How to develop Mobile Wallet App? Key Features, Benefits & Impact to Economy
About trillions of people have mobile phones as their everyday usage. Almost more than 8 hours, people are spending time on mobile phones watching social media trends and interested in purchasing whatever needs online. Understanding the growing demand for online payment facilities, digital banking was incorporated by most of the banks across the world. With the introduction and adaptation of digital banking, the increase in the number of online payments has started showing a great trend.
To make digital banking easier, now licensing has been issued to several other start-ups and established companies in the form of a mobile wallet app. The mobile wallet app development companies have caught the customer pulse right, and now there are e-wallet apps for purchasing food, travel, recharge, clothing, books, taxis, and more.
Growth of the mobile app industry
Research shows that a person in the United States spends 3 hours 43 minutes a day on a mobile device and checks their mobile at least 80 times a day. Wonder is they spend time on several mobile apps that may vary upon their necessity and usage. The impact of using mobile devices has grown high when compared to Television since 2014. So you should be realizing the usage of mobile apps and the revenue it would have generated in the recent five to six years.
What is a mobile wallet app and how it benefits users?
The mobile wallet app is an e-wallet payment facility where your bank account is linked with the merchant who lets you pay for your online purchase. It is a single-click process where when you register with a trusted e-wallet app development company, your bank credentials are automatically saved, prompting you for a security code from your end before processing the payment.
Benefits of using a mobile wallet app
Reduced payment time: If you are using the mobile wallet app for the first time, then you should enter your account credentials in the respective slot. From next time, depending on the banking options, it will directly take you through the final payment procedure and your purchase happens within a jiffy.
Simple payment process: You need not worry that if you may or may not have cash during the product delivery of your online purchase. It lets you pay instantly, and so you can relax from levying off the payment stress even if it is little.
Multiple banking options: The mobile wallet app development company provides you different payment options such as payment through your debit card, credit card, Internet Banking or any other third-party e-wallet app that your bank account is already associated with for easy-to-use interface.
Offers and discounts: Not only you will receive some offers and discounts from the affiliate mobile app development company but also the e-wallet app development company. This will let you purchase your favorite product or service at a discounted price benefitting you in terms of cost-saving.
Wide range of collections: Purchasing online through mobile wallet app gives you the privilege of exploring a plethora of collections at a cheaper price and saves your time and cost of spending at shops physically. You do not have limitations to purchase online, nor is your energy not wasted.
Types of e-wallet in the market
Mobile wallet apps vary based on the concept or purpose that they have been used for. Although you might find some difference between one app and the other, the concept that it has been developed upon is of three types of payment options allowed.
- Mobile wallet used by mobile service providers: It could be payments of your postpaid bill, prepaid recharge, and other payment mobile apps associated with your mobile service provider, for transactions.
- One-time password (OTP) with SMS: This is another mode of payment where the e-wallet app uses the one-time password generated by your bank on your registered mobile number as an SMS. Few apps may ask for your approval before entering SMS; if not you will have to cancel the transaction, in case you do not need it, by pressing the cancel button immediately if the OTP is considered automatically.
- E-wallet used for web payment on web apps: A good example for this one is paying for online purchases through Amazon, Flipkart, and other eCommerce websites when used on desktops and instead of opening the Amazon app on mobile, you open it on your PC.
How mobile wallet app development impacts the economy?
Mobile wallet app has been showing a great impact on startups, small and medium enterprises and fortune 100 companies as it promotes the growth of FinTech companies of all the previous company categories.
The following sectors are definitely impacted by the development of mobile wallet app:
1. Crypto Industry
With the availability of a mobile wallet app, the purchase of bitcoins has become pretty easy for performing other transactions for countries that have provided approval for the same to use.
2. Telecommunication industry
Telecom companies have integrated mobile wallet technology in their apps so that users can purchase data packs, Talktime and other services offered by them within no time. But the airtime company has to ensure that the e-wallet tab is available on the payment tab.
3. Logistics industry
Several eCommerce companies have their own logistics or have tie-ups with a logistics company and enable the mobile wallet payment tab on their apps so that the customer either pays while ordering itself or to the product delivery person of the logistics during delivery.
Although the economy is developing according to the trend in technology and customer demand, you should always have an eye on the updates provided by mobile wallet app development companies for their apps. This allows you to make use of new features or bug fixes introduced by the e-wallet app development company and avail benefits accordingly.
Frequently asked questions for Mobile App Development
1. Is the mobile wallet app secure to use?
As long as you do not reveal your bank account credentials to any known / unknown person even by default, it is always secure. Although you think that your mobile is secure, it is always advisable to keep your credentials safe and keep changing your mobile wallet app and banking passwords frequently. Otherwise, it is safe using a mobile wallet app because you can instantly know what is happening with your account if online purchase is made.
Ensure that you register your mobile number for banking purposes with the bank so that when you use a mobile wallet app, it will not trouble you much. Also, due to the generation of a one-time password every time you make a purchase, your bank keeps you always in the alert about the financial transactions happening with your account.
2. How do mobile wallets work?
Mobile wallet apps work on a simple methodology. After you install the respective e-wallet app on your phone, the home screen prompts you to create a user account. The device detects automatically for the associated mobile number and email id that you have entered and validates your user account. Now you have to add your bank account details to the app, which will be validated through a one-time password that you will receive on the registered mobile number with your bank.
Now your bank account successfully gets registered with the app and every time you make a purchase, the payment is debited from your account with approving the OTP generated by your bank. Immediately after the amount is debited, you will receive a message from your bank stating that XXXX amount has been debited from your account towards YYYY, and this will help you confirm the exact amount of transactions done.
3. How do I know that I can use my mobile wallet app at a specific merchant?
Your merchant app, after you confirm your order, when initiated for payment, displays the mode of payment available for that particular product. For example, if you have installed Google Pay, Phone Pe, Samsung Pay, Apple Pay, etc. while making payment, logos of these mobile wallet apps display on the payment page. You can then figure out your method of payment and proceed to complete the transaction. In case your merchant app does not display the e-wallet app that you have, then you can choose to pay with debit or credit card and wait until it gets integrated with the merchant app.
4. What happens when I buy a new phone or replace my old device?
It is a very important question and good to know as well. In case you are exchanging your old phone with a new one, and you have already registered with several e-wallet apps; it is mandatory that you delete all your card details from the apps and then exchange the device. Later when you install the new device, you can get the e-wallet app(s) from Google Play Store or Apple Store and re-add your debit cards again to the app. You can follow the aforementioned procedure to add your bank details back to the app.