Complete Guide To Building A Reliable & Popular Mobile Wallet App
Nowadays, customers are highly dependent on their mobile phones to carry out most of their routine tasks such as making payments. As a result, it has been found out by Statista that the global mobile payment revenue, which was 450 billion U.S. dollars is expected to cross 1 trillion U.S. dollars in 2019.
The trend of people making digital payments is anticipated to be used more extensively in the years to come. Let’s look at the complete procedure of getting a highly secure mobile wallet app developed via a mobile app development company, which can be one of the favorites for customers.
What Are Mobile Wallets?
Mobile wallets allow users to store multiple cards or financial account details securely and make payments whenever the need arises. Also, these wallets serve as a source of saving and providing access to loyalty card details, digital currencies such as bitcoin, business/club membership cards, discount coupons, etc. following the requirements of the users.
What Payment Methods You Need To Focus On When Developing A Mobile Wallet App?
You have to carefully choose the payment methods that you need to include in the mobile wallet app. Several in-built features of mobile devices such as Bluetooth, fingerprint scanner, cellular data, GPS, camera, etc. can be used by the programmers to establish authentication, real-time connectivity, and location-tracking in mobile wallet apps.
But the real challenge is to identify what all payment modes your mobile wallet app can offer. Let’s explore the three major ones:
- POS (Point-of-Sale) payments.
- Online payments.
- Peer-to-peer money transfer
When looking at these modes in detail, we can conclude that POS payments can be one of the biggest concern for app developers. The other two ways are relatively easy as for facilitating online payments; you have to link the wallet to the desired digital store. While for peer-to-peer transfers there is a need for connecting the accounts of both transferrer as well as the beneficiary.
What Are POS Payments & Through Which Ways It Can Be Done?
Nowadays, iPad POS apps are becoming increasingly popular as these apps have a specific POS software and benefits through which retailers can quickly sell their products and customers can make payments at the storefront. Let’s look at the three significant ways in which this process can be completed:
- OR Codes
Here, the mobile wallet app which comprises all the card details and payment methods of a customer can be encrypted to get a secure QR code. This code can be scanned at the time of checkout for confirming whether the payment is made.
- Bluetooth & iBeacon Technology
In this mode, Beacon which is an external terminal can be used to transfer the essential users’ details stored safely in the mobile wallet app of their device via Bluetooth to the POS terminal.
This approach prevents you from getting involved in the hassle of scanning and swapping cards at the checkout time. The clerk will get all the necessary details on his POS terminal automatically without taking help of the internet.
- Third Party Payment Methods
It’s a technique practiced by many industry giants where they connect with stores and local vendors and allow users to make payments at the stores using payments gateways. Google Pay, Apple Pay, and PayPal are the three most popular service providers in this domain. This method has been adopted by a few private banks also to connect with a broad customer base.
Consider Specific Needs Of Your Customers
In the presence of several alternatives too, the adoption rate of digital payments is less among customers. They have a reluctant attitude towards embracing mobile wallets because of lack of trust in technology, security concerns, etc.
This makes it even more vital for you to develop an excellent mobile wallet app so that to convince customers to shift from conventional payments modes to the modern ones. For this, you have to design a specific mobile wallet app that provides the customers with several perks such as discounts, loyalty reward points, etc.
Pay Attention To Security
One of the prime concerns of customers which stops them from making digital payments is the fear of getting breached by the hackers which can ultimately cost them compromising their financial credentials.
Due to this fact, you have to give priority to security when developing a mobile wallet app. There are three main ways in which mobile wallet app development companies strive hard to make the app as secure and reliable as possible. Let’s look at these one at a time:
- Mobile Device Recognition & Passwords
This technology can be used to let authentic users access the mobile wallet and make payments. Also, it’s a good idea to encourage customers to set complex passwords to make the security more intense. Mobile devices with fingerprint scanner can be provided with biometric support so that to allow genuine customers to access the device and the app.
This tool is used to encrypt all the card details of the users in the form of tokens which can be decoded only by the respective service provider so that to minimize the chance of online theft.
III. Point-to-Point Encryption
This technology is used to encrypt the entire transaction right from the point where customers swipe their phones over the POS terminal for authorization.
What Are The Useful Tips That Can Help In Building An Ideal Mobile Wallet App?
- First of all, you need to analyze the market scenario, customers’ requirements as well as desires to determine the core features and functionality of the mobile wallet app.
- To build a reliable mobile wallet app for your business, choose an experienced development partner. Do extensive research about their competency and potential of making such apps.
- Make sure to make the app as secure as possible so that it has the potential to keep all the financial credentials of the customers safe. You should explore advanced security techniques for ensuring robust security.
- To keep customers updated about the success or failure of a particular transaction, your mobile wallet app should be able to produce digital receipts that can be sent to the customer’s email as confirmation.
- Incorporate push notifications which can act as reminders to keep customers aware of new discounts, personalized coupons, and deals that are offered by your mobile wallet app.
- It’s incredibly significant for you to motivate customers by providing them with reward points that they can redeem on selective stores.
Consider the points mentioned above to build an exclusive mobile wallet app that would be loved by your customers. Optimize it to the core and make it user-friendly, and intuitive so that it delivers an impeccable performance and effortless access to the users.