From the introduction of smartphones, technology advancement has never been a topic of doubt. They have made some significant changes and an impeccable space in people’s lives. Apart from just social media or the entertainment segment, to be precise, the technology has been made use of in also buying and selling anything literally and everything, from groceries to booking tickets. This has made quite a significant turn in the development of mobile wallet apps.
They have been the hottest topic since 2017 when they surpassed a revenue of $780 billion. The number of mobile payment transaction users is expected to reach 1.31 billion in 2023, according to Statista.
Types of mobile wallet:
A mobile wallet, as we all know, is used to receive and send money through mobile devices. It is solely developed for providing ease-of-access and convenience. There are three types of mobile wallets, which are different from each other due to the payment processes. Let’s look at them one by one:
- The first type of wallet uses a mobile service provider, with which users can send and receive money with the service provider’s help.
- The second type offers discounts through SMS with either OTP or some similar codes.
- The third type of wallets offers mobile web payments, where clients can send and receive money through the app.
There are different kinds of wallets you should understand. The online payments methods list include:
It is the most common payment method where a user makes a payment using credit, debit card, and internet banking. It basically involves payments to the merchants using the payment gateway.
Point of sale payments:
It is used to describe a system that consists of components like employee management, hardware, software, analytics, and reporting. It comprises a computer, which operates on POS software, credit card reader, receipt printer, and barcode.
There are four ways to permit POS mobile wallet payments. They are:
- NFC Tags
The NFC Tags are passive devices that don’t need any power supply for functioning. It is activated only when it comes in contact with an active device. They can’t perform any other processing on their own than just transferring data. They can be used in transferring information. The user needs to put the card on the backside of their phone, and the complete report will be displayed on their device. Some tags can also be used to edit data and make payments.
- P2P money transfer
The money is transferred from one person to the other through an intermediary, which is called a P2P payment app. The payments can be received through both the mobile device and PC through the internet. As it is an easy alternative to the traditional method, it is preferred by many users.
- iBeacon and Bluetooth payments
It is Apple’s version of the beacon concept derived from Bluetooth. Using this technology, users can receive small pieces of data within a short range of distance. They can be used to improve the shopping experience, loyalty programs, and classroom programs.
- QR codes
They are regularly used as an alternative for NFC tags. They are two-dimensional square-shaped barcodes that contain data. The QR codes are used for advertisements. Apart from that, they are used for social sharing, print media tracking, and connecting brick and mortar.
Since the financial transaction is the basis for e-wallets, security is what plays a significant role. Assure that you prioritize it at first
It is a powerful security tool that protects an entire transaction from beginning to end. The software starts encrypting right from the point when the user swipes the terminal. The transaction is only initiated after the encryption and is moved up for approval. This is an essential tool that needs to be added.
It makes e-payments secure, as it uses the data encryption system. The user doesn’t have to give away the transaction details while paying by a card. Complete information in the card is encrypted and is transformed into a token, which resembles a combination of symbols.
To make your app to be integrated with the latest security features, biometric protection support can be added. With this feature, the transaction can be initiated only when the fingerprint gets recognized.
Key features to include in a mobile wallet app:
You should make sure to add the below features as mobile wallet development is the best way to turn your business into a highly successful venture. In order to enhance user loyalty and engagement, here are some suggestions.
- User registration
- Account authorization
- Balance checking
- Money transfer
- Bill payments
- Discount coupons
Additional features you could consider adding to your app are:
- Gift vouchers
- Pop-up notifications
- Promotional offers
- Membership discounts
As a final note,
It is dependent upon you to decide the plans and features to make the app unique. To grab the market share by competing with other such similar apps, you must need a unique solution, and that’s why our Appdupe is here to help you out. Please have a chat with our team now to launch a secure yet sleek mobile wallet app.