- 1 Introduction to Finance Sector Disruptor
- 1.1 Why will your customers choose mobile wallets?
- 1.2 Which payment methods can you integrate into your mobile money solution?
- 1.3 Which kind of technologies will help you to run your app?
- 1.4 What are the compliances that your wallet app needs to follow?
- 2 Wrapping Up
Introduction to Finance Sector Disruptor
Today, mobile wallet apps have tremendously disrupted activities like payments, lending, loan settlements, etc. As per Statista, the mobile wallet apps will exceed 1 billion users (approx.) by the year 2020.
That is why you need to make an efficient mobile wallet solution if you want to reap profits from the emerging fintech sector.
In this blog, we will show you how this surge in demand for efficient mobile money solutions will surely make your mobile wallet app a finance disruptor.
Why will your customers choose mobile wallets?
Before building a mobile wallet app for your business, you have to understand the need of your customers which are as follows:
1. Easy to use
The mobile wallets are easy to carry compared to carrying a credit card or cash. Your customers would have no fear of losing or forgetting the wallets as they are in the virtual form.
Users can also complete transactions with a smartphone or with a smartwatch
They can save their card information into your mobile wallet app so that they don’t have to enter the payment information for every transaction they will make.
2. Comes with enhanced security measures
The security of payment is essential in creating loyalty for your wallet app. For securing your app, you can integrate various features such as
push notifications, activity alerts, personal account monitoring, and transaction history into your mobile wallet app.
You can also use technologies like tokenization or Near Field Communication (NFC) technology.
3. Creates a strong consumer user base for your business
Mobile wallets will fasten the payments, which will create new opportunities for your business. It will also create value for your business by securing your users.
A mobile wallet app can also help you to increase your customer engagement by sharing timely notifications about the latest offers, customized messages, discounts, and deals.
Which payment methods can you integrate into your mobile money solution?
You have to consider your business specifications and customer needs before choosing the best digital payment method. Let’s look at the different types of digital payment methods that you can integrate into your app:
1. Pay by QR
QR stands for Quick Response. It is a hasslefree payment process as it does not require any special effort.
In this method, the user needs to enter the amount which has to be paid and scan the QR code on their smartphones to make payments.
With the QR-coding system, customers can easily make payments at various places like cyber cafes, restaurants, taxis, and retail outlets through their smartphones.
2. Allow payments with phone number
In this payment method, the user needs to enter the phone number of the person whom he has to pay the money. After entering the number, the required amount gets deducted from the wallet or the user’s bank account.
You can also allow the user to make payments by a one-time system-generated code, or password which they will get in the form of SMS.
3. NFC payment method
NFC stands for Near Field Communication. The NFC payment solution exchanges the data between closely located devices like a credit card or smartphone and POS terminal.
It comes with a High level of security. It will also connect easily to the ecosystem of e-payment services.
You can also transfer the funds by touching your smartphone with another smartphone.
Which kind of technologies will help you to run your app?
Here are a few key technical aspects that you need to keep in mind during mobile wallet integration:
1. Adoption of Blockchain Technology
Blockchain is a famous financial disruptor across the world. It is a platform that stores information in blocks and archived in chains.
You can eliminate various payment issues like higher payment charges, threats in making digital payments, frauds, etc. by integrating blockchain technology into your mobile wallets.
You can also allow your users to make money transfers in the form of cryptocurrency and convert it as per the exchange rate.
2. Grow your profits with peer to peer payments
Peer to Peer payments is made by one individual to another with the help of a P2P Payment App.
It will smoothen your payment process by enabling your users to transfer money with their credit card, debit card, or other contactless methods. Your users can also split their rents, dinner bills, and vacation bills with it.
3. Provide co-branded credit cards to your customers
Integrating co-branded credit cards into your mobile wallets solutions is a great idea for attracting more users for your app. To implement that, you need to partner with a bank or a card provider.
You can offer some special discount or reward points to your cardholders when they purchase with your mobile wallets.
What are the compliances that your wallet app needs to follow?
If you are planning to globalize your wallet app, you need to follow the Payment Card Industry Data Security Standard (PCI DSS) standards of the respective country.
It is the technical compliance that protects the data of the cardholders.
There are two stages of PCI DSS compliance: The first one is to achieve a PCI DSS compliance, and the second one is to maintain it.
The formula for maintaining compliance is to develop the processes that deliver you an extended PCI-compliant state. You should maintain detailed records of security procedures and timely implement them in your app.
If your wallet app is unable to comply with the PCI security standards, then you can be imposed with some fine, or you can even lose your business.
In a world that is adopting artificial intelligence (AI), mobile wallets, and automation at incredible speed, it is necessary for you to not only digitize but to disrupt and rethink as well.
You need an efficient mobile wallet app for getting the benefits of these innovations. You can hire a software development team or you can contact us to develop a remarkable mobile wallet solution for your business.
I hope this blog has provided you with an entire picture of the mobile wallet application.
Nikunj Gundaniya, Product manager Digipay.guru, one of the leading Digital wallet solutions, which provides mobile finance application development services.
He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.