As technology gets more advanced and intertwined with our lives, almost everything quickly transitions into digital space. As eCommerce quickly penetrated most business sectors, it was only a matter of time before Mobile Wallet Development was due. And soon enough, e-wallets encompassed the trading market.
Mobile wallets are virtual wallets that store bank account and payment card information. The wallet and an actual financial source allow the wallets to be used as a transactional device. The very point of digitalisation was a sheer upgrade to a faster and simpler process. E-wallets are made with the same purpose of making financial conduct easier. The actual benefits of an e-wallet are quite a few, and we have listed a few down below for you to have a clear picture.
- As we have said just now, the point of making an e-wallet is to provide a more straightforward way to do the transactions. E-wallets help eCommerce sectors achieve a smooth and easy way to transfer money from one account to another, in just a few taps.
- The most important thing about e-wallets is that are they designed to have premium security. Especially for mobile application e-wallets, safety is ensured for customers to have a worry-free experience.
- Mobile Wallet Development is intricately dependent on the user interface. Therefore, UI/UX design is the crux of the whole application. It ensures how the user views the app from their respective devices. E-wallets are no exception.
- Another great thing about e-wallets is that they have a fully-automated system. As most functions are automatically accomplished, it naturally boosts operational efficiency.
- E-wallets offer the most genuine form of transparency, which gives both parties involved in a transaction to feel safe and secure. This creates trust between receivers and payers alike.
The Development Of Mobile Payment Applications Is A Growing Market.
In the future years, the mobile payments sector will be propelled forward by the expanding prevalence of online transactions and the increasing digitization of society. Mobile payments, which may be completed by scanning a barcode on an app at convenience stores to huge, global merchants, are becoming increasingly popular these days.
According to Mordor Intelligence, the global mobile payments industry is estimated to reach 5399.6 billion (about) by 2026, growing at a compound annual growth rate (CAGR) of 24.5 per cent (approximately). Additionally, the requirement for social distancing has boosted the demand for Mobile Wallet Development. According to Business Wire, this demand would result in a compound annual growth rate (CAGR) of nearly 34 per cent between 2021 and 2026.
As more and more clients use mobile wallets to make payments, Mobile Wallet Development is becoming increasingly important. Many organizations and financial sector experts are racing to reputable mobile wallet app development firms in order to create a mobile wallet app for themselves, and for good reason. If you want to increase your revenues, you must develop a mobile wallet application as quickly as possible.
A mobile wallet development can meet practically any customer’s payment demands, which has been a gamechanger in expanding the reach of mobile wallets. A mobile wallet may be used to pay for a variety of bills, including DTH, water, power, DTH, internet access, flight tickets, movie tickets, digital vouchers, groceries, and even money transfers.
The Working Process Of A Mobile Wallet Development
Mobile Wallet Development is an engaging process in itself. However, to talk about the working process or the workflow of an e-wallet has also been kept simple. E-wallets are integrated among mobile applications, and they are used only to make a transaction, pay or receive money virtually. The workflow of an e-wallet is pointed out in the next segment of this article.
- After entering the wallet, users must fill in their bank account credentials to link their account with the virtual wallet. After that, there is a verification process that the user has to go through to ensure there is no falsity in the claims.
- Once they have linked their account, they will be eligible for sending out and receiving money. These transactions are short, fast-paced and simple to the core so that the user can be satisfied by the services.
- E-wallets can also be used for recharging mobile phones. Mobile Wallet Development has a few niches, and recharge bill payments are few.
- As soon as a transaction has been completed, the user receives an instant notification. It can be an in-app notification or a text notification, or both.
- E-wallets have made eCommerce sectors quite rich, quite literally. Today almost every eCommerce service has an e-wallet installed for carrying out virtual transactions seamlessly. Simply to say, e-wallets have revolutionalised the eCommerce market.
Essential Features For A Mobile Wallet Development
For Mobile Wallet Development, one crucial thing is deciding on the features to integrate. These features help users perform specific actions. The workflow, UI/UX design, features all ties up together to form a fully-functional e-wallet. The transactions mostly require two participants who have their separate panels of features.
User App Features For A Mobile Wallet Development
The user’s app or the user’s panel is for the general people. These are primarily consumers paying for some product or service. They also may receive money from merchants on different occasions. The features are layered per the user’s requirement.
User Registration
The user initially has to register like any other virtual application of today. They can do it by entering their social media or phone number, or email credentials and getting them verified.
Bank Account Integration
Once they have successfully registered, they can link their bank account with the necessary info. The information provided by the user will get verified by contact with the bank. The process may take a moment or so.
Add Balance
The following vital feature to add while Mobile Wallet Development is the option to add balance. The e-wallet can store its fund; hence, users can transfer a certain amount from their bank accounts. Then, the user can use this amount to make payments.
Check Balance
After making a payment or receiving one, the user will most certainly want to check the remaining balance on their wallet. Of course, users can check the balance on their wallet as many times as possible.
Money Transfer
The very reason for Mobile Wallet Development is that money transfer is a feature that needs no introduction. The user can transfer money to any account using the correct account information.
Bill Payment
As mentioned before, there are helpful things that an e-wallet can perform. Paying bills is one of them. Users can pay for anything, including electricity bills phone recharges, which are among the everyday requirements of the public.
Transaction History
The transactions made by the user will get stored automatically within the app database. This bit of information is made available to the user with transparency. The user can check the data and understand how things have panned out. The algorithm for storing data is designed during the Mobile Wallet Development process.
Fund Transfer
Apart from making payments for a product or service, the user can also transfer direct funds to accounts using an e-wallet. Again, this is not for commercial purposes but for the personal gain of the user.
Merchant App Features For A Mobile Wallet Development
The merchant app features similarly laid out during Mobile Wallet Development, as per the merchant’s requirement. For example, the merchant is a businessman, and their purpose of using an e-wallet would be purely professional.
Merchant Dashboard
The merchant dashboard is an intuitive layout designed for the merchant to have a seamless experience. This dashboard will have a culmination of functions, which can be customised as per the choice and requirement of the merchant.
Unique QR Code
To receive payments for consumers, merchants are allowed to create unique QR codes that will ensure safe and direct transactions without any hassle.
Adding Products
Mobile Wallet Development is closely connected with eCommerce sectors. And their intense relationship has often allowed merchants to list products for sale with the necessary information directly.
EMI Payments
Big-budgeted products are often put up for sale with an EMI condition. EMIs are pretty valuable to users who do not wish to pay a hefty amount in one go. They can break it up monthly or quarterly if there is an EMI option like that is made available by the merchant.
Customer Management
All the customers that a merchant has on their virtual circuit will be available on the e-wallet. So they can manage the list of customers they have been and till now are associated with.
Employee Management
Merchant’s app Mobile Wallet Development will also ensure an authentic listing of employees working under the company. The merchant can view their employee list and manage them from the e-wallet.
Promotional Offers
Merchants often bless their users with promotional offers that can be useful to them. These offers are designed, set, and sent by the merchant to whomever they wish to engage with.
Push Notifications
Every time merchants want to attract attention to a specific cause; they can send a push notification. For instance, the promotional offers and discounts are often sent through push notification, urging the user to take some action.
Conclusion
Other than this, there is an admin panel to monitor and manage the whole platform. Mobile Wallet Development has different layers, but the purpose and workflow of e-wallet should be visualised and discussed before the development.