In the last few years, the use of digital payment system has seen a steep rise globally. Thanks to digital transformation, more and more users become dependent on mobile wallet applications to make online payment for quick and fuss-free transactions. Moreover, it also saves users from waiting in queues to pay bills or transfer money.
Following the trend of mobile wallet application development, many startups have already built their mobile applications in response to this growing demand. The successful stories of PayPal or Google Pay are inspiring most mobile wallet app development companies and entrepreneurs.
The Global Forecast report released by market research future forecasted that the eWallet Market is expected to grow up to $2100 billion by 2023.
Why are Mobile Wallet Applications Becoming Popular in the Market?
Mobile wallet applications offer easy and quick ways of making online payments in a secure environment. Through mobile wallets, users can send money from the smartphones, either to their friend or family, or making payments for online shopping at the click of a button.
The global digital wallet market is expected to grow at a rate of 33%, reaching the milestone of $475.4 billion in 2026.
As more and more companies are inclining towards eWallet app development services, many new startups are also setting their foot in the Market. So, if you’re also planning to launch your digital wallet application, there are few things that you should keep in mind. Perform thorough market research to gather information about your competitors, users and the functions that you should include in your app to increase its performance for the end-users.
Examples of Popular Mobile Wallet Apps
Some mobile wallets are already popular in the Market, and people use them to make payments in more efficient and seamless ways. These mobile wallets offer some of the handiest and useful features to users. Here are some examples of popular mobile wallet apps that customers love.
Launched and owned by Amazon, Amazon pay is an online payment processing service that allows users to make quick payments online. Internationally launched in 2007, it enables the users to make payments through their Amazon accounts, even on external dealer sites. Currently, Amazon pay is recognized as one of the best digital wallets that offer quick and convenient shopping with just a few taps.
As compared to other mobile wallet apps, Google Pay, a part of the Google ecosystem, has quickly improved its customer base. It is integrated with various features such as quick money transferred to friends or family, paying bills, making online purchases, etc. You can easily connect your existing bank account to Google Wallet app without the KYC formalities.
PayPal is being titled as the granddaddy of online payment companies with its history since 1998. Whether you are purchasing goods from physical stores or shopping online, PayPal is the best digital medium for making online payments. Moreover, through this mobile wallet app, you can easily send and get cash from any US-based financial or bank account. If you are transferring money to your family or friends, there is no need to pay any fees or deductions.
Seven Factors to Keep in Mind While Developing a Mobile Wallet Application
When it comes to developing a mobile wallet application, below mentioned are some of the best features that you should integrate into your application to make it more flexible and smoother for the end-users.
Interactive and Smooth UI/UX Design
UI/UX Designs play an important role in increasing user engagement in your application. An attractive and simple design will encourage more users to use the application, which will eventually improve the popularity of your app in the Market. You must make sure that your app is easy to use and has a user-friendly UI UX design. It will result in better user engagement and readability of your wallet application for the users.
GPS Tracking and Navigation
Regardless of the location, nowadays, any business or person can accept payments online through mobile wallet applications. This is all because of Geolocation, navigation and GPS tracking, as they have become an essential inbuilt feature of the invalid application. With the help of GPS, users can locate the nearby mobile wallet app users to make quick payments with just a tap on the screen. This feature saves time as there is no need to enter the account information of the receiver, and the transaction is done quickly.
Spending analysis is an important additional tool that you should incorporate in your mobile wallet applications to allow your users to examine their spending. It also encourages them to plan their monthly spending better and limit their expenditures if needed.
Easy and Seamless Transactions
Making payments through a mobile wallet is quick and smooth; all you need to do is link your bank account to transfer funds. Your account information is stored in the app for authentication so that you can make secure and seamless transactions from anywhere and anytime in the world. Moreover, users can also synchronize their data on multiple devices for making payment through E-wallet on several gadgets.
Integration of this feature in the mobile wallet applications securely offers quick transactions. That cloud-based technology enables the user to transform their smartphones into digital wallets. For example, a payment made with a single tap at the POS terminal offers an easy payment process for vendors, buyers, and issuers.
Wearable Device integration
Wearable technology is now not only limited to smartwatches, smart jewellery, fitness trackers, but is also setting its foot into mobile payments. As per Tractica, the global wallet payment market achieved $500 billion in the year 2020. Similar to contactless debit or credit cards, wearable devices also contain a near field communication chip to make payments online in a quick way. The chip in the wearable device connects with the chip in the card reader at the point of sale to offer convenient transaction processing.
Privacy and Security
As the wallet users store their card information into the wallet application, they expect that the app must secure the user’s data in every possible way. As mobile wallet applications are an easy target for hackers, mobile wallet app developers must ensure that the app is integrated with the latest security patches such as fingerprint, OTP, and QR code for secure authentication and validation of fast and efficient payments.
The features mentioned above in the article will help you in building a customer-centric mobile wallet application that offers quick and easy transactions to users. As mobile wallets are widely used for error-free transactions, account security, and electronic invoices, values and demand are increasingly becoming the most sought-after feature for customers and businesses.