The world has been completely revolutionized by technology. Everything can be done digitally by ordering food from a restaurant or paying the monthly utility bills.Fuelled by this digital innovation, millennials and the younger generation now prefer Digital Wallet solutions over the older ways. The financial sector, too, has been touched by this digitization.
E-wallets have replaced physical wallets. They are easier to carry and operate and are much more secure than the physical alternative. Mobile money payment solutions allow faster transactions at a minimum risk.
With the pandemic, the popularity of digital wallet software has only increased. With an ever-growing number of people shopping online and contactless delivery becoming the need of the hour, this looks like an excellent time to build a mobile wallet app.
What features should you include in your digital payment solution?
If you have been thinking about wallet application development, this is an excellent time to develop one, as the digital money transfer solutions market is only set to increase.
Here is a checklist of the features you must include in your digital wallet software to stand out in this highly competitive market:
Instant payments between different wallets:
Our world is cashless today. People opt to pay digitally than carry a lot of cash, as it is more convenient and safer. This is one of the top digital payment trends.
Thus instant payments between wallets have become an essential feature of any digital wallet solution. When your app has the quality of instant payment, you can quickly transfer funds without waiting for business days.
Instant payments let you pay securely no matter where you are and make funds immediately available. This is one of the critical features of any mobile wallet app.
Compatibility with different bank accounts:
Your mobile wallet app should be able to send and accept money from other bank accounts. The app should allow users to transfer money to their bank and anyone else’s bank account.
There should be different options to send and receive funds, and it should be seamless and hassle-free. The user should be able to operate it according to his convenience.
Payment of bills:
It is another critical feature of any mobile wallet app. There have to be options to conveniently pay utility bills, tuition fees, rent, loans, etc. The app should allow users to quickly pay every kind of bill according to their convenience, regardless of prepaid or postpaid.
Management of different cards:
Storing a card in the digital wallet is a much safer option than storing it physically, as digital wallets don’t store card numbers. Instead, they are encrypted securely.
When your mobile app provides the facility of storing all the user’s cards in one place, it becomes very convenient. The user can use their card right from the wallet itself.
Besides storing the card, your wallet should also provide the options to change the pin, apply for a new card, change transaction limits and block the card.
Making payments via contactless technologies:
Contactless payments are all the rage these days. It has become even more prevalent during and after the pandemic.
Most places these days have QR codes or quick response codes that can be scanned on the user’s smartphone to make a payment. Your app should have the facility to scan a QR code and then make a payment via the app.
Safety of users:
Despite the popularity and convenience of mobile wallet apps, many people are still sceptical about using them. The primary reason is a safety concern.
Keeping your customers safe should be your primary concern. You can integrate passwords, biometric authentication, one-time password(OTP) or security questions to prevent cyber attacks on the app.
Self-registration by users:
The user should be easily able to self-register and quickly start using the app. Self-registration implies downloading the app, signing up, setting up passwords, linking credit cards, depositing money, and creating to use the app.
Splitting the bill:
This could be an exciting feature for your mobile wallet app and make you stand out in the market. When friends go out to dinner, your user might want to split the bill among everyone.
With digital payment becoming trendy, your user, in all probability, will pay using the mobile wallet app. Your app should have the feature to quickly add the mobile numbers of any number of people and split the bill amongst them.
Easy loan origination:
With mobile wallets and e-banking becoming the trend, people rarely walk into banks for transactions. So, they must be able to apply for loans from the comfort of their homes.
Your mobile wallet app should allow users to apply for loans instantly. Your app must be able to collect customer information, integrate it with the bank, and provide instant loan approval.
In-app budgeting and planning:
If you want to project your app as a one-stop financial solution, you must allow your users to budget on the app itself.
Your app should have features like setting up income and expenditure categories, creating a budget for different types, and setting saving goals. Your app should also be able to send reminders to users when they are about to exceed their budget.
Nowadays, artificial intelligence is everywhere, and chatbots are only part of this revolution. They are robots power by AI who can interact and assist customers when humans are unavailable.
Chatbots are a great way to improve customer satisfaction and keep them engaged. They are available 24/7, and it is also a lot less costly to implement than hiring people for customer support.
Mobile wallets have become the next significant innovation in the digitalisation of the financial sector, and rightly so. Mobile wallets allow users to pay faster and conveniently from everywhere without worrying about their safety.
The digital wallet app market is only set to boom in future. Thus, this is an excellent time to jump on the bandwagon and build a mobile wallet application.