people move to mobile payments. All businesses should consider implementing a mobile wallet app into their organisational structure. Because of the benefits outlined above, many people utilise mobile wallets.
