We wouldn’t have ever imagined that the world is going to take a U-turn for money transactions. A large part of the world has welcomed the cashless payment system with enthusiasm. Big thanks to digitization that has transformed the vision and experience of the today’s customers. The online shopping and online payment are a new way that people are loving to enhance their shopping experience. On this interesting topic, Statistic Brain had organized a survey in which 78% of users have upvoted for digital payments while 22% mob have denied for accepting this digital transformation.
Explicitly, the businesses nowadays are dealing with e-commerce that is centralized around payment through mobile wallet. Thus online or offline selling is not an issue to discuss despite the payment mode is being digital. Whether you own an offline brick and mortar store, users are adapting to pay through their mobile wallet app and if you are online seller then maximum customers approach you through the mobile app only. Thus it is incumbent for you to transform your payment method perusal to customer’s comfort.
If we put our trust on experts, then it can be said that before reaching the end, this year is expected to reach $780 billion figure in terms of e-payment. Alas! A huge amount that needs to be accounted. You must tighten your belts to ride on the journey of e-commerce and mobile wallet payment to stand at the top rank among your competitors. For this, right off the bat you must implement a mobile wallet app that is ready to face the e-commerce challenges.
Let us know the categories of Mobile Wallet App:
A mobile wallet app for the retailers
The retailers needs are taken care of while designing these apps. The retailers facilitate the deals, coupons and discounts to their users through these apps so that they can utilize the shopping on the branded and promoted products of retailers. This helps in enhancing the brand value of the items and services offered by the retailers through these mobile wallet apps.
Bank and Financial Institutions App
The mobile app specifically developed for banking and card issuing organizations that can facilitate cardholders to make their cashless payments.
Cards using Mobile Wallet App
The online payment through the credit or the debit card can be accessed through these mobile wallet apps. The most popular mobile wallet apps are Paytm, PayPal or Google Pay. However, there are much more mobile wallet apps in this context.
Now let us look upon the features that a mobile wallet App should comprise of-
Security is important
Security is the most important factor in cashless payment mode. For any retailer, it is mandatory to develop the mobile wallet app that stands firmly on all the fraudulent activities. It must comply with the latest security features. The majority of 62% consumers lack the trust on the security features of the mobile wallet apps while only 38% of users show trust on online cashless transactions. This ratio points out the security of the available mobile wallet apps and puts light on how much integrity on the development of mobile wallet app is needed to maximize the users.
You can’t deny the fact that user’s satisfaction is prime. If any user does not find your mobile wallet app safe, he/she immediately can uninstall it that would take you out of the market race. Also, hackers should also be considered while designing the app else all confidential data will be easily lost. This might ruin your all chances of success.
Thus you must make your mobile wallet app enriched with high-security features like login, OTP, verification, secure payment option, confidentiality through data encryption etc.
Compatible with all online payment modes
It is recommended for the retailers to leverage their mobile wallet apps to be compatible with all payment modes. The user can choose credit or debit card, instant transfer or Point of Sales (PoS) mode to complete their buying process. While talking about the development of PoS payment compatible mobile wallet app, it needs more skills and expertise than other apps. It must be noted that if your app lacks any mode that user is opting for you may lose the customer.
Digital Proof- Your payment is successful
Obviously, when anyone pays for any service or product, he/she expects the confirmation that the payment has reached the destination so that user can be authenticated for availing the product or service he/she has bought. “Your payment is successful” is not only a line while it is the satisfactory and confirming trust on the retailers and their mobile wallet app. So in your mobile wallet app, you must provide a feature of digital receipt that gives the confirmation of a successful transaction.
Updating with messages and statements
Updating your customers with the messages of their shopping and their payment statements is necessary so that users can have the information about their purchases and investments. Thus your mobile wallet app should incorporate the message sending features. This can be via text messages, emails or notifications on the mobile wallet app itself. You can also use this feature to promote your brand, new products and services. Initially, users may not show interest in your promotional messages but once in awhile, they would notice. This gives more chances to visit your mobile app frequently.
Extreme care is needed
While designing a mobile wallet app, you will surely want to add more facilities and functions to your mobile wallet app so that users can easily access the app. But be aware while adding more functioning features because users do not tolerate any irrelevant step when they are investing their money. So it is suggested to go through the market to know the trending demands and services so that you can update your mobile wallet app with else you might have chances of losing your customers.
Wearables compatible Mobile Wallet app
People are getting crazy for wearables devices like smart watches and belts. The wearables have taken a wide space in the market and a research has revealed that by the year 2018 the market of wearable devices would reach $19 billion. So, it would be a bonus if your mobile wallet app is compatible with these wearable devices. Chances are high to have more users of smart watches.
Perks of Cashbacks & Discount Coupons
Every buyer loves to have some extra on their buying. Even a little discount or reward point can help you to expand your user’s list. When users get rewards, gifts or cashbacks on their shopping they get happy and they more often visit your shop
through your mobile apps. The deals, discounts and coupons help in boosting the shopping experience of the consumers.Their good shopping experiences would eventually get converted into making them as your regular customers.
Bottom line:
Mobile wallet apps have now taken the next place to smartphones. As far as smartphones are growing, mobile wallet apps would too. The digitization era is blossoming at all corners and thus people are opting to go through cashless transaction system. The world's economy would highly get impacted by online payment and more specifically by mobile app wallets. The hassle-free transaction and instant transaction receipt make an easy way to go for online payment. Above all online payments has removed the risk of robbing and pick-pocketing when people carry large cash into their pockets and bags. Big thanks to digital transformation.
We at Hvantage Technologies understand the value of money and therefore are responsible for developing and delivering the secure Wallet App. our team of technocrats are versed with the latest and secure technologies for developing the Wallet apps. Our app developers are skilled professionals working to add all security features to the mobile app. If you too want the secure transaction and payment process in your business, you can completely rely on us.
