7 Effective Tips to Help You Navigate Digital Wallet App Development

Digital wallets or digital payment methods have become quite the buzz these days.

Not only have they made the process of making payments quick and easy, but also they have eliminated the need to carry cash, hunt for ATMs to withdraw cash, or take into our bags to look for cards.

Any item today can be bought with a single click on digital wallets. Digital wallets have also been a boon for the service providers, and they encourage digital payments through offers like coupons, discounts, etc.

With the COVID-19 pandemic, where human-to-human interaction must be reduced, digital wallet apps will only grow. The Mobile Payments Market is set to become even more profitable in the coming years. Some predict it to reach a value of $4690 billion by 2025.

Looking at the prospective benefits of entering this market, most would be enticed to build an app of their own. Here are 7 effective tips that will help you in this journey.

1. Regulatory Requirements 

Now, before you start with the actual process of making how to make an e-wallet app, it is necessary to be familiar with the regulatory requirements that one must comply with.

Regulatory requirements of digital wallet applications vary from country to country. The best possible course of action would be to create a legal team that has extensive knowledge in this field.

Ensure that the legal team is familiar with the requirements and stay updated about any possible changes. They would guide you in how to register the app, the country-specific features it must have, etc.

2. Attractive Features

All digital wallet applications have the same usage. Thus, there must be something attractive or different about your app that attracts customers. 

Having feature-rich applications to help you compete against the already famous and established giants. Features that you must have include:

• Option of paying beforehand for goods; customers wouldn’t have to stand in a queue.
• Bill-payment options.
• Easy navigation and use; do not complicate the process as customers will grow frustrated and leave.
• Maintain aesthetics and color schemes - this will especially attract Gen-Z.
• Your app should be compatible for use with various payment methods like credit/debit card, cryptocurrency. 
• Integrate rewards, coupons, and loyalty points. The chance of winning additional benefits would entice some customers.
• Create an interactive platform and use cartoons or GIFs at the end of successful payments.
• Do not set a minimum transaction value.
• Allow the users to connect to more than one bank account.

Building a feature-packed, attractive, safe, and interactive wallet would attract customers and keep them satisfied. Your goal should always be customer satisfaction.

3. Application Development

If you are familiar with coding and other semantics that go into app development, you can go right ahead. However, if you are an amateur or have not learned in it, take the help of SDKs. 

SDK stands for a software development kit; they do not create a full-fledged project. However, they will certainly make the task easier.

These kits have a collection of software development tools packed into one. They help the creation of applications by using tools like a compiler or debugger. Some examples are Java, Python, and GO.

Choose an SDK that you are familiar with or one that you can navigate. Remember: a command over coding is imperative. After you have chosen a platform, start coding.

4. Security

Security is the single most important feature that your digital wallet application must have. Since critical financial information such as bank details would be stored on the app, safety must be maintained at all costs.

Most customers are naturally hesitant to use a new digital wallet because of the fear of security breaches and the misuse of financial information.

A satisfactory level of security and protection against security breaches would increase trust for the application within the customers and make it more popular.

5. Managing The Development Project

The task of creating a digital wallet is quite extensive, and having a team of specialists would reduce the burden.

Having specialists such as a business analyst, android developer, iOS developer, and project manager would ensure that tasks are broken into chunks and that each specialist oversees one chunk.

Depending on their specialization, each one would overlook the development of their respective specialties. Such a division of work would make the process smoother and more successful.

6. How To Build A Payment Gateway

Instead of creating a digital wallet application, one must know how to build a payment gateway and an online payment website. Similar to applications, such websites are also very popular and have gained a lot of momentum in the past few years.

While creating a payment gateway, security again would have to be the top priority. Whether you use the OTP or QR code, maintaining the security of your clients' sensitive information must be a top priority.

To create a payment gateway, you must:

• Create a web app, android or iOS app
• Make it feature-packed like coupons/discounts, ID verification, multiple payment methods

7. Customer Service 

When we say focus on customer service, truly focus on customer service. When building and managing an e-wallet that has inherently sensitive information, customer grievances are bound to arise.

If you do not tactfully address your customer’s problems, you are looking at customer losses at the least and suits at the most.

Create a frequently asked questions section and provide lucid answers to frequent queries. These could include the basic mechanisms of the app, rewards provided, reasons for payment failure, what to do in case of a payment failure, etc.

Also, have a dedicated customer care email and reply to customer grievance emails as soon as possible. All customers appreciate quick service. If you have the capital for it, create a customer care helpline or chatbox.

In Closing  

Mobile wallet apps are beneficial for industries, shops, and brands since the hectic task of using cards, depositing cheques, and more of these likes are negated, and payments are made instantly.

Making a unique e-wallet app is a great space to enter right now. With the above tips, you can overcome the hurdles of developing a mobile wallet app and bring your vision to life.