With the introduction of digitization, things have changed drastically in the global environment. The world today is all about smartphones, the internet, and robust software solutions. People are readily accepting these significant changes and are leveraging the latest trends at par. The scenario of the e-commerce industry is no different; it is also transforming significantly with the changing times.

The current scenario of the e-commerce industry is all about digitization, and moving trends, and one thing that has evolved with the changing time is the use of mobile wallets. Carrying cash has become an old trend now, and people readily accepted the new and growing trend of mobile wallets to satisfy their financial needs. According to Statista, there were about 950 million mobile app users in 2019, and the number is expected to rise to almost 1.31 billion by the end of 2023. Another report states that the global revenue of these payment apps will reach $14 trillion in the year 2022.

The above facts depict that whether you are doing great in your business or have just started, you need to invest in a robust mobile wallet app to keep up with the pace of the fast-moving world. Many big companies have already understood this thing, and that’s why we can see many payment apps like Apple Pay, Google Pay, Samsung Pay, and other digital wallets in the market. Whatsapp is also working hard to launch its mobile wallet app in the global market very soon.

What is a Mobile Wallet?

A mobile wallet app is a digital tool that enables you to satisfy your financial needs without carrying any physical cash with you. You can seamlessly link and store various payment methods like credit card/debit card, or digital payment apps to pay for any service or product. The mobile wallet app is a fantastic concept to lure more customers to your business.

Besides providing ease and convenience, the mobile wallet also ensures safety and security over your financial transactions. Moreover, the mobile wallet also provides some useful add-ons like loyalty points, coupons codes, cashback, and much more for all the users.

Which Industries Can Benefit From The Mobile Wallet App?

The mobile wallet app development can benefit a lot of industries irrespective of their domains. Let’s discuss some of them here –

1. E-commerce and Retail Industry

The e-commerce stores and retail shops can help a lot while using the mobile wallet app. They can leverage the mobile wallet to offer quick and secure mobile payment options to their users. Moreover, they can also provide discounts, cards, coupons codes, and other promotional schemes to lure more customers and boost their sales.

2. Finance and Insurance

The finance and insurance segment can seamlessly integrate cards and other digital payment gateways with the mobile wallet, and can also provide numerous useful services to their customers.

3. Telecom Services, Transportation, and Grocery Stores

The powerful mobile wallets are benefiting the customers of telecom, transportation, and grocery stores a lot. From booking tickets, paying bills to shop online, the mobile wallet application is becoming a new trend to help the customers pay for their services online safely.

However, unless and until your mobile wallet app is secure and user-friendly, it may not attract a large number of users. Hence, you need to follow specific steps to build a feature-rich and powerful mobile wallet application.

Tips and Tricks to Develop a Robust and Secure Mobile Wallet App

If you are planning to invest in a feature-rich and user-friendly mobile wallet, then you need to know specific tips and tricks to build success for your mobile application.

1. Research A Lot

The first and foremost aspect of developing any software or mobile application is to research a lot. You should try to get all the information relevant to your product development, such as user data, details of the existing products of the same niche, and so on. For this, you can ask the users some questions like-

• How often do they use the mobile wallet app?
• Which mobile wallet app do they use most frequently, and why?
• What features do they like in that app?
• What features they think are irrelevant in the mobile wallet application?

For this, you don’t have to roam from place to place. Thanks to digitization, you can seek any information online with minimal effort. Answers to these questions will help you to choose a suitable platform and will help you to avoid the mistakes that other popular mobile wallet apps made.

2. Decide the Payment Types

The next step in developing a powerful and secure mobile wallet is to decide what payment types you want your app to support. There are a few of the conventional wallet types that are becoming popular these days.

• Online Commerce Payments: a method where customers use online payment methods to pay for their services.

• P2P Mobile Apps: a mobile application where customers can transfer the amount online using their mobile phones.

• POS: a powerful system that enables the stores to accept digital payments seamlessly.

Read More: Discover how partnering with a P2P lending platform development company can revolutionize your fintech business by streamlining lending processes and enhancing user experiences.

