Best Practices For Digital Wallet Development
Nowadays, it has become very handy to have your cash within your smartphone rather than in a leather wallet. Days are gone when one had to use cash or cheque as a medium for sending or receiving money. Digital wallets are a new generation of secure payments and are ready to realize a cashless future. After writing all these things, I can undoubtedly say that digital wallets are beneficial; the only question that arises is what are the best practices for digital wallet development.
According to Global Market Insights, in 2019 mobile wallet market size crossed USD 100 billion and is ready to register gains at 15% CAGR (compound annual growth rate) between 2020 and 2026. The report also stated that the digital wallet market is witnessing a dynamic transition in customer behavior as shoppers have started adopting digital payment methods rapidly due to convenience and easy use.
Every stage of digital wallet development focuses on a particular set of features and functionalities to make the app worthwhile using. In addition, you should make sure that your e-wallet gets a higher rate of investment return. To help you with this, here I’m mentioning the best practices for digital wallet development.
Necessary Features You Should Incorporate
Developing an ROI-focused mobile wallet app isn’t very straightforward. It gets confusing for many digital wallet service providers to decide which features they should incorporate into their digital wallets.
Digital wallet app development has become a staged process, where the mobile app goes through MVP, Initial Launch, and Service Expansion stage. This permits mobile app owners to try and test new app ideas with a low risk of investment loss. Many companies will overwhelm you with ample features for your digital wallet app, but do you really think you need all those app features? No, let me tell you the truth, you don’t need all of them. In fact, it is sensible to incorporate just the right set of features into a digital wallet app. The following are the necessary features for three different stages of a digital wallet lifecycle.
- MVP Stage
In this modern software development era, most successful digital wallet apps have gone through the MVP stage, where it was launched only with the necessary features and functionalities. The main purpose of a Minimum Viable Product (MVP) is to test app ideas for their market potential and feasibility. No matter how clear the market scenario looks to you regarding potential and customer interest, there are always missing pieces in an app strategy. MVPs exist to fill out those gaps because an MVP enables the app owners to understand the user needs and pain points to roll out a fully-fledged app that excels in the market.
The digital wallet app MVP doesn't require many features, as an MVP only requires core functionalities of an app. The following are the required features for a digital wallet app MVP.
- Add Money via Bank or Cards
- User Account Management
- Instant Wallet Payments
- QR-Code Based Payments
- Seamless Onboarding
- Transaction History
- Additional Features for Initial Launch of an E-Wallet
After a successful MVP stage, you will receive tons of market feedback on your digital wallet app concept. After reviewing all the feedback, you should come to the initial launch stage, where you’re supposed to launch a full-fledged digital wallet app that makes money transfers and payments a super-easy task for the users.
- Contactless Payment Options
- Automated Payments
- Bank to Wallet or Bank to Bank Transfers
- Push Notifications
- Third-Party Bill Payments
- Payment Request
- Bill Splitting
- Features for Service Expansion Stage
Tech-Savvy users expect a digital wallet to be more than just a payment app. Payment apps tend to have access to the customer’s financial details and history. Undoubtedly, a payment app, especially a digital wallet, can easily facilitate more financial services by integrating third-party services like loans, banking, insurance, etc.
Here I’m mentioning some of the additional features you can offer with your digital wallet app at the service expansion stage.
Spend Analyzer and Budgeting
Although there are many apps, especially for analyzing and budgeting, still integrating this feature into your digital wallet app will make your app more effective in budgeting and expense management. You can have ample amounts of data to analyze when users pay via your digital wallet app. This will encourage your app users to prioritize paying through your digital wallet apps.
Wearable Device Integration
Indeed, wearable device integration isn’t a service expansion, but it is very important at this stage of the digital wallet lifecycle.The primary reason of not mentioning it earlier was that it isn’t usually feasible to integrate this feature in the earlier stages, as it is a costly affair and also increases your digital wallet app development cost massively. You have to get separate applications developed for the smart wearable devices, which adds a lot to the cost. And, at this stage, your users will want your digital wallet to offer convenience.
Make Use of Current Designing Trends
- Use Transparency, Iconography, or Text For Card Status
In the card management screen, you can show all the cards that users have added to their e-wallets. However, it is not compulsory that all of them will have the same status - inactive, blocked, and active card. Instead, it would be best to use transparency, which is a good indicator to distinguish active or inactive cards. With this, you can also use icons and text because they make it easier for users to identify their card status.
- Communicate Clearly and in Real-Time
Indeed digital wallets claim to transfer funds immediately, but there are situations when the transaction can take weeks to complete. The design of your digital wallet UI should reflect the real-time status of payments. The immediate response from the digital wallet system design becomes more crucial when splitting bills or making merchant transfers.
- Data Visualisation
Data visualisation is also the most critical challenge of digital wallet app development. Showing long investment reports, expense reports, etc., is very challenging for mobile screens. The designers should work along with the goal to fit the data into any screen comfortably.
- Isometric designs
Especially in the FinTech domain, keeping UI elements in the isometric perspective is a recent trend. Isometric designs add usability and improve UX in the app, which is the main reason behind its increasing adoption. Furthermore, if used correctly, isometric designs help users get quickly familiar with your app navigation and layout, ultimately increasing user retention.
Why Choose an Offshore Model?
Offshoring is a model that helps increase the outcomes of a business, and with that, offshore model also improves the technical expertise without higher costs and hassle-free. So, I would like to recommend you to choose an offshore development company because you can get a higher profit margin, access to niche talent, the opportunity to scale up sustainably, and the administrative burden will also not increase.
The considerations I’ve discussed will surely make sure that you invest the right amount of money at every stage of your digital wallet lifecycle. Last but not least, make sure that you hire offshore developers that have experience in developing digital wallet apps because they will be able to help you roll out your digital wallet app much sooner and to a better quality. And of course, we all know sooner and higher quality is better.
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