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The mobile wallet combines the richness of mobility and the advancing digital payment solution. In line with an increasing number of eWallet users worldwide, various industry sectors opt for integrating mobile wallet-based payment functionality in their apps or websites. The eWallet industry is thriving and many new players or startup owners want to leverage the benefits of this trend with the help of eWallet app development.
The retail giant Amazon is one of the pioneer companies that have made it easy for mobile wallet users to transact during online shopping. Today, various sectors including the thriving real estate industry have started offering a wallet-based payment facility. Though the pace of adopting the digital payment solution is slow in the real estate sector, it can have a great impact on the sector. Let’s quickly go through the importance of digital payment in the real estate sector.
How Digital Wallet Solution Benefits Real Estate Industry
As per a recent report, digital payments not only make the transactions between realtors and buyers more transparent but also offer higher security as compared to physical or offline transactions. Digital payment solutions bring more transparency in transactions to reduce the amount of black money, and in a way, help us curb the inflation in property prices. Simply put, buyers can purchase the property at non-inflated rates.
Let’s understand the benefits of a digital wallet or eWallet in the real estate sector.
Digital payment solution is highly efficient and secure. The real estate app development company integrates features for ensuring secure money transfer and bringing digital contracts. Digital wallet also makes it possible to conduct the buying process anytime and from anywhere. As banknotes or cheques are not involved between buyers and sellers, there is no possibility of fraud or cheque bounce.
Digital payment can save a lot of time and effort of users and realtors alike. It offers convenience to users as they can avoid long bank queues and tedious paperwork while tracking all the transactions as and when necessary.
In a way, the digital wallet can enhance the efficiency of the process in the real estate industry.
The major reason for inflated property prices is the increasing number of unaccounted transactions. Once such transactions are stopped, we can expect that higher prices will be automatically corrected. The digital wallet or eWallet enables users and realtors to trace all the online transactions to prevent any incident of an unaccounted or fraudulent transaction. It brings down the price eventually.
Also, the overall amount the buyers have to pay is also reduced with the elimination of middlemen like brokers, tellers, and clerks. It is possible to save big on administrative charges through a swift and secure online transaction. Minimal or no third-party intervention further makes the process of buying or renting the property simple and seamless.
These days, the Internet has become a platform for all transactions. It provides the strongest way for online networking. Realtors can easily secure new business proposals and finalize the deals online. Also, many prospective buyers search for properties online. A custom real estate app can assist realtors or real estate agents to reach such a huge audience effectively. The mobile app development company can build a real estate search app along with a built-in digital payment solution to provide all relevant information to potential buyers anytime.
From online payment receipts to digital audit trails, every process can be managed seamlessly while ensuring compliance with the prevalent laws and regulations. Altogether, the real estate app with the necessary features can broaden opportunities for the real estate sector.
Real estate app solutions with digital payment facilities are aimed at bringing transparency to the entire sector. Cover-ups and goof ups have become a thing of the past in the real estate industry as online transactions have become a preferred choice of new-age consumers. Such digital transactions not only increase transparency but also bring openness to the process by offering easy access to various records and audits.
Minimize Risk of Frauds
This is one of the biggest benefits of embracing digital wallets for online payments. Industries, irrespective of their business model and size, can reduce the risk of fraud through secure digital wallets. E-Wallets, mobile wallets, or digital wallets have the user’s data encrypted to safeguard the number of credit and debit cards as well as bank account details.
Digital wallets use random codes for payment that are not reusable. What’s more, the real estate mobile app development company can integrate other security features like biometrics to authorize the online payment.
The digital wallet saves the user’s credit card number but never shows it to anyone. In a way, users can easily save confidential financial information from prying eyes and prevent any misuse. It is also possible to keep the high-value online payments protected using blockchain technology.
The real estate industry is one of the most sensitive industry sectors that involve high-value transactions. Having a great impact on the country’s economy, the sector can address the needs of people for property buying, selling, or renting effectively. Therefore, it is necessary to bring a robust and reliable mobile app for any realtors with all security and digital payment-related features.
Real estate app development can integrate eWallet or digital wallet-related features to enable realtors to benefit from digital payment solutions. Realtors, who recognize the potential of digital wallets, can keep hackers and cybercriminals at bay while strengthening the trust in the system. Jumping on the eWallet app development bandwagon is not only beneficial for realtors but also for buyers.
Solution Analysts is a renowned mobile app development company. We build robust enterprise apps with desired features for our global clients across various industry sectors. Do you want to give your enterprise an eWallet app advantage or want to establish a startup based on a digital payment solution? Simply send us your requirements through an email at firstname.lastname@example.org and our expert consultants will get back to you soon.
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