15 key features that make your mobile wallet stand out
What are the most effective functions of a mobile wallet app that will make your clients satisfied, loyal, and help your business stand out?
In the past couple of years, we’ve seen an unrivaled transformation in mobile financial solutions.
Millennials and younger, digitally-native generations anticipate nothing but the best when it concerns their financial life. Many have already ignored their physical purses because mobile phones do the same job, but even better.
Always linked and equipped by innovation, clients these days require cutting-edge, highly-secured financial solutions that make payments as easy as possible.
The Global Mobile Payment Market report states that the market is anticipated to expand at an annual rate of 33% from 2019 to 2026, reaching $457.4 billion in 2026.
Banks, financial companies, telcos, and e-commerce businesses can’t afford to disregard the mobile financial services revolution any longer, especially the mobile wallet opportunity.
Moreover, they need to be more ingenious than ever to offer outstanding mobile wallet functions that ensure not only high safety but also a fantastic client experience.
So, what are the most effective functions of a mobile wallet app that will make your clients satisfied, loyal, and help your business stand out?
1. Immediate Payments Between Wallets
Immediate payment implies the money transfer between the payer wallet and the payee wallet occurs within seconds, instead of within hours or business days.
This feature provides fantastic benefits, such as allowing payments anytime and anyplace, creating funds instantly available, and increasing the control of individual and company funds.
In our cashless society, immediate payments are more than a good feature. They are becoming unavoidable.
2. Payments To And From Bank Accounts
A mobile wallet should allow seamless money transactions to any bank account, including your accounts in the same bank, and transactions to another individual’s account in various banks.
Mobile wallet owners need to have a variety of options for sending and receiving personal or company money with just a few clicks anywhere they are and whenever they need it.
3. Bill Payments
This is one of the crucial mobile wallet features since individuals today prefer to pay every bill online – utilities, mortgages, loans, rent, tuition, to name a few.
As digital money is here, mobile wallets are becoming an important part of day-to-day life and they need to be able to provide an effortless bill payments service – be it a prepaid or postpaid payment solution.
4. Management of Physical and Online Card Operations
Digital wallets can keep a user’s credit/debit card data, which can be used to make money transactions at any moment. In this way, the e-wallet streamlines the user’s finances easily accumulating all their cards in one central area.
Furthermore, a mobile wallet is safer than carrying all your cards with you because it doesn’t store card numbers. Rather, the card information is encrypted with top-quality safety and security.
Individuals today have a variety of credit and loyalty cards. That’s why your mobile wallet app needs to be ready to manage multiple card procedures like blocking/unblocking your cards, changing your pin, altering your account limits, applying for new cards, etc.
5. Vendor Payments via Contactless Technologies (NFC or QR code Scanning)
Needless to say, in our digital world, increasingly more merchants have started to realize the need for deploying various innovations that accept digital wallets.
Retail clients can make in-store payments utilizing mobile wallets via contactless solutions like near-field communication (NFC) and QR-code.
NFC is a contactless distant technology that functions within a close range (up to 10 cm) and provides people with protected payment between POS tools and mobile phones.
QR code is short for Quick Response code as well as is extremely similar to a barcode. The user can quickly scan the QR code via the camera on a mobile phone. The mobile phone interprets the barcode, and a related app or website opens.
Considering the ever-increasing customer demand for contactless transactions and the advantage it offers, providing NFC and QR payment is a must-have wallet feature.
6. Safety and security
Security comes first when you offer mobile financial solutions. Money transactions need to be risk-free and protected from end to end.
Mobile wallets can be protected with plenty of robust innovations, like tokenization, security passwords, biometrics, security questions, point-to-point encryption, out-of-band authentication, and one-time password (OTP) via SMS.
Even though digital wallets are more protected than credit cards, safety concerns stay the main obstacle to wallet adoption by consumers.
This is why you need to provide your customers with an m-wallet app that is packed with effective security capabilities.
