Mobile wallets have gained momentum within a few years. It has become a convenient & secure way to make transactions & manage finances. Moreover, this has allowed users to manage the risks associated with traditional means & eliminate any hassle related to payments.
If you are planning to create a mobile app. Then, you must know that mobile wallet app development is a complicated process that needs careful consideration & research on the topic. This blog will help you with a brief understanding of the mobile wallet app.
What Is A Mobile Wallet App, And How Does It Work?
A mobile wallet app is a virtual application that permits people to keep money in digital form. This helps them to make transactions, buy products & goods, and make payments without carrying cash. Once you download the app, you can open and enter your information including your name, email address, Phone number, Credit/debit card information & other necessary details to proceed with the app. With the help of your handheld device, you can eliminate the need to carry cards & still pay anywhere efficiently.
Why Are Mobile Wallet Apps Popular?
Several reasons have contributed to the popularity of mobile apps. Such as, it is more secure than carrying cards, more convenient, helps to earn rewards & points, just tap & pay feature, & much more. This has resulted in 53% of people ditching the traditional payment method & using digital wallets. With just a few clicks on the app, you can easily transfer the amount to the second party.
Another reason users love to use digital wallets as they are safer & easier to make payments. Mobile wallets have taken the m-banking experience of users to a new level. Being an entrepreneur, you can opt for fintech app development services and bring a new wallet with advanced features that add to your user convenience.
How To Create A Mobile Wallet App?
If you want to create a mobile wallet app & turn it into a successful product, you should plan your wallet earlier. Make sure you use basic & advanced features in your app with an exceptionally pleasing interface.
Moreover, the app should be easy to navigate for any user from sign-in to making payment; every detail should be easily accessed by users. Considering wallets are more prone to cyber theft & hacking, you should make sure to use top security in your app that safeguards your customer’s financial information from any breach.
Industries Using Mobile Wallets Most
In recent years, due to the increase in popularity of contactless payments, Mobile wallets have become an emerging trend. Consequently, several industries have benefitted from this revolution. Some of them are-
- Automotive industry.
- Transport industry.
- Consumer electronics.
- Entertainment industry.
- Education industry.
- eCommerce industry.
As you can see, above are some of the examples of industries where digital wallets are being utilized. But, these are only some names as these applications in the current scenario are leveraged by most companies to boost customer satisfaction. Hence, if you create a mobile wallet app at this time, it has a lot of potential to be successful in the market.
Cost Of Digital Wallet App Development-
Cost is an essential factor that you can’t overlook. This helps to prepare a proper blueprint for your project. Nonetheless, there is no exact number we can tell you. Well, Digital wallet app development cost depends on various factors such as the location of the company, team experience, feature integration, tech stack used, & many more.
However, the cost to develop a digital wallet app can vary for different platforms such as Android app development can cost $10,000 to $25,000. Whereas for iOS app development, it can cost from $15,000 to $30,000. Creating a cross-platform digital wallet app can range from $10,000 to $35,000. This may vary depending on your requirements.
What Is The Working Procedure Of The Mobile Wallet App?
These mobile wallets have become a new norm. To get the finest wallet app for your business, you should also explore the workings of the Mobile Wallet App which is given below-
1.      Registration
Once you download the app, it’s time to register on the app with Gmail or fill in your information manually. Some apps may ask users to provide government identity verification.
2.      Link your account
User can link their bank accounts, fill out details with credit/ debit cards, and the app will save their information.
3.      Fund Storing
Users can fund their wallets or choose to transfer from a linked account to another payment terminal. Some of the options that wallet apps provide to make payments are paying through phone numbers, QR scanners, and card/ bank.
4.      Payment processing
Before making a payment, the app will ask for an embedded PIN, password, or biometric authentication to ensure secure payment processing.
5.      Security
All the top mobile wallet apps make sure to take extra security measures to safeguard user’s funds. Many apps also provide instant notifications, & history to offer robust accessibility as well as security to the users.
6.      Some Extra Features
As a digital wallet app, if you want to stand in this competitive market, then you should provide more features to users than just making payments. For instance, you can offer them ticket booking, recharge their phone, pay electricity & rent, and take a small loan as well. This will help them to get everything on a single app rather than running here & there.
Types of Mobile Wallet Apps
Mobile wallet apps are divided into three categories which are given below. First, go through them & decide which one to choose-
- Open wallets– They are flexible & allow customers to make transactions online as well as withdraw funds. PayPal is a great example.
- Closed wallets– Users can make payments with the issuer of the wallet. AmazonPay is an example of a closed wallet.
- Semi-closed wallets– They allow to make transactions for a particular set of merchants. Mobikwik is a good example of a semi-closed wallet.
Conclusion
There is no doubt that mobile wallet apps will see tremendous growth in the future. Additionally, for your ease, we have shared all the necessary details that you need to know to create a digital app.
However, developing a mobile wallet app requires significant time, resources, and moreover expertise of a renowned eWallet app development company. With their assistance, you will be able to get a high-quality & feature-rich app that will take your business to new heights.
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