Five Terrific Tips to Creating a Successful Mobile Wallet
The demonetisation of big currency notes in India has heavily influenced the usage of payment apps at standalone wallets. Let’s see some changes stuck by demonetization:
- Following the demonetization, Paytm alone is seeing 7 million transactions every day
- Paytm is witnessing 200 percent increase in app downloads
- According to analysts at Technavio, by 2018 the mobile wallet market in India will grow at a CAGR of 140%
- Ola Money is seeing a 1,500 percent increase in wallet recharges
This is what pushed many newly-born startups and even big enterprises to reach the ultimate point of eagerness to develop Paytm like mWallet. Undoubtedly, this is not a bad idea, as the central government has strongly intended to support cash-free transactions in every area of administrative and non-administrative departments.
As a front-line firm in mobility world, we’ve helped many startups and global organizations develop successful mobile wallets. Backed by that experience, we’re here sharing some result-driven tips to help you create a successful mobile wallet:
1. Prioritize Key Functionalities
When developing a mWallet strategy, you should have a clear understanding of the difference between core and no-core functionalities. mWallet usually encompasses functionalities like storage of personal information, loyalty program, and mobile transactions. For example, for Paytm like wallets, one tap option to add money, pay, check balance, accept payment, and find nearby stores who accept payment are very vital. In case if it is banking wallet, options like mobile transactions, account statement, credit card rewards tracking, and branch/ATM locator are key functionalities. So make sure you’re choosing only right features and functionalities.
2. Security should be Top Priority
As ABI Research said, security of account credentials is the greatest concern of consumers with mobile wallets. Having a rigorous data security model is vital here. You must make sure every transaction is encrypted using application level authentication and industry standard mechanisms. In addition, it must be adhered to industry benchmarks for secure transactions, such as Payment Card Industry (PCI) and Data Security Standard (DSS).
3. Build Competitive Wallet
As told earlier, following the demonetization, many companies are on the mission of wallet success. To make your wallet a differentiating one, you should leverage device’s native functionalities like camera, contacts, social networking, and location-based services, in combination with web 2.0 features, which together powers your wallet to offer a unique mobile experience. And ultimately it results in increased application adoption.
4. Scalable and Adaptable Wallet
Mobile landscape is driven by an ever-changing nature, so applications must be remain relevant as the market changes, as well as it should have adaptive nature to support upcoming devices. From time and cost perspective, it is difficult to adopt the mechanism of continuous updating, but by adopting single application definition, the cost and time effort can be reduced for some extent. Single application definition allows you to bring changes across all operating systems simultaneously, reducing time-to-market, and enabling ubiquitous deployment and future-proofing.
5. Choose Right Mobile App Developers
It is really a key. Every requirement pinpoint you can’t draft to developers. In this case, if you collaborate with expert wallet developers who have solid experience in developing mWallets, you could get the better wallet than the expected. Make sure they are a trusted provider within the industry and offer end-to-end services, from strategy and development to deployment and ongoing maintenance.
Developing a wallet to just to utilize the trend doesn’t bring you any positive outcome in this juggernaut app world. Instead you should be strategic with above strategies to be a real winner.