Businesses witness a paradigm shift from offline to online shopping across the world, and this trend is here to stay! It is imperative to give your customers swift and secure online payment options to thrive amid this transition. There, a digital payment solution comes into the picture! It not only facilitates online transactions but also gives your business an edge in this mobile-driven era.
The ubiquity of smartphones has given a rise to secure mobile wallet application. Many countries in Africa, Asia, and Latin America have started embracing a mobile-based payment approach, and as a result, we can see the surge in app-based online transactions. As per the Statista survey, contactless wearables including smartphones are expected to remain in the fifth position with a 38% share in the list of top payment instruments in 2022.
What’s more, experts have predicted that the global revenue of digital payment solutions will reach $14 trillion by the year 2022. Altogether, we can expect that mobile wallet applications like Apple Pay, PayPal, and PayTM have a bright future. But, what is the use of a dedicated mobile wallet app for your business? Let’s find out the answer to this question before going through the top tips for developing a robust and secure mobile wallet application.
Why Mobile Wallet App is Necessary?
As the name suggests, a mobile wallet app is a digital wallet that enables the users to save and use various payment methods including credit or debit cards and digital money. The app also offers loyalty points, app-based discounts, and other features in line with the business model. If you want to target more users, you should opt for developing a secure mobile wallet app.
Some of the top industry sectors like eCommerce, retail, BFSI, transportation, and telecommunication are big beneficiaries of a mobile wallet app. The wallet app is essential for retail businesses and eCommerce companies. The recent trend shows that people prefer on-demand services like booking a cab, scheduling an appointment, and ordering food-groceries.
The mobile wallet app plays a vital role in expanding on-demand businesses. Startup owners and entrepreneurs can leverage the benefits of mobile wallets by offering an in-app payment option and attracting more customers with promotional offers. The BFSI sector emerges as the biggest beneficiary of the mobile wallet app as various banks and financial institutions want to reach a huge audience consists of smartphone users for providing various services.
What’s more, mobile-based transactions are relatively secure. Businesspersons and individuals consider the secure mobile wallet application trustworthy because the app development companies integrate various security features while following all the standards of online transactions. It is fair to mention that if the wallet app is even the slightest unsafe or unsecured, then customers will certainly switch to other options for payment.
Let’s go through some of the top tips to make the mobile wallet app secure and successful.
Which are the necessary tips to make mobile wallet app popular?
Let’s start with tips to make your wallet app successful-
1. Research and More Research
Research is the first and foremost step toward having a powerful wallet app. You should do extensive research on market trends and your customer’s expectations for identifying the necessary features of your app. You can also study the functionality of your competitors’ apps to find out their issues, and you can resolve them in your app.
2. Identify Payment Types
You can integrate various online payment methods into the wallet app. The most common methods include-
- Online Commerce Payment that facilitates customers to pay online
- Mobile P2P Transfer that enables your customers to transfer money across other mobiles
- Mobile PoS that customers can use to pay at a brick-and-mortar store
3. Offer Support for Wearables
Wearable devices are in vogue, and soon, people will start using them for every daily task including online transactions. A future-ready mobile wallet app should, therefore, support wearables like Apple Watch and Android-based wearables. Such an app can gain popularity rapidly.
4. Integrate NFC Technology
Near-Field Communication (NFC) is a contactless technology and users can pay safely at a PoS device using this technology. The mobile wallet app should integrate this technology to facilitate people to pay at PoS using their smartphones.
Here are three tips to keep in mind to bring a secure app-
5. Integrate QR Codes
Password protection is one of the best and tested methods for ensuring a secure transaction. However, a too weak or small password is always vulnerable to the cyber attack. Therefore, many mobile wallet apps integrate QR codes. A QR code has encrypted data and a picture of the code. It safeguards the payment process by ensuring that the user gets the QR code on the screen of their smartphones.
6. Offer Tokenization
This advanced technology can make online payment secure through a reliable connection. The tokenization method enables the users to get rid of giving their card details for payments to vendors or other users. Here, the card details remain encrypted in a random number. This number acts as a token.
7. Provide End-to-end Encryption
This is the most powerful and safest technique for the online transaction using a wallet app. A secure mobile wallet application must have this feature. End-to-end encryption starts encrypting data as soon as the user initiates the payment process using the phone. This encryption extends to the authorization page. In a way, users can get a completely encrypted payment process.
Other security features include a fingerprint scanner, transport layer security, and session-wise handling of the payment process. It is important for any business or enterprise to bring a secure and feature-rich mobile wallet app.
Simply put, while developing a mobile wallet app, you should take care of people’s payment-related needs and security.
Digital payment solutions are evolved with advancing technology. A mobile wallet app that offers user-friendly features and enables users to accomplish online transactions in a secure way can gain popularity. If you want to provide a powerful digital payment solution through a wallet app, you need to keep the needs of end-users in mind.