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Mobile payment technology is advancing at a rapid pace to make the user’s experience more pleasant. The focus of customized mobile payment solutions is on enhancing their convenience while improving the security of online transactions.
People tend to use mobile wallets for almost every transaction these days, and this is the major reason why the mobile wallet apps gain ground across the world.
As per the difference in payment processes, we have three types of mobile wallet apps. Let’s go through these types one after another.
Three Types of Mobile Wallet Apps
1. This type of digital mobile wallet solution is useful for fund transfer. Users can readily send and receive money through this app. Here, the mobile service provider plays a critical role.
2. The second type of mobile wallet app is useful for promotional campaigns and discount offers. The users can get notifications about various schemes and discount coupons through an SMS.
3. The third type is an eWallet application to enable users to make mobile web payments.
Various industry sectors can make the most of the wallet app development. Here are some of the top beneficiary industries of a customized mobile wallet app.
Who can Benefit from Mobile Wallet Application?
The biggest beneficiary of the mobile wallet application is the BFSI sector. It is because most transactions are happening in this sector every day. But then, some other industries can also benefit from wallet apps.
This thriving sector can leverage the benefits of wallet app development for brick-and-mortar shops and mCommerce shops alike. Retailers can offer a mobile wallet app separately or a feature in an existing mobile app.
They can hire mobile app developers to either develop an individual wallet app or adding a digital payment feature in their apps.
Wallet apps assist retailers to store valuable information about sales and mobile-based transactions. What’s more, they can run a loyalty campaign, reward program, and any other promotional campaigns with the help of mobile wallet apps.
Logistics and Transportation
Logistics and Transportation business mostly depends on online transactions. Logistics company owners can facilitate their customers to pay the cost and other charges through a mobile wallet app.
IT companies and other industries that provide niche services worldwide accept cryptocurrencies and multiple currencies. They can avail of the advantage of a digital mobile wallet solution.
Think of Amazon and Alibaba. These eCommerce giants have robust apps for accepting online payments in multiple ways. The eCommerce sector is another biggest beneficiary of the mobile wallet app after the BFSI sector. The customers also find it easy and convenient to use mobile wallets for purchasing any products online.
Need for Digital Mobile Wallet Solution
The digital mobile wallet solution is a need of the hour. Irrespective of your business size and model, you can get the benefits of mobile wallets in a cost-effective way. Various user-focused features of mobile payment solutions can offer your business the following benefits.
The mobile wallet app is simple-to-use. The users can easily access the features of this app by creating an ID and Password. Apart from the phone number, users can register in the mobile wallet app through Gmail or Facebook account.
Service Areas or Range
The range of a digital mobile wallet solution is virtually unlimited! You can facilitate the users to pay for DTH, Postpaid, data card, and booking tickets through a wallet app. Users can also pay at their local stores and utility bills for gas, water, electricity, and gasoline.
Simplicity and Convenience
Users can easily recharge the wallet using net banking, credit cards, debit cards, and other options. What’s more, these details are saved in the mobile app, so users can get rid of entering them every time they make a transaction.
The mobile payment solutions provide a simple, secure, and convenient way for online transactions.
Check on Expenses
How about offering an expense calculator and expense records to your customers? Well, a digital wallet app development company can do it for you. You can enable your app users to keep a check on expenses through an app.
This feature facilitates app users to make bill payments automatically. It pays on a predefined date from the wallet balance and the app users need not remember bill payment dates. In a way, the autopay feature ensures timely payments.
Quick and Secure Money Transfer
Money wallets are designed to send and receive money securely and rapidly. What makes the wallet-based transaction a preferable choice is a fact that to date, there are no transaction charges for transferring money anytime and anywhere through a mobile wallet.
You can offer many money-saving options through cash backs, discounts, and free gifts in your mobile wallet app. What’s more, you can also run a referral program or promotional campaigns through an offer section. In a way, you can increase the reach of your mobile wallet apps.
Also Read- Past, Current, and Future Trends of Mobile Payment Solutions
As per a Statista estimate, there will be 1.31 billion mobile payment transaction users worldwide in 2023. The wallet app development contributes significantly to reaching this estimate. Here are some of the key features to make your mobile wallet app successful.
Key Features of Successful Mobile Wallet App
The wallet app development is focused on the user’s requirements. The mobile app development company usually does extensive research on the digital payment app trends and the needs of a target audience while developing an app.
Usually, a mobile wallet app contains features like registration, utility bill payment, wallet recharge, help/support, feedback, offers, and scanning. Also, the wallet app remains capable of reading a QR code and sending or receiving money through all prevalent payment gateways.
Let’s go through the top factors you should keep in mind while developing a popular mobile wallet app.
Top Factors to Keep in Mind for Developing Popular Wallet App
Integration of features
The success of any mobile app depends on the selection of features and functionality, and the mobile wallet app is no exception! You need to remain careful while selecting and integrating features and functionality.
Deep market research, insight into customer expectations, and knowledge of the prevalent trends can help you make a roadmap for a mobile wallet application.
Security of app
The security of online transactions is of prime importance for mobile wallet apps. If your customers trust your app, then its chances of becoming popular are increased. The app users store valuable information related to their credit cards and debit cards along with the passwords. The mobile app development company can use technological advancements to ensure data security.
Digital receipt functionality
You just cannot skip this functionality. The app users should get a digital confirmation after every transaction. The digital receipt says whether the transaction is successful. The mobile wallet app should also send the digital receipt through an email.
Reward program integration
Reward points. Your app users always love them. If you want to make your app popular, you need to integrate the reward program feature. It is fair to mention that loyalty program and reward points can retain your app users for a long time.
Here, you need to give them the facility to check and redeem their points as and when they want. You can also give them several options to redeem their points based on the likes and dislikes of your target audience.
Keep users engaged
Timely notifications, regular promotional offers, loyalty bonuses, and discount coupons are great ways to keep the app users engaged. You can also share special deals during holidays and specific festivals like Christmas and Cyber Monday.
Today, many companies provide mobile payment solutions. If you want to stay ahead of the curve, you need to come up with cash backs and discount offers on a regular basis.
Selecting the right app development partner
Finally, you need the right partner for developing a seamlessly performing and feature-rich digital mobile wallet app.
These days, many mobile app development companies claim to develop wallet apps at cheap rates, but chances are high that some of these apps get failed to attract and retain customers over the period.
Therefore, you need to assign the app development project to the reputed company that has a good experience of developing user-friendly, enterprise-grade apps.
Related Reading- How Much Does It Cost to Hire Experienced App Developers in 2020?
Mobile Wallet App Cost Determining Factors
API development, licensing, payment gateway integration, and tie-ups with brands are four top factors that decide the mobile wallet app development cost. Apart from these factors, the number and complexity of features also play a vital role in deciding the app development cost.
If you want to save big on hourly rates of developers, you can opt for a reputed mobile app development company based in India. As compared to the USA and UK-based developers, Indian app developers charge you a less hourly rate.
For example, you may need to pay $150 an hour in the USA or Europe for developing a wallet app, whereas, you can have the same app at the hourly rate up to $50 in India.
Summing up, you can get a mobile payment solution or a mobile wallet app with necessary features between $15000-$20000 in India.
The trend of mobile wallets is here and getting strengthened with time. But then, in today’s competitive market, you need to focus more on the features and functionality of the digital mobile wallet solution.
Apart from researching the market thoroughly and considering people’s expectations, you need to consult a reputed mobile app development company to get a popular and successful mobile wallet app.
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