Mobile wallets have taken away all the pain regarding online payments and transactions. They are dominating the market with multifold benefits, including payment processes using credit or debit card and non-payment processes, such as ticket booking and loyalty cards. From online shopping for special occasions to transferring money to family or friends, just a few clicks on the phone and it’s done. Honestly, it’s nothing less than a blessing. Even the largest financial institutions have got on board with this evolving technology and embracing the concept of mobile wallet apps. Whether tech-savvy or not, users are inclined toward mobile wallet applications for hassle-free, quick, and secure transactions. MasterPass, Google Wallet, Apple Passbook, PayTM, etc., have replaced cash, plastic money, and long queues in front of ATMs.
The simplicity, security, transparency, transaction tracking, and loyalty programs are some of the reasons behind the growth of the global mobile wallet market. No wonder why many startups intend to build their own virtual wallet platform. Well, if you are one of them, then we have a tip for you. Yes, many common features contribute to making a successful application but there are also some uncommon yet powerful features that are essential for a seamless app. Today, we are going to talk about 3 such features that you must not ignore:
Wearable Device Integration
Yes, you have been hearing or using wearable devices for fitness and health. However, soon you can expect this technology to go beyond this and spread its wings in other areas as well, and e-wallet would surely be the first one. Apart from being a smartwatch, fitness tracker, or even an accessory for many, the next step for wearables will be mobile payments. If the recent research is to be believed, then the wearable payments market will be worth $500 billion. That’s one whopping amount, isn’t it? We are sure you don’t want to miss the opportunity to be a part of such a grand business. The concept will work the same as your contactless debit or credit cards. The wearable gadgets will have Near Field Communication (NFC) chip which when comes in contact with the chip in a card reader during the sale, it enables you to make payment easily. So, as you seek a custom app development solution for your new project, make sure to add this feature and start your journey with a bang.
Location-Aware Services
Here is a feature that can work wonders for retailers and store owners. They always look for effective and efficient ways to increase their sales and attract more customers. Virtual Wallet App fits the description perfectly if you add a location-aware feature on the portal. With this added feature, there will be no need for clipping coupons. They can target their users via mobile wallets based on their proximity to the brick and mortar stores. This feature allows them in-store promotions, send reminders about the latest offers, and more. Moreover, this will create a sense of urgency amongst potential customers and shoppers which will eventually drive more sales and revenue, building a strong brand image. With location awareness, retailers can create interesting opportunities for buyers and engage them in the long-term.
Comparison Shopping
There is a myriad of mobile wallet options in the market. So, what do you think will make you stand out from others in this highly competitive market? What is your USP and will attract users to your e-wallet? It is a feature that helps them save money and make better choices. If your app can go beyond making transactions and paying bills, then it can gain attention at once. You can take an example of Shop Savvy that allows consumers to scan barcodes and keyword search to seek the best deals. Users can go through reviews and feedback for a wide range of products and make informed choices. One of the primary aspects of e-wallet app development is that people expect unbiased and neutral information while using a portal. Therefore, you must design it in a way that it consists of everything that people need to know other than just product details.
Conclusion
As more and more startups are stepping into the mobile payment market, you need to come up with something exclusive and powerful. Simply jumping on the bandwagon won’t help, mark your presence, and stand out to generate higher profits and more sales. We hope that you will not ignore these features and include them in your app. Rest assured that you will see the impact soon. All the Best!
