10 Key Features That Make Your Mobile Wallet Stand Out

By James Tredwell on December 4, 2020

People are ordering their necessities online. This has increased the importance of digital payments. As per statista, the transaction value in the digital markets is expected to reach $8,170,406 million by 2024. So this is the right time for you to enter these markets for growing your profits. For availing this opportunity you need to make a seamless mobile wallet. A mobile wallet can be used to make payments at shops, hotels, deliveries, groceries, etc. Also, you can make multiple payments by using a bulk payment solution in your business.

Now you are thinking why you need to make a mobile wallet at the initial phase. The answer is that this sector is growing rapidly and more and more people are planning to enter it. However, if you make a mobile wallet now then you can get a first-mover advantage in this tough competition.

So what are the important features of a mobile wallet that can help you to get a loyal customer base for your business? Read on to know the answer.

Best features of a mobile wallet

The global payment industry has changed drastically after the inception of mobile wallets. Thus financial service providers need to get updated with the latest payment trends. They have to use mobile wallets for that. Here are the ten key features of mobile wallet that can make it stand out from the rest of the players in the market:

1. Instant peer to peer payments

Gone are those days when payments took hours and days. Thanks to the robust mobile wallets you can make your payments in just a few seconds. This feature allows users to make hasslefree payments anywhere and at any time.

The major benefit of using a mobile wallet is that the funds are easily available to you. Now you do not need to go to banks and stand in the long lines to collect your money, you can directly make payments to anyone from your wallet.

Due to this instant speed, mobile wallets are becoming an inevitable part of our ecosystem. Peer to peer payments are no longer a feature, they have become a part of the cashless revolution.

2. Higher payment security

Security becomes the main priority when you are using a mobile wallet solution into your payment system. Money transactions need end-to-end security.

Encryption, Biometrics, OTP Verification, Tokenization, etc. are some of the robust technologies that are used for securing mobile wallets. Sometimes security questions or captcha solving is used for further security of the wallet.

Digital wallets are more secure compared to credit card and debit card. However, some customers are still doubtful about the payment security of the mobile wallets. That is why you need to integrate seamless security tools into your mobile money solution to make it more secure.

3. Branchless banking

The term branchless banking means to bank without a branch. It is a method of delivering banking services outside the banks. Mostly, this is done by agents or payment service providers.

Reaching out to the unbanked population in the rural areas was always challenging for the banks. Opening a bank branch in every village is very expensive. But still, if you are thinking of providing your services to the unbanked population, then you can make a mobile wallet for your business.

A mobile wallet will unlock great potential for you by allowing you to serve a large number of people in one time.

4. International remittances

People living in foreign countries can use mobile wallets to easily send money to their loved ones. So they always prefer to send money without any hassle. And for this nothing is much better than using a mobile wallet.

Digital payment solutions and mobile wallets have drastically changed the traditional way of doing financial transactions. They have helped the individuals to lower the risks of storing cash. Also, they offer multiple remittance payment options to their users so that they can make payments without any hassle.

5. Loan repayments

Loan Repayment is one of the most important features of a mobile money solution. This has increased the demand for more convenient and real-time banking services.

Generally, loan repayments are considered a tedious process as you have to pay instalments at a fixed time. If you miss any instalment then it is not a good thing. Thanks to the mobile wallets, you are not able to miss any instalments of your loan.

6. Customer Loyalty

Customer loyalty schemes are the most powerful tool to attract new customers and retain old ones. This will help the businesses to boost their sales which may result in higher returns. Integrating an efficient mobile wallet solution can help you to avail of this benefit.

In this feature, a mobile wallet offers its customers with rewards, cashback, discounts, etc. on making the purchase of a specific amount. Also, they provide personalised deals and offers to their customers on their birthdays or marriage anniversaries.

The more customer loyalty features will you provide to your users, the more your mobile wallet app will stand out in the app markets.

7. Payment Analytics

The mobile wallet solutions also have a robust and user-friendly payment analytics. It will give you an overview of your payments by providing you with multiple graphs, charts, and diagrams.

You can keep a tab on your business activities by tracking your business transactions with the help of this feature. You can know how you are spending your money and how to avoid unnecessary expenditure.

8. Budgeting and planning

This feature of the mobile wallets can help you to plan your finances in a better way. You can save your money by making a clear and detailed budget of your income and expenses.

With the help of a mobile wallet, you can set a specific limit for every expense. A mobile wallet solution can create different categories of income and expenses for you and send reminders when they will cross their limits. Also, it can send reminders to its users about the due payments.

9. POS Integration

Mobile wallets are also integrated with an enhanced POS system to help you with the sales part. NFC and QR code technologies are used for it. These tools provide a great speed in payments compared to the payments made by the cards.

In the POS payments, the users can keep their devices at a proper distance to pay for their necessities. If the users want to pay by using the QR code, then they need to scan the code by using their smartphone cameras.

Considering the need for convenience in the payments, the demand for POS systems will be high in the future. Thus, you need to think out of the box to make a seamless solution for boosting your business.

10. Virtual card management

A mobile wallet can store a credit card or debit card digitally. They can later be used by the users to make payments. In this way, a mobile wallet eases the payment process by storing multiple cards at a single place.

Also, cashless payment apps are safer than carrying all your cards. It will save you from the fear of losing it. A mobile wallet also offers different security functions to its users such as changing pins, applying for a new card, blocking or unblocking the card, changing account limits etc.

Final words

At the end of this blog, I hope that we have provided you with a complete idea of all the major features of a mobile wallet. Now it is time for you to develop a profitable mobile wallet solution for your business. For doing that, you can get a software team or you can outsource your app development to other developers.

I hope you liked this blog. Feel free to reach us if you have any questions regarding mobile wallet.

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