What Makes A Successful Wallet App

20 Nov 2017
wallet app

With gadget and tech companies continuously inventing and innovating new ways for technology to aid us, it should come as no surprise that there is a system in which you can pay for goods without any need of cash. Well, I am talking about the wallet apps. The wallet app is not a new concept; these types of apps are very much available in the app market for a longer time.

A mobile wallet app can turn any mobile device into a smart and interactive device that makes the world of payment, vouchers, and coupons, and loyalty cards, easier, faster and more rewarding. For a successful mobile wallet app, the app developers are required to add certain features. We will be discussing some of the must-have features, but before that below is one broad definition of a mobile wallet app, for you.

What Is A Wallet App?

A mobile wallet is an app that allows linking and storing different payment methods like credit/debit cards or digital currencies. Other additional stuff like coupon Codes, loyalty cards etc, might also be included for more functionality. Mobile wallets are enabling economies to transition to a cashless society.

There are some of the essential features that you need to be considered during the app development. In this blog, we aim to cover some of the most wanted features required, to build a successful wallet app.

• Caution Is The Parent Of Security

With the world getting digital and users saving all their financial and personal info in the apps, cyber attackers are now more interested in hacking the apps and fulfilling their evil aspirations. The security issue is one of the basic reasons that restricts many people from using mobile wallets and prefer mobile payments. Security can be one of the most important aspects of a wallet app that the users demand, and without this feature, a wallet app is of no use.

When it comes to the security, app developers need to very cautious. It is suggested that the developers should build a password protected app whose stored information cannot be read by the other apps. Adding some features like sending One Time Password to the linked contact number, scanning the fingerprint/ QR code for authentication of the user etc, are good options to play safe.

• Tokenization

Tokenization is a super-buzzy payments word at the moment, because of the increased attention on mobile payments. Basically, tokenization adds an extra level of security to sensitive credit/debit card data, and prevents credit card frauds. It is the process of protecting the sensitive card data of the users by replacing it with an algorithmically generated number named as a token. Thus, during the online transaction, the actual card number is not used, which makes a wallet app more secured for the users.

• Bluetooth and iBeacon

It would be very much annoying for the users, if the app is missing the Bluetooth and iBeacon features. This feature is essential, as it let the users, transfer the data in the absence of internet connection.

The mobile devices that are based on Bluetooth can communicate with an external BLE-transmitter named Beacon. Beacons transmit small amounts id data via Bluetooth low energy up to 50 meters, and this can be used in the wallet apps, to facilitate the users.

• Rewarding system

Since the rewards can attract and engage customers effectively, app developers are required to add this feature in their mobile wallet app. Thus, the app must integrate loyalty and gift card plans, which allow the customers to earn rewards with every purchase. This feature keeps them coming back to your store over and over again. This also motivates your customers to spread good words about your mobile app. Therefore, make sure that your wallet app lets the user earn usual rewards, travel points or cash back, as this will let the users engaged to your mobile app.

• Keep it simple

Make sure you develop an app for the users and not for yourself. Your app will be used by common people, and not everyone is tech-educated enough, to handle the complicated app. The users usually prefer a simple platform to access the services, and they don’t have much time to spend in understanding your app. So, if you want to be the user’s first and last choice, then make your app simple and easy to handle.

• App performance

Poor app performance can be a valid reason for the users to abandon the app. The app performance is the sole way to engage users and enjoy high returns on investment. Building a lighter app with only the required features and fully optimizing it can be one best way to keep your app’s performance impactful. When your wallet app connects to different bank servers instantly and satisfies the needs of the users, they will love to use your app again and again. Thus, if your app takes much time in loading, the users will not wait for it to work, and replace your app with another one.

From shopping for the festive occasions to paying the daily bills, performing it through a smartphone is nothing less than a blessing. All thanks to wallet apps. Thus, as more and more people are turning towards mobile payments, it is important for the businesses to look forward to develop an app, and don’t forget to add the above-mentioned features.

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