After the pandemic era, we’ve seen an inimitable evolution of digital wallets and mobile payments. Where mobile wallet apps monopolize the online payment market. Mobile Wallet Applications have helped several digital wallet app development companies to gain success in this cut-throat competition. People have almost stopped reaching their physical wallets and started using e-wallets to make payments. The popularity of mobile wallet apps like Amazon Pay, Google Pay, PayPal, Apple Pay, Paytm etc. have proliferated the demand for mobile wallet app development.
In this article, you will be able to know about the mobile wallet app features that you should keep in mind while building a popular mobile wallet app.
Key Statistics of Mobile Wallet Applications
- The Global Mobile Payment Technology market was approx. $290 billion in 2019 and is anticipated to reach over $5.5 billion at a CAGR of 55% by 2026.
- The Market Search Future research study envisioned that by the end of 2023, the global e-wallet market will mushroom to $2.1 trillion at a CAGR of 15%.
- Between 2020-2025, mobile payments will continue to the unstoppable rise with 26.63% and overtake traditional ways of payments (cash and card payments).
Essential Features to build a popular mobile wallet app
The features of mobile wallet app development are bifurcated into three categories mentioned below:
- Key Features for users
- Best Features of Admin Panel
- Features related to wallet application development
Key Features for Users
The following features will give a brief idea about the user experience while using the developed mobile wallet application.
Swift and Easy User Registration
The first step to using the digital wallet application is registration. The users need to register themselves by creating an account to avail themselves of the speedy and hassle-free transactions-making services.
Trouble-free way to link the bank account
Once the registration is done, the user needs to link their bank account details to avail of the seamless money transfer services. Just entering card details like card number, CVV number and expiry date of the card helps users to save their card in the e-wallet application.
In addition to this, users can add, save and manage more than one debit or credit card detail in a single wallet application. In this way, they don’t have to carry all their physical cards along with them.
Effortless, Immediate and Flawless Transactions
Once the user links and saves the bank or card details. With the mobile wallet application, the processing of payment becomes easy and smooth.
The transfer of money must happen in seconds rather than hours or business days. This is the most advantageous feature as the payments can be done from anywhere and at any time. The user can make various flawless transactions like bank-to-bank transfer, bill payments, travel reservations, shopping bill payments to vendors or merchants, payments for grocery and daily needs, sending or receiving of money etc.
In addition to this, the e-wallet application can also have features like split bills, bill payment reminders, payments done by scanning QR Code, peer-to-peer payment etc.
Track and Analysis of Transactions (Sending or Receiving money)
The tracking and analytical feature help the user to view, download and keep a track of their financial operations done using the e-wallet app.
Incorporating the passbook feature in the application encourages users to make the budget and plan their expenditure in a better way and also helps to maintain both transparency and history of the transactions.
However, the personal finance management history of the transactions done by the user can be provided in the form of reports. Figures as well as diagrams for all the linked banking accounts.
Rewards Points, Promotional Offers, Discounts and Coupons
In this tremendous competitive digital payment market, mobile wallet apps are increasing day by day. Providing reward points, promotional offers, coupons, or discounts on making payments for purchases, bills, money transfers etc. keeps the user engage and reason to use your e-wallet application.
Round the clock customer assistance
It is very important to provide round the clock customer assistance services to help the user whenever they face any issue while carrying out any financial transaction.
Furthermore, integrating a chatbot software program in the application. Will be an added advantage as it can interact with the user, keep them engaged, help them to use the application. Solve their basic queries and most importantly improves customer service.
Best Features of Admin Panel
Let’s understand the features that are need for the admin panel while developing a mobile wallet app.
Dashboard
The admin panel is represented with a dashboard where the admin person can keep track of all the activities done by the registered users. Moreover, the admin person can also have control over user information and activities.
Managing the User Profile
People are more inclined towards using e-wallet apps for cashless transactions. The company needs to manage and monitor the transactions done by the user on daily basis. User management is important as it helps e-wallet companies to resolve any issue raised. By the user while carrying out any financial transactions.
Privacy and Security
The mobile wallet working is based on storing financial information like bank or card details of the user. So providing data security is the most important feature of the application. While developing the mobile wallet app, the developers. The digital wallet app development company have to provide proper authentication methods. Like unique QR code, fingerprint access, OTP, password or pin protect app login and proper validation of financial information to save. The wallet app from getting hack by the hackers.
Append New User
The sole responsibility of the digital wallet app admin is to accept or reject user registration. The admin verifies the registration data and user profile and if they find any malpractice in the user data then they can warn, block or reject the user from registration.
Use of contactless payment technology (NFC or QR Code Scanning)
Both merchants and normal people use the digital wallet app to make cashless payments. Retail clients or merchants can use the mobile wallet for receiving contactless cash with the help of NFC or QR Code. Considering the growth of the digital wallet app market, adding contactless transfers is a must feature for the application.
Features of Mobile Wallet App Development
Let’s understand about features that a mobile wallet app should have for better front-end as well as back-end development
User-Friendly Interface
An appealing user-friendly interface or UI design plays a vital role in user engagement. As it encourages users to download and use the mobile wallet app. The user may uninstall or lose interest in using the digital wallet app if the design of the application is complex.
Loading Speed
Once the user downloads the mobile wallet app, the application must get loaded in seconds. If the e-wallet app takes time to get load or browsing between screens or menus. Then the user may uninstall and switch to another e-wallet app.
Ideally, the application should get load and the user can easily browse different menus in less than 5 seconds. The mobile wallet app should be optimiz in such a way that users don’t quit or uninstall the e-wallet app.
Backend Development
The server-side development or backend development plays an extremely crucial role in the functioning of the mobile wallet app. The important part is to select the best cloud computing architecture to manage, store and secure huge volumes of user data.
If the right architecture is not select, it may lead to loading issues, the crash of the application. And even hackers can easily hack users’ financial information and can misuse it.
Wallet application development is not only limited to the development of e-wallet apps but also provides cryptocurrency wallet app development solutions.
Final Words
The globally mobile wallet market will grow in leaps and bounds in upcoming years. And this will lead to immense competition for digital wallet businesses. The key features mentioned in this article will give you an idea of building a popular mobile wallet app. That will help you to achieve success.
