The Simple Formula for Success in Developing Mobile Wallet Apps

The Simple Formula for Success in Developing Mobile Wallet Apps As societies develop from a cash-based to an e-cash economy, wallet apps have become crucial. Digital wallets play a considerable role in the financial services sector. Everyone prefers to pay online as we don’t need to carry around cash anymore, and paying for things in shops has become easy. It’s a scan or a click away from paying for every object.

A mobile or digital wallet enables users to operate their money via their phones or other gadgets. This allows transparent money transfer, virtual money conversion into bank assets by transfer to any account or card, easy purchases everywhere, and prepaid digital solutions.

How to build a digital wallet

As companies are getting on the bandwagon of creating or developing mobile wallet apps, a few things should get considered.

Security procedures are very crucial. When a person opens a bank account, they receive and give sensitive details, that safeguards their assets. The same goes for the digital wallet app.

As users have to put in their sensitive information, the app needs to be secure, so that no one else gets the information of the user. A two-step authentication factor is another way in which a company can assure the users that their personal information won’t get leaked.

Transaction receipts and tracking- Mobile wallet app developers do specific coding, for the users to get a transaction receipt. This transaction receipt helps the user to understand if their payment was successful or not. The coding also helps the transactions to be smooth and not be faulty.

The notifications can come via email or SMS texts. These features help to ensure that the app is safe and trustworthy. It is also crucial for the mobile wallet app developers to keep in mind that the wallet has to serve not only the needs of a particular group of people.

The app needs to be working in compliance with local and global banking. The app also has to follow the e-commerce laws and regulations.

To make sure that everything gets done under the law, the app should get developed after consulting a group of experienced lawyers who know about the legal banking framework and procedures. Along with a group of accomplished developers and lawyers, an app can

be made that is blended and has reduced risks and transparent transactions.

Besides these, companies need to hire people from different niches for mobile wallet app development. A company needs the following people in their development team: 1) A business analyst- Considers all the aspects of the business such as user requirement, admin setup, logistics handling, and more.

2) UI/UX designers who make the app smooth for user experience. The interface also enables digital wallet solutions.

3) Separate modules for Android and IOS users- This needs to be kept in mind by the mobile wallet development company. The modules and operating systems for wallet apps need to be separate to reach a larger audience.

4) Project manager- who ensures that the project is running smoothly. In case, there is any hiccup along the way, they have to handle it and make sure the work gets done on time.

5) Finance Manager- who will look after the costs and allotment of profits.

6) QA engineers- Checks the mobile wallet app software in different ways and techniques, making sure it is running smoothly before it is launched for the people.

Types of mobile wallet app The build mobile wallet app have been rapidly growing as after the launch of UPI, transactions have become easier. Wallet apps can be of different types: 1. Closed wallet- A closed wallet helps users make their payments through an app or website. These apps get developed by companies that sell products or have certain services to provide. Users can store some amount in their wallet that can purchase

products. In case, there are any cancelled transactions, the cash gets stored in the wallet. Closed wallet apps can’t send money to someone else.

Some examples of closed wallets area) Ola Money b) Amazon Pay c) Myntra Wallet.

2. Semi-closed wallet- This app is used to make payments to merchants and registered locations, but the coverage area is limited. It is required for the merchant to have a contract with the issuer to accept the payment from the wallet.

Some examples of semi-closed wallet apps area) Paytm Wallet b) Oxygen c) Citrus 3. Open Wallet- Open wallets get used to issue different kinds of transactions. They also provide the flexibility to transfer funds. These wallet apps are used to send or receive money anywhere worldwide, but the sender and receiver must have the same application.

Some examples of open wallets are: a) Google Pay - Made under the Google ecosystem, they have made sure that the app is made user-friendly. Even though Google pay was launched way behind other mobile apps, it currently is one of the top wallet apps globally. Using Google Pay, users can send and receive money to friends, family, businesses and more. Purchasing things got easier as you just have to scan the code or

type the amount you want to send, and it gets done. As this app works with the existing bank account that a user has, there would be no need to put in details every time or even a different KYC. b) Paypal One Touch.

4. Crypto wallet- These are private and public keys of users. These keys are cryptocurrency certificates of the users. There is an additional layer of security because of hardware and cold wallets. To operate the transactions a USB stick is used.

Some examples of crypto wallets are: a) Jaxx b) Electrum c) BlockChain.Info d) Bitcoin Paper Wallet e) Samurai.

5. IoT wallet- IoT or Internet of Things are installed in watches, wristbands, smart fridges, smart car computers and more. These wallets operate with e-money and virtual currencies.

Wrapping Up There are various mobile wallets now for every purpose. These wallet apps get developed to fulfill the need for transactions but can be used nowadays for many other things. It is better to use apps that have a certain application that can be downloaded from an authorized platform.

Users should avoid downloading apps from third-party websites or shady ads, as sensitive information gets saved in these apps and can get exploited.

Author Bio: Patel Nasrullah Co-founder Peerbits, one of the leading Top web application development company USA, in 2011. He devotes his time in inspiring young leaders to take the leap of faith. With the experience of 10 years in Web and App development, he now gives full attention to the enterprise by offering mobility solutions about the strategic planning and execution.