Many end-users use digital payments to settle their bills, pushing the total number of digital payments processed globally in 2020 to a remarkable 70.3 billion! The value-based worth of digital payments will increase at a CAGR of 12 % between 2021 and 2025. Not surprisingly, traditional money will become the most underutilized mode of payment globally by 2022. In these uncertain times, digital payment methods have shown to be reliable and useful, addressing the issue of “how to design a mobile wallet app.”
You now comprehend the significance of application development. Where do you even begin? How do you create a project strategy to develop a mobile wallet app and choose the right technology? Here is a brief overview of mobile application development.
Before we get into the technical aspects of the subject, let’s define your mobile app development strategy, goals, and revenue plan.
Processes involved in creating a mobile application:
1. Define a clear distinctive value proposition
UVP should be brief, transparent, and straightforward. What distinct value will your application provide to your clients? Which issue will it resolve?
2. Establish the objectives and performance criteria
Define application objectives that align with your business choices. For instance, you may want to generate new income sources or enhance client happiness.
In addition, establish performance requirements and key performance indicators (KPIs) that can help you monitor the success of your application, such as load speed, crash reports, and retention rate, among others.
3. Create a user profile
Who is your intended user, and what issues are you attempting to address for them? What are their requirements and pain issues, and what do they value in an application?
4. Specify the features that will be used in the application
Utilizing much knowledge and attempting to handle too many issues with a single solution is never a good idea. Complexity, navigation, and features will overwhelm and confuse users, causing them to quit the application.
5. Ensure the data’s safety
Your mobile application will process and store a significant amount of data, including sensitive consumer information. Your reputation is in jeopardy regarding security since disclosing consumer data might have severe effects. Determine how you will safeguard the corporate and user data.
6. Determine how you will utilize the data produced
Now that the data is safe and secure, what will you do with it? How will you use the vast quantities of information to improve your business?
The obtained data may be used to gain market insights, develop behavioral patterns, engage the audience, promote new items, etc.
7. Select the appropriate revenue model
The process of converting an asset into an income stream is known as monetization-. If the produced money does not surpass the expenses, your application is not successful and will go bankrupt. On the other hand, if the value of new customers exceeds the cost of acquiring them, your organization will gain significantly.
Techniques for Developing a Powerful and Secure Mobile Wallet Application
If you want to develop A Powerful And Secure Mobile Wallet App, you must be aware of specific success strategies for your mobile application.
Study Considerable
Research is the most important component of building any software or mobile application. You should collect any information pertinent to the creation of your product, such as user data, information about other goods in the same market, etc. For this purpose, you might ask the users questions such as.
- How often do they use the mobile wallet application?
- Which mobile wallet application do they use the most, and why?
- What aspects of the app do they enjoy?
- What aspects of the mobile wallet application do they deem irrelevant?
You do not need to wander from place to place for this purpose. With no effort, you may find any information online, thanks to digitalization. These questions will assist you in selecting a good platform and avoiding the errors made by other popular mobile wallet applications.
Determine the Payment Methods
The next stage in establishing a powerful and secure mobile wallet is deciding which payment methods the application will support. Many typical wallet kinds are gaining popularity now.
Online Commerce Payments: a process in which clients pay for services through online payment systems.
P2P Mobile Apps: a mobile application that allows users to transfer funds online using their mobile devices.
POS: is a strong system that makes it easy for stores to accept digital payments.
Consider UI/UX
UI/UX is the essential aspect of Digital Wallets App Development. It’s your primary objective should be to attract increasing people, and a user-friendly interface will undoubtedly assist you in doing this. Your application should be legible, attractive, and effective in communicating your business objective. Your app’s structure should be adequate and logical; every tap, swipe, and click should be of sufficient value.
Select the Essential Features to Incorporate in Your App
After selecting an appropriate platform and carefully considering UI/UX, the next stage in ensuring your app’s success in the worldwide market is to identify and integrate proper functionality. To compete with the big companies that have already built applications, you must have a mobile application with several features.
The following are some of the primary functions of the mobile wallet application: –
ü Registration of Users: Your registration or login procedure should be quick and straightforward. It should allow the user to log in or register by entering their email address, phone number, and other required information.
Account Balance: using your mobile wallet application, the user should be able to view their account balance.
Support for several platforms: Mobile wallet application should be compatible with all significant platforms and mobile devices.
Transfer of Funds: The mobile wallet software should allow the user to transfer any amount to another person’s account. Your mobile wallet app should support a variety of payment methods, including credit/debit cards, digital payments, and cryptocurrencies.
Bill Payments/Recharges: By using a mobile app, the user must be able to pay their bills and recharge services.
Incentives and Loyalty Points: You should also give bonuses and loyalty points to retain and attract new consumers.
Think about NFC technology.
NFC is a contactless remote technology that enables smooth transactions with POS terminals and other devices up to 10 cm. This technology is relatively similar to Bluetooth, although it connects significantly quicker than Bluetooth.
Using this adaptable and powerful technology, the user may make a payment via the automated extraction of payment information from the source to NFC’s payment terminal.
Chatbots for continuing assistance
Incorporating a chatbot inside the digital wallet enables suppliers and other organizations to maintain daily communication with their end consumers. In addition, it connects consumers with a chatbot whenever they have queries or concerns about the wallet.
This functionality makes the digital wallet look more reliable. In addition, the chatbot may greatly assist in responding to simple questions. Customers may open a ticket inside the chat window and request assistance when a scenario is particularly confusing.
Security Is Priority One When Developing a Mobile Wallet Application
1. QR Codes
One of the accepted payment methods, QR codes, has been thriving for some time. It is a one-of-a-kind service that can encrypt your essential information and codes and even add an image to the code.
Customers must scan the QR code on their smartphone phones to make a payment. The fact that consumers obtain a receipt for their purchases makes the mobile wallet a safe alternative.
2. Bluetooth and iBeacon.
iBeacon is a powerful technology that enables radio signals to commence contactless data transmission smoothly. It is a terrific technology that allows users to send customized offers, advertising campaigns, and discount coupons when they enter the radio beacon range. The gadget generates an uninterrupted signal that cellphones within a range of 70 metres and equipped with BLE may receive. To receive the radio waves, the user needs to switch on Bluetooth.
3. Encryption from end to end
It is a secure payment method that encrypts your transaction data to safeguard your mobile wallet payments. It begins encrypting your data immediately until you reach the authorization screen. Ensure that you include this service while developing your mobile wallet application.
4. Tokenization
It is a sophisticated security technology that secures your mobile wallet payments over a dependable connection. Using this vital system, the buyer is exempt from providing card information while making online payments. The transactions stay encrypted and appear as tokens, which resemble numbers.
5. Use Secure Passwords
A strong password is essential, particularly in this digital age when cybercrime has grown widespread. Always ensure that, when designing a mobile wallet, the developer includes the ability to reject weak passwords to increase the security of your mobile app for users. Having robust passwords protects your critical information from fraudsters.
Conclusion
In addition, you must select an ideal and experienced mobile app development company to provide a feature-rich and streamlined mobile wallet software. Connect with the trained developers and QA Engineers ensure that your mobile application meets all of your company’s requirements.
The professional UI/UX teams will also assist you in developing a user-friendly interface for your app’s worldwide success. Therefore, if you have any product development-related ideas, you may connect with them at any moment, and they will surely assist you.
