How to Make a Reliable Mobile Wallet Application?
Developing a reliable mobile wallet app which users will love
The consumer of today is highly dependent on their mobile devices for executing almost every activity. Pertaining to ample of companies, mobile wallets are rapidly becoming the vital part of the mobile application portfolio. When value added functionality of a conventional wallet is leveraged by means of mobile technology, it is known as the mobile wallet app. A mobile wallet is basically an app that facilitates distinctive connections and assists in storing various kinds of payment methods akin to debit/ credit cards or other digital currencies. So the mobile app can be used as a debit or credit card and should be made inclusive of loyalty cards, coupon codes and beyond in order to maximize the functionality.
Some facts about mobile wallet app
Research reveals that the number of mobile wallet users will touch a figure of whopping 800 million by the end of this year. 39% of all mobile users make their payment via a mobile device and out of them, 32% use a mobile wallet app. The above stated statistics clearly outlines the evolving potential in the mobile wallet app market. Even though some big names, such as Target and Citibank have launched their mobile wallet applications, there are several retail as well as financial firms which are putting efforts to build their m-Wallet strategies which are most likely to generate impressive revenues.
An experienced vendor can build your m-Wallet app without any queries. An amazing wallet app which handles payments by the users is Paytm. This app can facilitate 7 million transactions daily.
Payments which need to be targeted by a wallet app
· Online payments
· POS (Point of Sale) payments
· Peer-to-peer money transfer
Things to bear in mind while getting your mobile wallet app developed
When you are going in for Mobile Wallet Application Development, the foremost thing that needs to be clarified is about the functionality of the app. The strategy of the transaction should be clearly prescribed outlining different modes of making payments. It can be a one to one payment or a complicated one involving several payment criteria such as pay for goods, conduct P2P payments, make bill payments and beyond.
There are some things which you should be wary of when you go in for mobile wallet app development:
Keep the app light
The crux behind every app is convenience and the same premise holds true for a mobile wallet app also. The wallet app should enable users to handle payments without any hassle. Therefore, in case you get an app made which adds on to the complexity of the system, the entire aim of getting an app made gets defeated. The goal is to build an app that offers functionality and usability in only just a few steps.
Security
Security is a very big concern as far as a wallet app is concerned. The users provide their personal information on these apps, so strict measures should be adopted to ensure the safety of confidential data lest it can be used for false purposes. Even though digitization comes with its spate of advantages, it also opens up the door to cyber crime. Cyber attacks can cause lots of damage to the banking related data and the consequences of accessing account information can be devastating. So, assuring the security is one of the most important criteria that cannot be missed upon during the mobile wallet app development. Several strategies such as fingerprint scanning, etc. can be incorporated in the wallet app development so as to minimize fraud probability.
Updating the payment status:
Instant updations regarding the payment status should be encapsulated in the wallet application so as to ensure the involved users about their transactions and whereabouts of their money. A transparent capital flow can aid user to maintain their bank statements in a much clearer way. As People are very vigilant about cash related status they need to be kept updated all the times pertaining to various transactions that have taken place. A minute failure in transaction due to a technical glitch can lead to a heavy downfall in the reputation of an app.
Redeemable coupons:
There has been a sharp surge in popularity of redeemable coupons over the last few years. By inculcating these coupons in the wallet applications, chances of app usage increases for both the retailers and the marketers that cater to a specific group of consumers. So a wallet application inclusive of all these favorable elements can certainly boost up the amicability of the Mobile Wallet App.
Conclusion
Wallet apps necessitate immense attention to the minutest of details due to the sensitive nature of the product. People are always on a look out for easier ways to do things, and if you accede to their demand, then without a doubt large chunk of market share is captured.
Author Bio:
Ajit Jain is marketing and sales head at Octal Info Solution, a leading android app development company, offering platform to hire android app developer for your own app development project. Connect with him on Google Plus, Twitter , Facebook , Linkedin and go through his ideas on distinct topics.