The severe shortage of cash following the demonetization has influenced the usage of payment apps at both banks and standalone wallets. As Morgan Stanley said, after December 5, the download activity has seen a splendid surge.
Why to Develop a Mobile Wallet App?
Reports say that around 1.2 million people have access to a bank account with payment facilities. In addition, about 5 billion people use smart phones, indicating that most people have the freedom to access net banking. So, creating Mobile wallet clone app is a good idea to invest in startups or large companies. Financial institutions are also planning to increase their customer base through mobile wallet app development. Mobile wallet app even allows users to order food, buy groceries, book tickets for bus, flight, movies, etc.
The mobile wallet market size crossed $ 100 billion in 2019 and is poised to register gains at 15% CAGR between 2020 and 2026. The volume of global mobile transactions will cross 100 billion in 2019, with a transaction value of $ 7.5 trillion.
The growing customer preference for mobile payments has led companies like Samsung and Apple to launch their solutions and change the way marketers connect with customers, creating new avenues for market expansion.
The market growth of France is largely driven by offers, discounts, and cashback’s which have provided new opportunities for market expansion. Businesses offer a variety of lucrative discounts and cashback’s to encourage customers to store money in closed mobile wallets.
It is estimated that by the end of 2021 there will be approximately 24 million users using mobile wallets in Japan, an increase of 20% from 2019. Major technology players such as Google, Alibaba, Facebook, and Tencent have developed wallets market segments for the segment.
For those who are eager to develop an app like Mobile wallet, we are providing here a bunch of suggestions that they can utilize to do some groundwork before start building the app.
Things to consider before developing mobile wallet like app
All digital wallets make heavy use of encryption technology, but that doesn’t mean using digital wallets is worry-free. Data protection and privacy are of paramount concern for consumers and businesses alike. So don’t underestimate the importance of security.
Payment Status Intimation
As it is a money matter, when users are in trouble, they expect to be instructed. When the payment is not successful or cancelled, let them know the status immediately.
Mobile wallet mobile application allows you to check money transaction history. Otherwise, it will leave a suspicious impression. Make sure it won’t happen.
Simplicity is a key component in digital payment. If it seems the online payment needs to be completed through repetitive and hassle-filled steps, no user shows interest to use it again. Keep the interface intuitively vibrant, and make it clutter-free to navigate between the pages. If you have a facility to pay any utility bills or if you’re selling any product on the same app, keep it separate from the wallet interface.
According to Juniper Research, the number of discount coupons that are redeemed through mobile and tablet devices is seeing an ultimate surge year by year, more than 50% from every previous year. Digital wallets facilitate the way people carry and redeem coupons.
On the other hand, it enables merchants to match coupons to specific card issuers or target customer segments. The facility to scan digital coupons bring much more value to digital wallets.
The wallet applications should allow users to find nearby stores that accept wallet payment. So users can quickly reach out of the place, and get the required products and make payments through QR code, contact numbers and bank account details. They should be able to call the store before reaching there, and also the facility should display the distance from the user location to the store, like how Mobile wallet will be implemented.
How Much Does Mobile wallet like App Development Cost
The Mobile wallet app simplifies the life of users and helps the business to bring more customers. Nowadays, most of the people are not showing interest in cash payment and not all stores accept Visa cards or Master card. Using Mobile wallet app clone, you can pay using your debit/ credit cards with just one click. So, it is a wonderful opportunity for companies to earn more revenue and gain brand awareness among the people.
Having just an idea is not enough to build the desired wallet with required features. More important is hiring right mobile application developers who can help you not just in building a quality app, but also provide good support throughout the app journey.