E-Wallet Feature List According To The 3 Stages of LifeCycle
By Divya Srivastava
According to the Global News Wire, by 2026 the global digital payment market size is expected to reach $175.8 billion, growing at a CAGR(Compound annual growth rate) of20%. Modern mobile wallet apps for android and iOS are equipped with advanced technologies such as NLP (natural language processing), AI (artificial intelligence), blockchain, and ML(machine learning).
Most of the advanced digital wallet app features are powered by these technologies. Nowadays, many FinTech top software developers will overwhelm you with unnecessary mobile wallet design recommendations. So, to ensure faster ROI, you need to know the right features you should incorporate into a mobile wallet app.
Three Stages of an E-Wallet Lifecycle
1.MVP (Minimum Viable Product)
Features For E-Wallet MVPMinimal viable products are aimed to test the software concept. The purpose is the same in terms of mobile payment app development.
Here are the required features for an e-walletMVP:
1.QR-Code Based Payments
To facilitate ease of payment, your mobile wallet should allow users to scan QR-codes to make payments. Allowing people to pay contactless will be a smart move during and after this pandemic. As we all know, social distancing is very important. So, via QR codes users can easily pay without touching anything except their personal mobile phones.
2.Add Money Via Bank or Cards
There can be two ways of adding money to the wallet- via bank or debit/credit cards. Through these two ways, users can receive money from some other user or add money to their wallets. Mobile Wallet MVP app should allow users to save the methods used to add money to their wallets.
Giving your mobile wallet users a place to see their recent payment history will add transparency between you and your users. The spending history is very useful for users because sometimes users lose track of their spending.
Mobile Wallet App Features For Initial Launch
1.Third-Party Bill Payments
Nowadays, app fatigue has become a challenge among mobile app developers and users who don’t want to use multiple apps. Hence, it is mindful of providing more than the core characteristics of an app to make it versatile. Therefore, allowing users to pay for third-party services is a very good option.
2.Contactless Payment Options
Many users don’t want to load money into the wallet for future purposes. Hence, You should let your users pay directly through their debit cards without loading money to their mobile wallets. You too can do something similar to what Samsung Pay andGoogle Pay has done. Samsung Pay allows users to pay at POS (Point of Sale)terminals via their NFC (Near-field Communication)enabled smartphones.
3.Bank to Wallet or Bank to Bank Transfer
To provide users with an easy mode of payment you should allow them to link their bank accounts to the e-wallet app to make instant bank to bank or bank to wallet payments.
Push Notifications are the most common feature. However, you need to understand that overwhelming users with unnecessary notifications will trigger them to block notifications from your app. So, try to send limited useful information via these push notifications features.
Mobile Wallet Features For Service Expansion
If users have many payment options, they will need to manage their cards and bank accounts within the mobile wallet app. So, card management is necessary, but I'm not just talking about card management here. You should also issue debit/credit cards and enable users to manage them through your mobile wallet app.
2.Spend Analyser and Budgeting
Nowadays, everyone wants an easy way to manage their finances, and there is no place better than a mobile wallet app to offer these services. Your app will tend to have the customer payment data, and you can make use of it to provide users with insights into their spending so that they are more likely to prefer your app.
Ticket booking is just an example. You can incorporate any service that your user can avail of via wallet money. Be it railway, airline movie tickets, providing the users with the option to use the wallet money will add to their faith in your digital currency.
4.Wearable Device Integration
Wearable device integration feature is a must at this stage of the mobile wallet app lifecycle, and it is a costly affair. You'll have to develop separate applications for smart wearable devices, which isn't feasible at the initial stages.
That's why I haven't recommended this type before.ConclusionThe breakdown of all features mentioned above regarding its life cycle is what you should consider while developing your mobile wallet app idea. Then, choose the right mobile wallet application development company that has acquired proficiency in building ROI-centric mobile wallet applications ready to excel in the market.