VIRTUAL WALLET

VIRTUAL WALLET
VIDYA INFOTECH
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From the last quarter of 2017, we witnessed that the mobile wallet app has turned into one of the fastest-growing digital product. Do you agree? I think most of you will nod your head in YES.

Well as per Statista, revenue of the global mobile payment app has increased from 450 billion USD to 780 billion USD. In US itself, 45% of the consumer between the age group of 25–34 are using P2P payments. The next age group from 35–44 years has shown a 37% increase. 

Now after the launch of Google Pay, Apple Pay and Samsung Pay the online payment industry has surely garnered some motion. But it has particularly favored some of the industries and I think that made the world go GAGA after online payment apps.

A mobile wallet app is nothing but a type of payment service/channel where the user sends or receive money using the smartphone. It can store your credit/debit card information, digital currencies, tickets and loyalty cards, which you can use to make purchases at any time.

However, connected with money does not mean it is only helping the financial industry to thrive. There are some more industries and verticals who are taking the advantage of mobile payment app development.

Build A Mobile Wallet App?

More than 1.2 billion people have access to a bank account with payment capabilities. However, you will also find more than 5 billion mobile phone users. That indicates more numbers of people have access to mobile phones than subscribers in banks. So mobile wallet app development can be a good idea for the startups, MSMEs or large enterprises to invest. As every financial institution will love to increase their customer base through a slew of mobile applications.

The mobile payment app development is not something new. These type of apps are available in the market for a long time. A mobile wallet app can turn a mobile into a smart and more interactive device. It makes the world of online payments, vouchers, coupons and loyalty cards more rewarding. But what you need to get started is a complete guide to build mobile wallet apps — and this may be the one you are looking.

Retail and Ecommerce Businesses

The retail and e-commerce business is particularly using the mobile wallet apps to the fullest. They allow to store information about bargains, make payments in the form of coupons, bonuses, loyalty cards and more. If you want to create an e-commerce or retail business app, you need to know the payment gateway integration trends and keep yourself updated.

BONUS READ: 5 Payment Industry Trends That Make Transactions More Secure

#2. Financial Organizations

You get access to various cards like credit or debit that provide customers with a number of services. To make things cardless, financial companies integrate mobile wallet apps, where the stored information of credit and debit cards give customers direct access to make transactions.

#3. Telecommunication Companies

The telecommunication companies are allowing the customers to use mobile wallet apps to do bill payments, recharge and even send money to other accounts.

#4. Transportation and Logistics Companies

You must have tried Ola and Uber and have seen how they allow you to pay through digital wallets. They have even built their own mobile payment apps like Ola Money or integrated Paytm (Indian mobile wallet app) in Uber.

#5. Food, Grocery, and Event-Based Businesses

From paying for movie tickets to your favorite theatre show. Even ordering a food when you do not find cash in your wallet or shopping in a supermarket. An NFC payment app has made a customer’s life become easy in this busy and hectic world.

If you have landed in this article, I may suppose that you are either looking for the right ways on “how to build a mobile wallet app?” However, prior to that, you need to determine the type of digital wallet you need, study the market, be smart when you target potential customers and fix the kind of user experience you want to deliver. After you confirm on all these aspects, fix the features that you prefer to integrate as the total number of features you add will reflect in the final cost of the app development.