Any technological advancement in the modern world aims at making lives simpler. Carrying a bulk-load of cash in a wallet isn’t safe or feasible anymore. With advancements in technology, credit/debit cards rose to the occasion. However, the need for wallets didn’t fade away entirely. As years passed by, technology seamlessly provided answers to real-life problems by adding ‘smart’ in front of cellular phones. Human comfort has no boundaries, and technological experts consider ‘convenience’ at the forefront of their operations.
What if the smartphone can eliminate the role of wallets entirely? This idea has led to the massive rise of e-wallets, a.k.a., the electronic wallets. Besides, the need for credit/debit cards has been eliminated by this emerging trend. With people leaning towards mobile wallet apps, the mobile wallet app market has experienced exponential growth in recent years. Apps like Venmo, PayTM, PayPal, etc., have set a benchmark in the flourishing sector.
Are you an entrepreneur aiming to establish your presence in the smartphone application market by initiating your mobile wallet app development? If so, you need to be wary of certain crucial elements that can significantly impact your platform’s functioning. This blog caters to those elements and helps you avoid unnecessary hurdles in the future.
The unprecedented rise of E-wallet apps
Before diving into the details, let’s initially justify why investing in a mobile wallet app is a beneficial and profitable idea. Some market stats that signify the massive growth include,
The mobile payment market forecasts a tremendous CAGR of 33%, reaching $457 billion by 2026 (Source: Report by Global Mobile Payment Market).
In 2019, the market was valued at $114 billion, growing in numbers to reach a significant value of $190 billion by 2021 (Source: Statista).
As many as 1.7 billion adults in the World lack bank accounts (Source: World Bank report), while almost 3.5 billion people have access to smartphones (Source: Statista).
These stats prove the fact that mobile wallets are faring very well among the audience. With the market poised for exponential growth, do not hesitate to invest in this lucrative business opportunity.
Crucial factors that can impact your E-wallet app
Now that you have identified the market scope, it is essential to analyze the challenges that may arise during e-wallet app development. By providing the utmost care to these elements, you can ensure your success and sustainability in the sector.
There’s no compromise for security when it comes to mobile wallet apps. To enhance your platform’s protection, you need to work diligently on its back-end. Encrypting servers and databases is a fundamental aspect that you shouldn’t miss upon. Besides, restricted admin access to sensitive information can also come in handy.
Nowadays, mobile wallet apps need to adhere to the security guidelines of financial regulatory bodies like FCA, SEBI, etc., and hence, ensure that your e-wallet app caters to these protocols. Working extensively on SSL protocol is mandatory if you wish to have military-grade security to your wallet app.
Besides, rigorous testing procedures before the app launch can help you eliminate bugs and defects seamlessly. Loophole testing and penetration testing are some of the advanced security testing techniques to ensure the safety and security of your application.
Instant digital invoices
Be it a transaction with cents or a deal involving thousands of dollars, digital invoices are crucial to ensure confirmation from a customers’ perspective. To eliminate the worry of whether the transaction was a success or failure, digital invoices provide detailed information regarding the sender, receiver, and numerous other details.
Sending invoices to customers’ emails or via SMS can enhance customer engagement rates significantly.
Customer engagement tools
As simple as it may sound, customer engagement ultimately decides the sustainability of your platform. The higher the time your customer spends on your platform, the greater goes your revenue and popularity. Push notifications are a great way to engage customers, letting them know about the platform’s latest offers, discounts, etc.
Besides, having an in-app chat is highly effective in every aspect – Customers get to resolve their queries at the earliest and spend more time on your platform. Periodic emails, scratch cards after a transaction, refer and earn feature, etc., are all customer engagement tools worth-considering your mobile wallet app.
The design of the platform sets the tone for customers, navigating them through the app. A significant number of app users can be first-time smartphone users. Having a complex design is equivalent to digging your own grave. Minimalistic and immersive app design is what is highly required when it comes to mobile wallet apps. Having an expert team of graphic designers by your side can reduce a lot of burden from your shoulders. A user-friendly app architecture gains an irreplaceable position among customers on any given day.
The app design becomes a tough nut to crack because it is the feature that create a visual appeal among the audience. In the view of loading the mobile wallet app with enticing features, entrepreneurs make the app design more complicated. While considering the feature-set during mobile wallet development, a special focus must be given to adding unique elements into your applications.
These USPs enable you to stand apart from the rest of the mobile wallet apps out there, propelling you to stay ahead of your rivals. Cutting-edge features like split bills, chatbots, etc., are worth giving a shot in your application.
App development company
Do not underestimate this key factor during development. It is the right app development company that can help you with all the above-mentioned attributes. Choosing the best company will create a tremendous difference to your business’s success. In case you’re wondering who can help you comprehensively, we, at Appdupe, are just a tap away. From feature-loaded front-end to resilient back-end, our tech-savvy experts will take care of everything, leaving you with your most-awaited result – Success!
Mobile wallet apps are becoming an integral part of people’s lives. It is high-time entrepreneurs like you capitalize on the trend and establish a firm position in the flourishing sector. By taking care of these factors, you can sail past app development without any hassle. Reach out to our experts at Appdupe, tell us your needs, and we’ll help you climb the ladders of success in the shortest time possible!
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