How to Develop an E-Wallet Feature in Mobile Application or Website?
How to create wallets for your website and mobile application
There are several types of apps in the market such as on-demand apps, event apps, corporate apps, e-commerce apps, etc most of the apps have money transactions by integrating with third-party apps. These third-party apps are called e-wallets. These apps allow users to Pay bills, Recharge, Transfer money instantly and securely.
As per the statistics of the recent survey, In 2018, 60% of respondents made payments through mobile devices. The recent report of Statista reveals that the revenue of the global mobile wallet market has increased from 450 billion to 780 billion US dollars. Experts predicted that the numbers may hit or more than one trillion by the end of 2019.
The digital mobile wallet is used to store multiple debit & credit card details, loyalty card details, membership cards of a business or club, etc. Doing any transactions through digital wallets and mobile wallets is easy and simple. The stored details can be used later for hassle-free payments.
Mobile wallet apps are used at the time of Online shopping, Online bill payment, Mobile Recharge, Bank transfers, etc. The user can wallet app to make payments at the medical shop, pizza, grocery shops by entering the merchant registered number or QR code. The users can use Points or discount coupons to get offers on the final bill. Here are the must-have essential features that need to consider while developing a mobile wallet app.
Must have features
- Registration: The Customer is able to register by providing the Mobile number and email id.
- Login: The login process should be easy as (Fingerprint or Password)
- Term & Condition (send to mail): All terms and conditions should be perfect and clear. It should not falsify or mislead customers.
- Payment: The customer must be able to Send Payment, Receive Payment, or can request a certain amount of money.
- Cashback or rewards: In Order, to increase the usage of the app for money transactions it should provide rewards, cash-backs, or any other offers for the users.
- Static Information Pages for Help, Documents, About Us, Term & Condition, and for Settings.
- Referrals or invitation: These will help to spread the voice about the app.
- Account: The app should have simple functionality to manage the user or customer account.
- Help: The Customer should be assisted regarding any issue related to transactions or any other deductions.
- Report an Issue: Order An Issue (List-View), Report Issue Per Transaction.
- Summary: Each transaction with its transaction id listed(list-view).
- Customer Reviews and Rating: When the customer completes his/her first transaction, the app will ask the user to provide an experience along with a rating for the app store, if the user opted to “Add later” then after every 5 transactions the app will popup screen to acquire the rating.
- Allow more than one bank details: Nowadays most people managing more than one bank account. So, the app must allow its users to sync multiple bank accounts to perform the transactions.
Initially, developers can collaborate with big & popular banks and later they can tie-up with all the banks
Along with the above core functions, the app should have the following additional features.
Security
One of the most focused areas while developing the wallet. The app must be secured, bugfree, and following
- Free from Identity theft
- Theft of phone or loss of phone doesn’t allow access to the app
- Interception of personal information during or while making transactions
- Hacking of Service provider, Phone or any other Data
- Any virus or accidental charges
Design
Even in the design, Special care has to be taken. The user should be navigated to the desired page with simple clicks. So, the design of the app must be according to the trends of the market.
Range of Services
When you observe the popular, well-established apps, initially they started with few services and later they expanded the services of multiple categories. So, at the introductory phase, you should focus on a niche, uncovered categories along with general.
Reminders
The app should remind the bill, recharge payment dates in advance to feel the customer delightful and caring. And also the app should record each and every transaction made by the user or customer.
Customer Support
In this, competitive world, Each and every service is approaching towards customer-centric one. And the customer’s voice is a good way of marketing builds. Users are becoming more knowledgeable and even for buying groceries, they are checking reviews and ratings. So, if the customer is not happy with the service and support that might have a chance to spread the negative marketing for the app.
And also the various payment options provided by the app are essential to cater to the needs of various businesses.
- Online commerce payments – The users can use the wallet app to make payments for online shopping or they can pay for any goods/services which they purchase online. For each and every transaction the user will get the receipt.
- Mobile P2P money transfers – Some famous apps such as Google Pay, Phone pay allow users to send and receive money through mobile. These apps also provide money transfers from a linked user’s bank account to another one.
- Point of Sale (POS) payments – The POS payments occur at the storefront or at the counter of any business. Users can use mobile/contactless technologies to pay the amount. Following are the ways to make POS payments.
- QR Codes
- Payment Apps – Paypal, Amazon pay
- Wearable Device – Nymi
Conclusion
Make sure you create a mobile payment app for the users and not for yourself. Your app will be used by the common people, and all of them are not tech-savvy. The users prefer a simple platform to access services. They do not have time to spend on understanding your app from scratch. Another thing that you must ask your mobile app developers to concentrate is on the app performance. The mobile wallet app should be lighter, with the required features, and fully optimized.
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