A mobile wallet app is a digital wallet that allows users to store, send, and receive money using their mobile devices. Mobile wallet apps typically use near-field communication (NFC) technology to make transactions, which means that they can be used at NFC-enabled terminals to make payments or send money. Some popular mobile wallet apps include Apple Pay, Google Pay, and Samsung Pay. However, the custom-developed e-wallets are a built-in solution for certain platforms and business workflows. Payment-heavy businesses set up wallets to offer the functionality of crypto exchanges, loans, and loyalty programs. Yet, the main idea is to provide P2P and international transactions via integrated payment gateways. So, from the back-office perspective, an e-wallet offers card issuing, payment processing via Visa and Mastercard, and client identification as money receiver or transferee.
What Are the Benefits of Developing a Mobile Wallet App?
First of all, a mobile wallet is an e-wallet available via mobile with client authentication via the Face ID or two-factor checkup. Nowadays, companies make their product cross-platform and do not limit themselves to the mobile version only. They offer adaptive responsible mobile wallet versions for fast access to the products and services. Think about a traditional neobank functionality then. It is commonly based on the same banking core as the e-wallet.
1. Increased Security
Mobile wallet apps offer increased security compared to traditional wallets. This is because they often come with features such as fingerprint authentication and two-factor authentication, which make it more difficult for criminals to access your funds.
Mobile wallet apps are also more convenient than traditional wallets, as they can be used to make payments anywhere in the world with just a few taps on your smartphone.
3. Enhanced Customer Loyalty
Another benefit of developing a mobile wallet app is that it can help you enhance customer loyalty. This is because customers who use your app will be more likely to return to your business in the future, as they will appreciate the convenience and security that your app offers.
4. Increased Sales
Finally, developing a mobile wallet app can also help you increase sales, as customers are more likely to make impulse purchases when they have their credit card details stored on their phones.
How to Develop a Mobile Wallet App?
1. Choose Your Platform
The first step is to decide which platform you want to develop your app for. There are many different mobile platforms out there, so you’ll need to choose the one that makes the most sense for your target audience.
2. Find a Payment Processor
To accept payments through your mobile wallet app, you’ll need to find a payment processor that supports mobile payments. There are many different options out there, so be sure to do your research and find one that fits your needs.
3. Create a User-Friendly Interface
One of the most important aspects of any mobile app is its user interface (UI). When it comes to mobile wallets, it’s especially important to create a UI that is easy and intuitive for users since they will be dealing with sensitive financial information.
4. Implement Security Features
Another important aspect of developing a mobile wallet app is making sure that it is secure. You’ll need to implement various security features such as encryption to protect users’ information and prevent fraudsters from taking advantage of them.
What Are the Features of a Mobile Wallet App?
1. The ability to store multiple payment methods – debit and credit cards, loyalty cards, gift cards, etc.
2. The functionality to make payments in-store, online and in-app.
3. The use to send and receive money transfers.
4. The ability to track spending and set budgets.
5. The loyalty points and rewards management.
Check out the functionality of e-wallet software development by SDK.finance and see if it will be the product your business needs.