Top Tips and Features of E-Wallet Mobile Application Development

By James Tredwell on March 15, 2019

In the digital universe, who like to keep multiple cards and huge cash in the pocket, or want to enter the credentials to make the payment done. The answer is absolutely no one. These are actually relics from the past.

Now, the businesses are going the customer’s way, that’s handy digital mobile wallet way. The virtual wallets on the user’s mobile store the private data like- registered bank account details, credentials, loyalty points, and transaction details, in addition, powered to pay for the purchases made online in a few taps.

The easy-to-use wallets require no signatures or paper receipts and complete the transactions in an around 3 seconds. Plus, the sensitive data is stored with no fuss under the net of various security layers. The high reliability, security, flexibility, speed, and convenience are the reasons the mobile payment volume is projected to increase by ten folds that’s $274.4 billion by 2021.

Intrigued? Want to build an app? Let’s begin developing digital wallet that provides enormous benefits to the users and bring immense success to your business.

Here are the features that your e-wallet app must have:

#1. The slew of rudimentary features

Post-installation, the user should be allowed to get registered on the application to confirm the account; integrate the authorized bank accounts to make payment instantly; add money from the linked bank accounts anytime, anywhere; transfer money to the bank account or other wallets; check the transaction details and wallet balance through passbook; view and utilize the offers while paying utility bills or conducting any transaction.

#2. Secured authentication

Security is vital for e-wallet apps as no one wants their money to get stolen. The personal and financial information of the users stored in the wallet can be saved from cyber-attackers by allowing the users to make payment only after passing through an authentication process such as passwords, one-time pin generation, or biometric authentication. With P2PE and tokenization, the stored information remains encrypted and cannot be read by the other machine during the complete transaction.

#3. Back-up facility

It’s a great idea to keep a backup of all the data and automatically stored it on the cloud servers so that when any of the files get deleted mistakenly, it can be retrieved effortlessly. Also, using AI intelligence, the data can be used to offer personalized recommendations to users.

#4. Performance

The users need e-wallet to make their lives easier and if it takes from seconds to minutes to connect to the bank server and complete the transaction, they start looking for an alternative. The user frustration and app abandonment can be prevented by ensuring that it would not take more than 5 seconds to get the app load and transaction done. It can be achieved by optimizing the app for performance and including necessary features and lightweight graphics.

#5. Tracking

Not to miss, financial spending provides a big picture to the users about how they can plan the finances better. With graphs or chart form, the user can easily track and monitor their expenses and plan how they can manage them to accelerate the savings.

#6. Categorization

The users can be allowed to organize the multiple debit or credit cards from the different banks they have added under various wallet file categories so that they can be used easily at the time of the transactions. With the little customization facility, the user can change the color or icon of the categories for easy and quick access.

Note: The cost of developing an app may not be a concern for you, but the success that app will bring in terms of the number of downloads, optimum user retention, and the revenue is a serious matter. Don’t worry, it can be handled well by following a couple of tips during E-Wallet Mobile Application Development:

#7. Conduct Research on the niche market

Dig deeper! The market is crowded with hundreds of wallet apps that are offering the same features that you will offer. The distinctive proposition and user engagement can be created, only when the competition is studied ahead of the time. Do the necessary homework to find out what the competition is offering and what’s not available, which can help your app stand on the top of the popularity ladder.

#8. Make the app purpose clear to the target users

At first, identify the target users, their preferences, and their needs, and then crosscheck is your app stand up to the user’s anticipations. If so, you should engage with the category of the target user base right from the development stage either by asking their opinions, beta testing, or doing polls which make them interested in trying your app. Post-launch, the users will become the army of a loyal fan.

#9. Select the right wallet type and mobile platform

Think broadly. There are many platforms- iOS, Android, Windows, and Blackberry out there, and each platform is dominating different geographical regions. Based on your target user base, decide the platform accordingly. The idea of building the app for all the platforms is good, but it’s an expensive option, so decide what suits your budget.

Going ahead, there are three types of e-wallet- retailer-specific app, bank-specific, and universal app (Allow users to store and use any type of cards) that can be developed to handle online commerce payments, mobile P2PE payment, and mPOS. Pick-up the right platform, wallet type, and transaction type to engage with the users the way they want.

#10. Embrace advanced technologies

Stepping in with the user’s choice is all-important to make the app thrive in the market. Incorporate the technologies that the target users are expecting in your e-wallet app. Some of them are:

NFC technology that’s already inbuilt in the iPhone 6 or later generation where the NFC-enabled transmitters onto the POS system automatically read the user’s credentials from the users’ smartphones over the internet connection, and a single tap by the users on the phone, make the payment is done.

The beacon technology doesn’t require an internet connection. The iBeacon-enabled POS read the user’s detail from the wallet app installed on the smartphone and the user’s confirmation make the payment done.

The widely-known QR code that just requires the users to scan the QR code with a wallet app while making the payment. It’s so easy.

#11. Design the UI that upsurge UX

The UI and UX are the inseparable part of the app’s success. The UI decides how easily the user can access, interact, and use the app in a first attempt. Engineer a breathtaking interface that please the users and appeal them to use the app again. The best combination of colors, right fonts, optimum button size, scrolling, animation, and toolbars should be leveraged to make the content readable, eye-catchy, and interesting.

Plus, the navigation structure should be simple. Don’t make it overly-complex that users find it difficult to get to the functionality they are looking for. Keep it simple, logical, and user-friendly.

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