A checklist to make your wallet app a fintech disruptor
Digital wallets are gaining popularity exponentially – one-half of the world is enjoying the advantages of digital wallet app solutions. The other half is focusing on making it an all-inclusive financial operation. But you have to work hard and make analyzed and strategic moves to make your wallet app the next big thing.
Why Do Users Prefer Digital Wallets?
Easy to carry
Using a mobile wallet or some other digital wallet device is a lot less stressful than keeping a credit card or cash with you. You don’t have to worry about losing them.
Zero-Liability Protection
The best feature that mobile wallets provide is Zero-Liability protection. It means that if users become the victims of scam, they will get the amount refunded easily.
Greater security
The mobile wallets offer extra security features like activity alerts, transaction history, push notifications, and personal account monitoring. Thus, users always have transparency and security, which only the bank servers provided earlier. Gen Z and millennial users are data conscious, so this feature takes precedence for them.
Greater user engagement
Users have become used to the offers and discounts provided by digital and mobile apps. Banking apps do not offer such amenities.
Industries That Use Mobile Wallets Most
Many industries have incorporated mobile wallets and other related services. Some of those industries are Retail, Entertainment, BFSI, Automotive, Healthcare, Transport, Consumer Electronics, and some of the low extent like IT, Education, etc.
The retail industry has been the first to branch out to various mobile payment applications. Recently, BFSI has started to explore the world of digital wallet payments. A lot of wallets allow the users to send the amount directly from their bank accounts. So, the BSFI sector also reaps the benefits from the wallet using industries.
The incorporation of digital wallets in transport, consumer electronics, healthcare etc have proved that their services are very easy. The mobile wallet system is useful in the media and entertainment sector as they usually paddlein subscriptions. In this case, the customers pay an amount previously determined, which they can track easily in a wallet system.
Various Mobile Payments You Can Offer
QR Payments
QR is the short form for quick response. This method is predominantly for making payments at retail stores. When checking out, the cashier enters the bill amount, and the user allows the cashier to scan the code on a smartphone.
Payment by Phone Number
This method is popular for conducting peer-to-peer payments. You only need to enter the phone number of the person you are paying and put in the amount to be paid. The amount will get deducted from your bank account or wallet.
NFC Payments
This method is used for making online payments using different kinds of digital wallets. Several communication protocols connect the POS terminals and NFC-enabled devices. One of the most upcoming processes out there, the method stands out as there is no need for the retailers to know the card details.
How to Make Wallet App a Fintech Disruptor
Peer-to-Peer Payments
Individuals make the most of peer-to-peer features when they use digital wallets. One of the prime examples is PayPal, which millions use to conduct both personal and professional transactions.
Remittances
The world now acts like one single place and outsourcing has been one of the pillar stones to reach globalization. So, people have increased their usage of digital fintech software solutions to perform remittances.
There is a lot of room for improvement as a handful number of wallets have an international reach. One way to fix this issue is to incorporate Blockchain in the payment method.
Blockchain is a popular financial disruptor and stores and archives data in blocks and chains. Using this technology in mobile wallets reduces various payment concerns like frauds, increased payment prices, risks while conducting digital transactions, etc. The clients can also transfer cryptocurrency wallet app as a form of money. It will be converted at the ongoing rate of exchange.
Recurring Investments
A few fintech businesses are looking for ways to fuse the stock and mutual world with digital wallets. This way, the user can arrange their expenditure, saving and investment in one place. Following remittances, this is another area fintech businesses are exploring.
Co-branded Credit Cards
Both parties – retailer and bank/card network sponsor a co-branded credit card. The users will get reward points or discounts when buying merchandise from the sponsoring merchants. Cards are also accepted at any retail store that agrees to the bank or card network. So, businesses are trying to add co-branded credit cards into wallets.
Seamless, Transaction-free Wallet to Wallet Transfer
The technicalities required before making wallet transfers quickly and smoothly are difficult. The engineers have to have the expertise to create and develop a solution that customers will require. The coding has to be seamless so that the wallets run without any hiccup. The aim is to make an app that has no glitches and transaction clauses.
Guidelines Your Mobile Wallet Technology NeedToStickTo
If you want to make your digital wallet development solutions global, you need to comply with your country’s PCI DSS requirements. The information of cardholders will be stored as per technical compliance. We recommend you follow the KYC, AML, and GDPR guidelines of your residing country. Additionally, try developing a fintech app that agrees with the PCI rules.
Choose a Development Agency That can Realize Your Goal
The last step will be to choose a partner agency that deals with all of the points mentioned in this article. They should be able to translate your unique ideas into a design based on intuition and interaction. Finding a partner like this is not that easy. So, be extensive in your search.
FAQs
How do I use the wallet app development?
The generic process of accessing a digital wallet is –Amount from the bank account > Digital Wallet > Paying the individual/store.
How have the Mobile Wallets affected The Fintech Landscape?
Digital wallets have introduced and popularized mobile banking, reduced scams, increased transaction time, added biometric authentication for security, and made P2P easier.
Nowadays, industries are adopting AI, digital wallets, and automation at a fast pace. So, you have to modernize your design to be a worthy competitor.