We’ve seen an unmatchable revolution in mobile financial services. Millennials and younger, digitally-native generations expect nothing but the best when it comes to their financial life. Many have already forgotten about their physical wallets, because smartphones do the same job, but even better.
Always connected and empowered by technology, customers nowadays require cutting-edge, highly-secured financial solutions that make payments as easy as possible.
Banks, financial companies, telcos, and e-commerce businesses can’t afford to ignore the mobile financial services revolution any longer, especially the mobile wallet opportunity.
Moreover, they need to be more innovative than ever in order to provide outstanding mobile wallet features that ensure not only high security but also great customer experience.
WHAT IS A DIGITAL WALLET?
Digital Wallet or electronic wallet feature is a platform that enables customers to carry online transactions. A mobile wallet is a financial instrument that allows businesses and individuals to receive and send money via mobile devices. It is a type of e-commerce model that is developed with mobile devices owing to their convenience and easy access. A mobile wallet is also called mobile money or a mobile money transfer.
Information like the user’s bank account, bank name, QR code and other financial credentials are all readily available on cloud on a single platform for any transaction. From a convenience standpoint, now-a-days most of the ecommerce websites are integrated with digital wallet features for quick transactions. Companies either develop their own digital wallet or rely on third parties like PayPal, Rupay etc.
BENEFITS OF DIGITAL WALLET?
- Integrated Dispatch Planning and Processes
WIth the help of scheduled operations, users can schedule and plan dispatches in an efficient manner. Road traffic and congestions can be avoided and capacity can be optimized.
- Transparent System
There is a centralized platform of the first mile to last mile delivery process. Owners can take effective measures and gain more control over logistics operations. Communication and collaboration is enhanced to ensure timely delivery.
- Improved Delivery rate
A time-slot delivery system avoids the chances of failed or missed deliveries and gains better delivery rates. The added costs of shipping, storing and delivering undelivered parcels is saved.
- Enhanced Customer Experience
Overall buying experience of customers is elevated ultimately leading to increased customer satisfaction and brand loyalty.
WHY NESTORBIRD IS YOUR RELIABLE PARTNER FOR DEVELOPING E-WALLET?
- Easy accessibility
Using a mobile wallet for day to day transactions is really simple to begin with. Downloading the app and creating a user ID and password is all you need to do here.It is as simple as logging in to your Gmail or Facebook account from your smartphone.
- Simple to load money
You can add money to your wallet easily via net banking, credit card or debit card. Being able to store these details saves you from the hassle of entering these details every time you make a transaction and saves time.
- Range of uses
Starting from bill payments for ecommerce shopping, DTH, postpaid, data card and broadband to buying air, bus or train tickets, you can use an e wallet for a variety of transactions.From paying at your local kirana stores to paying for your utilities like gas, water and electricity, the reach of mobile wallets has gone far and wide.
- Split bill facility
Being able to split expenses with friends is another big advantage. Freecharge and Mobikwik users can split their bills simply by entering the amount and the number of people who are expected to pay their share.
- Ensures timely payments
You can also make use of the auto pay facility to make future bill payments automatically, from your wallet balance on a predetermined date.
- Incentives and promotions
Each wallet comes with its own set of incentives. E-wallets give plenty of money saving avenues through discounts, cashbacks, offers and free gifts.
You can benefit the maximum by going through their offer section and making optimum use of promo codes.
- Quick transfer of funds
Money wallets have made sending and receiving money quick and easy. And on the top of that, currently there are no transaction charges levied for transferring money anywhere, anytime, thus making it a more preferable option.
These wallets will automatically generate a link which you can send to people who owe you money.
KEY FACTORS TO KEEP IN MIND WHILE DEVELOPING E-WALLET
Here are some key factors that you need to keep in mind during mobile payment integration:
- Function prioritizing
A mobile wallet application is basically a collection of different functions and features.
You need to be careful while integrating these functions and features, as they’ll be eventually making your digital payment app successful.
Do a thorough market research, learn customer expectations, demands, and the market trend prevailing before you build a mobile wallet app.
Your digital wallet can only be successful if the customers can rely on its security structure.The e-wallets require customers to store their card information or enter their passwords. It is your primary responsibility to ensure their data security by using advanced technology methods.
In addition to standard safety and security mechanisms, you need to include technologies which are hard to decrypt.
- Do not forget to include digital receipt
After every transaction performed by users, they need to have a confirmation about the success or failure of it. This is where the need for a digital receipt arises.Irrespective of the amount they transacted, it is important that they receive a digital receipt of their transaction.
These digital receipts can be sent through email to the respective customer’s registered email address.
- Reward points are a bonus
People like getting rewards. If you are willing to make your digital payment app sustain for a longer time. If you are giving different leverages to your users, there’s no way that they’ll be abandoning your website in coming days.
However, you need to keep in mind that they can check their reward points whenever they want, and can redeem them in better ways. At this point, you’ll need to understand your target audience, their likes, and dislikes.
- Keep them engaged
Share timely notifications with your customers regarding the new offers they 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 latest offers and discounts can help you in keeping them engaged in your digital payment app.
- Selecting development partner
Mobile app development companies can help you with e-payment app development in an efficient manner.They are well worse about the recent technology developments and trends and can assist you in building a better solution.
However, before finalizing a development partner, you need to thoroughly study their profile, and check if they have done similar projects in past. Learning these will help you come with a better digital payment solution.
Mobile wallets are no longer just a trend they have become a need of the time. However, to relish the benefits of this fast evolving market, you need to ensure flawless implementation of facts and features.
Do the necessary market research to build an app for mobile wallet solution. Write to us and we will get back to you.