8 Essential features for mobile wallet app – by mobile app development company

“As per the Statista reports, the revenue of the global mobile wallet market has increased from 450 billion US dollars to 780 billion US dollars. The experts have predicted that the growth in the revenue collection will be more than 1 trillion in the year 2019 only”- confirmed by the mobile application development company.

So what is the one thing that is dominating the online payment market? It is none other than mobile wallet apps. These apps are rising as they allow easy transactions or e-payments in a hassle-free manner. The apps help to eliminate the long waiting time in the queue to pay the bills, dues or transfers to friends or peers – just one tap, payment or transaction is possible in lighting speed.

Here in the following, Quantumsoftech – an enterprise mobile application development company will guide with the few essentials that any mobile wallet app must pay heed to during its development phase.

1. An app that offers smooth & interactive user interface

UI or user interface plays an important role in engaging & capturing the attention of mobile users. Mobile apps development company believes that a mobile wallet app should have attractive UI, smooth & perplex free look & feel. The components or elements of the app must have a neat & polished look to attract the attention of the users with a gleam.

2. Effortless data synchronization

Digital wallets should have a storage capacity to store the app user’s bank account number, credit/debit card details and passwords related to that in one single app and also must have an easy retrieving option for any time. The information on the app should be embedded in a way that it gets easy to automatically sync it with the other handheld devices or gadgets of the users – be it desktop or other.

3. Must be compatible with cloud-based technology

• If apps are hosted on cloud technology, it becomes easy to perform quick & fast transactions.
• Cloud-based technology gives customers full stack capabilities to turn any smartphone into e-wallets.
• The technology allows instant & quick transactions with the point of sale transactions (POS) terminals.
• This technology is an ultimate option that can transform the payment aspects within the group of vendors, issuers & buyers – believes mobile app developer company.

4. Smooth Integration with the wearable devices/technology

• Till now, wearable technology was restricted to only fitness trackers, smartwatches and smart jewellery but in future, we are likely to see the technology being utilized for payment wallets too.
• As per the compiled sources of Tractica, there is a prediction that payments through wearable technology or gadgets will amount to $500 billion by 2020 (from $3 billion in 2015).
• So how does wearable wallet app works? Such gadgets have a Near Field Communication (NFC) chip installed. So these chips get in contact with the chip contained in the POS (Point of sale) terminals and then further processes the transactions – says mobile app development company in the USA.

5. Spendings tracker or analysis within the apps

• The apps must have a feature or tool that tracks or analyze the spending of the users.
• This feature will help the users to manage their expenditure & will help them in analyzing the expenditures & the savings.

6. Flourished with utmost security structure

• These wallets apps must be made minding the security aspects of the users.
• As these apps will be having the user’s most personal data in the form of credit/debit card, bank details, passwords & other intrinsic information.
• The app should host the password protected features in the form of OTP, fingerprint & QR code for the secure access & login of the users.

7. An easy to use and seamless in transactions app

• The app should host the easy to use & navigate features & capabilities.
• So that easy & seamless payment transactions can be performed around the world in a non-hassle & fuss-free manner.
• It should be that easy and on touch to make the payment across the globe.

8. GPS tracker & navigation capabilities

• GPS and smooth navigation features are a must for the wallet apps, as it will help the users to locate the nearby beneficiary for making payments at just one tap or scan.
• Unlike traditional practices the user won’t have to fill in the transaction or contact details to proceed the payments – it will be easy for users to make the transactions.
• This particular feature will help in the visibility of the app within their type of audience – believes mobile app development services.

Quantumsoftech is a renowned custom mobile application development company, dedicated to engineering the variety of modern-day apps – be it payment wallet apps or be it e-commerce ones. Having the industry-specific resources and patterns to result in the “hard to neglect” mobility solutions. Whether established brands or startups, the team engineers the apps suiting to every kind – right after the disposal of the key ideas or expectations.

About the Author

About The Author

Rishaj is a new-age content strategist, having strong sense towards written web material needs. He finds his middle ground in learning about new dominating technologies for businesses. Steering with an aim to help businesses find solutions to their queries with the relevant pieces of information.