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Updated by Hemendra Singh on Mar 02, 2019
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What are the things every developer must know about mobile wallets

Have you ever used an on-demand mobile app? What is the best part about these apps after real-time service? It is the easy payment option. These apps integrate with payment apps also known as mobile wallets. Juniper Research is a famous research company that stated that money spent via mobile wallets is expected to rise by nearly 32% this year to $1.35 trillion. There are some popular mobile wallets called paytm, phonepe, mobikwik, freecharge, etc. As there are so many smartphone users in the world, people have started using the mobile wallet as a substitute for the traditional payment methods. As per a report generated by Statista, the revenue of the global mobile wallet market has risen from 450 billion US dollars to 780 billion US dollars. Experts also predict the growth up to more than 1 trillion in the year 2019.

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What are mobile wallets?

What are mobile wallets?

Remember the days you used to stand in a queue to pay electricity bills? Now users can pay it online through mobile wallets. Be it any huge transaction or simple daily bills paying, it all can be achieved by mobile wallets with great efficiency.

It is a financial instrument that enables businesses and individuals to transact money via mobile devices. These wallets are like real wallets where the user can store money and pend when necessary.

These wallets are very easy to access. Users download the mobile wallet, register there and enter all bank details. It is similar to signing up on Facebook and Gmail. Once the user enters the bank details, he or she gets the one-time password and on that basis, the user can proceed with future transactions.

It is very simple to add money in wallets. As already all details are mentioned and registered, the user simply puts the amount, enters a password, and gets things done.

Mobile wallets can be used anywhere including paying movie tickets, paying electricity bills, transferring money to someone, paying DTH bill, paying mobile bills, recharging the mobile sim card, purchasing goods, etc.

There are some amazing mobile wallets that let you split the bill between your friends. When a group of users pays for something and bill needs to be split, these wallets do the splitting and notify other members too.

Almost all mobile wallets have this feature of setting payment on a monthly basis or yearly basis. These wallets ask the user if he or she wants to repeat bill payment every month. Once the user approves it, the app pays the bill every month and deduct the amount from the wallet without further permissions from the user.

Thousands of dollars can be transferred within seconds using mobile wallets. Also, these apps offer some special discounts, offers, etc. to users to promote the app.

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What are the things every developer must know about mobile wallets?

1. Function prioritizing:
There are various functions and features of a mobile wallet. It is important to select the best features as these factors decide what can be the performance of the app in the market.

It is recommended to conduct a market research or survey with end users and ask questions about what are the customer expectations, demands, and the market trend prevailing. As per the survey results, prioritize the functions in mobile wallet application.

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2. Security:

Security is the biggest fear any user can have while accessing a mobile wallet. Since data on facebook too was not safe before few days, users can really doubt about the safety.

Since customers store their card information or enter their passwords, it is the primary responsibility of developers to ensure their data security by using advanced technology methods.Developers must follow standard safety and security mechanisms and also include technologies which are hard to decrypt.

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3. Digital receipt:

Just like traditional paying method, when a user gets a receipt of payment, it must be offered in mobile wallets too. Users must get a confirmation about the success or failure of it.

This confirmation is nothing but a digital receipt. The receipt has nothing to do with the amount transacted. According to standard methods, the recipients are sent on the app as well as on emails.

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4. Reward points are a bonus:

Isn’t it amazing to use a service and get something for free for using it. These apps generally offer rewards, coupons, etc to the users. Users like receiving reward points.

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5. It is important to keep them engaged:

Offer customized coupons and deals to them so that keep engaged with your app. Timely notifications are best to keep consumers engaged.

Tell them what are the offers, tell them about rewards, etc. Those who fail in communicating with users at least once a week cannot retain.

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6. Geo-targeting:

When mobile wallet apps offer geo-targeting, it can add into the quality of the app. Geo-targeting allows developers to locate active geotags on the map. Once the user clicks them, he or she will get the notification about some new campaigns.

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7. Access to transaction history:

It is important for the user to have access to his or her previous transaction details. It helps users understand what bills are paid and when those are paid.

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Conclusion:

A mobile wallet must have above given features. If you want to develop a mobile wallet, consider these things. At Nine Hertz, we have skilled resources to develop mobile wallets.

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