Buyers will, in general, be certain about unwavering programs, versatile promotions, and chatbots. Although consumers were somewhat resistant to change their payment mode when mobile wallets appeared years ago, many consumers are now very likely to make a purchase using their smartphone.
Mobile wallets are here to stay as the digital versions of the traditional wallet to store cash, debit/credit cards, business cards, and loyalty cards. An e-Wallet is a payment system that securely stores users’ payment information and passwords to be used as a payment method.
Functionality has a crucial role to play in serving customers and extensive research is advised before you decide to start building an eWallet option. For this reason, to optimize the building process of your eWallet offering, it is best to prepare your requirements before discussing eWallet app development plans with the mobile development agency.
Principal components of E-wallet are:
- Software: The software component stores personal information and provides security and encryption of the data.
- Information: The information component is a database of details provided by the user which includes their name, shipping address, payment method, amount to be paid, credit or debit card details, etc.
Advantages of E-wallet
Easy checkout process
Immediate transfer of funds
Quick processing and instant delivery
Easy and uncomplicated
The checkout process is the biggest advantage of payment through an eWallet. It offers a high conversion rate, as it is very pleasant and uncomplicated for customers to use.
The transfer of the payment to the retailer after payment is processed immediately, which is a further advantage for the retailer. The request would then be able to be prepared rapidly and conveyed right away.
Top 10 Countries, Ranked by Proximity Mobile Payment User Penetration, 2019
Total Transaction Value in the Digital Payments Till 2019
The total number of Digital Payments users, expected by 2023
The Average Transaction Value Per User in the Digital Payments till 2019
Why the Need for an E-wallet?
With the growing number of people accessing the Internet via smartphones and tablets, developing an eWallet that is well branded and beautifully designed has the unique ability to access a large number of potential consumers. So, why the need for an eWallet?
Utilizing a versatile wallet for everyday exchanges is extremely easy regardless. Downloading the application and making a client ID and password is all you have to do here. It is as simple as logging in to your Gmail or Facebook account from your smartphone.
Quick transfer of funds
Cash wallets have profited brisk and simple. What’s more, on the highest point of that, as of now there are no exchange charges exacted for moving cash anyplace and at whenever in this manner making it an increasingly best choice.
According to a survey report, in the year 2016, 32% of consumers used the digital wallet as their preferred medium of payment, while 78% of consumers said that they are aware of the service. Mobile applications like PayTM, RuPay, Bhim, and Jara have given options for consumers to choose between.
Integrating mobile wallets for e-commerce apps have been around for quite some time, however, money multi-utility mobile wallets have now become a need of the current era. The need now is to understand what exactly the users are looking for.
Incentives and promotions
Every wallet accompanies its own arrangement of motivations. Ewallets give plenty of money-saving avenues through discounts, cashback, offers, and free gifts. You can profit the most extreme by experiencing their offer area and utilizing promotion codes.
Valuable Tips While Building Your Next Mobile Wallet Application
Ideally, you know about the significance of the customer as the peak substance in any application improvement process. Know the consumer’s demands, wants and act accordingly. Here are some of the useful tips you need to consider.
A mobile wallet app is a collection of features and functions. For maximum benefit, you need to itemize basic purposes of the app. Prime factors of the application need to be short-listed based on consumer demands, market requirements and customer expectations.
Security should be the prime focus
Major concern for consumers adopting mobile payment solutions is the security of their confidential data. You have to pay special mind to cutting edge security systems to conquer this test, which can guarantee a wide selection. Difficult to decode systems ought to be executed notwithstanding standard security and wellbeing components.
The digital receipt is mandatory
After each exchange client needs to get an update about the achievement or the disappointment of the exchange. Regardless of the amount paid, the digital receipt should be generated that needs to be emailed or received through a notification to the respective consumer as a confirmation.
Reward system can be inculcated
People tend to navigate towards a mobile wallet laden with user benefits. With this addition, the adoption rate of the mobile wallet is likely to shoot up. The buyer will possibly will in general switch ways if a luring bit of cake anticipates toward the end. The reward points can later be reclaimed from selective stores or outlets.
Keep them committed
Share timely notifications with your customers regarding the new offers you have. Share customized coupons and deals with them to keep them engaged in your application.
It is often noticed that users abandon an application after its first use. Keeping them notified with the latest offers and discounts can help you to keep your users engaged with your digital payment app.
More info: –
1. E-Wallet App Development Cost Estimation With Advanced Features
2. What to Consider Before Launching an e-Wallet App
4. What Makes a Great on-Demand App
Mobile wallets are no longer just a trend. They have instead become a need of the time and expectation of consumers. Once you have decided on the requirements of your eWallet, and the features that will attract users, get in contact with a mobile app development company experienced in developing eWallet and FinTech applications.
Nimble AppGenie is a leading organization in the eWallet and Fintech industry, so get in touch with us for a free consultation on your app idea!
Jayesh is a senior content writer at Nimble AppGenie. A writer by day and reader by night, he specializes in technical blogging. He uses his curiosity and experience to write valuable content for small enterprises as well as large scale industries. Nimble AppGenie offers Ewallet app development, FinTech app Development and other Business focused software development. Email me at email@example.com for any further questions on my blogs.