With digital innovations, life becomes so easy. Earlier, we need to keep cash whenever we go out or buy any product or service. But now everything goes digital. People have many options to make payments in real-time such as debit cards, credit cards, net banking, e-wallet, mobile payment, etc.
Emergence of mobile wallet apps has allowed people to go cardless. Simply enter your card details in an authentic and reliable payment app to enjoy the secure money transaction from your account to others’ accounts.
No need to wait in a long queue to pay for the shopping and bills. Just a few taps in a mobile payment app and you can make payment in a minute or two.
Let’s delve into the important features of the mobile wallet app that makes the app reliable and useful for the users.
6 Must-Have Features of Mobile Wallet Apps
#1. Seamless Money Transaction
Using the mobile wallet, you can pay the money in a few clicks. You can link your integrated credit card, debit card, bank account, etc. in the wallet app and make the payment at any time.
The app saves your account details and allows you to make transactions securely and in a hassle-free way. The apps allow to transfer the money instantly in our other back accounts or to send some payee. the instant transfer of your cash.
#2. Security
Security is the key concern of the users as they are going to link their cards and bank accounts where they have saved their hard-earned money. To tighten the security of your mobile wallet app, allow users to save the password while they are linking their card information.
Wallet apps are the soft targets of the hackers, so make sure the app has to be password protected along with the features of One Time Password (OTP), QR Codes, fingerprints, and other methods for the validation perspective.
#3. Data Synchronization
Users can save their card and bank account related details in a mobile wallet app along with the password. It helps them to retrieve the account information at any time they want.
Enable users with the flexibility to save their baking information either using a mobile or desktop app. Later on, the e-wallet app will automatically or manually sync that data to another platform.
#4. Interactive UI & & Intuitive UX
To drive user engagement, it is very important to design an app that allows users to explore the app smoothly and perform their intended actions instantly from the mobile wallet app.
Attractive UI with appropriate design elements and the user-friendly flow of the app encourage users to use the app for every transaction. The app should be attractive and easy to use at the same time.
A mobile wallet app with perplexity has chances of instant abandonment. Thus, while creating an m-wallet app, choose the different components and criteria from your competitors to make the app stands out from other apps.
#5. GPS Navigation & Tracker
The best example of GPS navigation and tracker is Google Pay. Such apps allow users to find nearby people and make a payment just by tapping on the name of the user. Users do not need to fill the banking information every now and then. Thus, they can make the transaction easily within no time. It boosts the popularity and visibility of your app.
#6. Rewarding System
To keep users coming back to your mobile wallet app, you should set up a reward system and loyalty program. Provides users with cashback benefit or allow them to earn points that they can use in shopping or traveling.
Top 5 Highly Used Mobile Wallet Apps in United States
#1. Google Pay
Google Pay allows users to send money to any person, pay your bills, make recharges, do charity, book tickets and whatnot. You can link your bank account in Google Pay, and there you go for online money transactions.
To send money to your friends and family members, you need to add his/her contact number or email address in the app. Moreover, the app allows users to make payments in physical stores by sharing an encrypted number with the merchant without using cards.
#2. PayPal
PayPal is considered the most secure platform for money transition, whether you are using the website or mobile app. It is trusted by millions of users to make mobile payments. It is highly popular amongst businesses rather than individuals. It allows companies to make multiple transactions of billions of dollars in the fraction of seconds that is even in a highly secure way.
#3. Apple Pay
Another very popular mobile wallet app that is widely used across the United States. Apple Pay allows users to make secure transactions through the web, in physical stores, and make in-app purchases.
Additionally, the app allows users to accept or send money to family members or friends through messages. Users will receive the amount in the Apple Pay Cash card. They can transfer the amount to their bank account or use it for shopping directly from the Apple Pay Cash card.
#4. Zelle
Zellle allows users to pay money to friends and family members from their bank account. It allows to send cash with the same day if the sender and receiver of money want to transfer the amount at a participating bank. The participating banks could be Wells Fargo, U. S. Bank, Chase, etc.
You can send money without downloading the app. It is free to transfer money from one account to another. All you need is to add your bank account in Zele and make sure it is your primary one.
Ending Lines
Mobile wallet apps have transformed the way people used to send and receive money. Harness the potential advanced technologies by working with a reliable mobile app development company to allow users to make cashless bank transactions leveraging end-to-end digitization. Get ready to win the race of digital banking by developing a robust mobile wallet app.
Author bio
Sandeep has more than 2 decades of experience in creating world-class teams and driving innovation through cutting edge products and mobile app development solutions. He is passionate about creating new technology solutions and delivering “Great Customer Experience” by evangelizing “Ubiquitous Mobility”. Being a CEO of the Mobile App Development Company– Credencys, Sandeep helps clients to bridge the execution gap with services including: Consulting, Design & Architecture, Product strategy, software development, DevOps, Managed Services. Connect with Sandeep at sandeep@credencys.com.