3. Pay Attention to UI/UX

UI/UX is the most crucial part of mobile app development. Your primary focus should be to attract more and more users, and a user-friendly interface can surely help you to achieve that. Your app should be readable, catchy, engaging, and should convey your business goal efficiently. The hierarchy of your app should be suitable and logical enough; that is, every touch, swipe, and click should be valuable enough.

4. Decide the Vital Features to Include in your app

After choosing an apt platform and paying heed towards UI/UX, the next step is to identify and include suitable features to make your app a success in the global market. You need to have a feature-rich mobile application to compete with the already developed giants. Following are some of the basic features of the mobile wallet app-

• User Registration: your registration or login process should be simple and easy-to-use. It should enable the user to log in or register by merely adding their email ID, contact number, and other necessary details.
• Account Balance: the user should be capable enough to check the account balance using your mobile wallet application.
• Multi-platform Support:  your mobile wallet app should work with all prominent platforms and mobile devices.
• Fund Transfer: the mobile wallet app should enable the user to transfer any particular amount seamlessly to another person’s account.
• Multiple Payments: your mobile wallet app should accept various forms of payments ranging from credit/debit cards to digital payments and cryptocurrencies. 
• Bill Payments/Recharges: the user should be able to pay his/her bills and should be capable enough to make a recharge for the services using your mobile app.
• Rewards and Discounts: you should also offer bonuses and loyalty points to engage existing customers and attract new ones. 

5. Pay Heed to NFC Technology

NFC is a contactless remote technology that allows the user to transact seamlessly to any POS or other devices that are up to 10cm apart. This technology is somewhat similar to Bluetooth but takes much less time as compared to Bluetooth to connect. Using this versatile and robust technology, the user can make payment via automatic payment information extraction that NFC fetches from the source to the payment terminal.

Security Comes First When Developing a Mobile Wallet App 

1. QR Codes

QR codes, one of the acceptable forms of payments, has been doing great for quite some time. It is a unique service that can encrypt your vital data, codes, and can even help you add a picture on the code. Customers need to scan the QR code on their mobile screens to make a payment. The clients also receive a receipt for their payments that makes the mobile wallet a secure option.

2. Bluetooth and iBeacon

iBeacon is a powerful technology that allows radio signals to initiate contactless data exchange seamlessly. It is a fantastic technology that helps the user to send specialized offers, ad campaigns, and even discount coupons when they fall in the range of radio beacons. The device emits an uninterrupted signal that the smartphones receive with BLE and when located in a range of 70 meters. The user simply needs to turn on their Bluetooth to receive the radio signals.

3. End-to-End Encryption

It is a secure payment option that helps to encrypt your transaction data to keep your mobile wallet payments safe. It starts to encrypt your data from the very initial phase until you reach the authorization page. So, make sure that you introduce this service when you develop your mobile wallet app.

4. Tokenization

It is an advanced security tool that makes your mobile wallet payments secure with the help of a reliable connection. Using this robust technology, the buyer doesn’t need to provide their card details for making online payments. The transactions remain encrypted and look like a number, which is called token.

5. Strong Passwords

Having a strong password is very much needed, especially in this digital era, where cyber thefts have become a common aspect. While developing a mobile wallet, always make sure that the developer adds the option to reject the weak passwords to make your mobile app more secure for the users. Having strong passwords ensures that your sensitive data remains safe from fraud persons.

Let’s Build a Powerful Mobile Wallet Together!

So, in this article, we discussed various crucial aspects needed to build a powerful and secure mobile wallet. We learned that, along with proper research and user-friendly interface, great security tools are also required to ensure safe and secure transactions. Besides all that, you also need to have a perfect goal over why you want to develop a mobile wallet app, and who are your target audiences.

Above all, you also need to hire a perfect and experienced mobile app development company to ensure a feature-rich and smooth mobile wallet app. At Matellio, we have expert and certified developers and QA Engineers who make sure that your mobile application serves every need of your business. Our experienced UI/UX teams also help you to build a user-friendly interface to create success for your app in the global market. Hence, if you have any idea related to your product development, then you can contact us anytime, and we will surely help you convert your ideas into reality.