7. Simple and Fast Self-Registration
As mobile wallets are all about saving people’s time, efforts, and nerves, self-registration ought to be quick and easy to accomplish.
Generally, self-registration has these steps:
- Download the application and run it
- Register by providing the required information (name, e-mail, phone, ID cards, photos, etc).
- Verify registration (via OTP).
- Set up password and log in.
- Link debit/credit card if necessary.
- Add money and begin utilizing the wallet.
Even though the registration flow is a one-time procedure, it makes a crucial first impression. So, don’t underestimate the value of a seamless user experience for the self-registration process.
8. Benefits, Coupons, Discounts
The power of coupons and rewards is well-known among online marketers and sales teams. Mobile wallets are an ideal environment to offer deal-seeking customers these advantages in a relevant context.
Therefore, functions that allow the easy creation and handling of coupons, discounts, tickets, loyalty points, etc are key for digital wallet software and can assist your mobile wallet application stand out in the marketplace.
9. Split Bill
When it comes to contemporary features streamlining users’ everyday activities, splitting the bill is a piece of cake. And simplicity can be a powerful competitive benefit for your mobile wallet app.
This function enables individuals to split the payment when going to dinner with their friends, for example. It happens within the same app and is as simple as selecting the telephone number of the friends involved.
10. Cash In/ Out at Bank Branch or ATM
Holders of mobile wallets can make an ATM cash withdrawal without utilizing a physical credit card. They can also choose to withdraw cash from an agent/branch bank.
When it comes to ATMs, NFC innovation is used – the same contactless technology that allows individuals to pay by utilizing their smartphone against a POS terminal.
Despite our world becoming more and more digital, cash is still important in many places.
For instance, if a user wishes to buy fresh greens from a little pop-up shop in the neighborhood, your mobile wallet application should be prepared to provide them with this convenience.
11. Loan Origination
Loan origination is one of the mobile wallet functions that meet the growing demand for practical, real-time banking.
The loan origination procedure via a smartphone needs to be mobile-friendly, fast, and as automated as achievable.
Loan origination involves gathering client application information, assimilation with bank systems, immediate authorization assisted by credit bureau integration, and more.
12. Analytical Dashboards and Diagrams
Tracking personal financial health and wellness over time is essential for every customer. We all need to stay on top of our money.
An analytical control panel allows digital wallet software holders to see and analyze their financial operations through figures, reports, and diagrams.
Individual finance management offers clients all the information they need to make informed financial decisions with a clear view of when, how, and where they’re spending and receiving their money – across all their bank accounts, expenses, bank card, and earnings.
13. Budgeting and Planning
When on the go, enables clients to plan their finances smarter even.
Your powerful mobile wallet solution needs to allow clients to easily create budgets and make strategies for smart spending. By doing this you can empower your customers to spot spending habits, track expenses, and save more.
A modern mobile wallet can function as a financial planner, offering options like:
- setting a budget for each category of expenses
- producing groups for expenses and earnings
- When clients are close to exceeding their budget, sending reminders
- When the bills are due, send reminders
- setting savings goals
14. Backup Facility
A backup facility is a vital mobile wallet feature that enables users to restore wallet data. Back-up is often automatically embedded within wallet apps for user data security.
The most effective option is to provide several various procedures to protect user data, such as syncing information to the Dropbox cloud, synchronizing data to iCloud, integrated email wallet backup function, synchronizing information via a local WiFi connection, and so on.
A chatbot is a software program that communicates with customers online. Supported with artificial intelligence and neuro-linguistic programming (NLP), chatbots aid customers when humans are not available.
It is an effective new way for businesses to communicate with their audience, keep their clients engaged, and enhance customer support.
By implementing a chatbot into your digital wallet software, your solutions become available 24 hours a day at a lower service cost.
Today, customers expect an instant response at any digital network. For that reason, chatbots can be an excellent addition to boosting customer satisfaction.
How Can Software Group Assist You Provide an Outstanding Mobile Wallet?
Software Group has been driving digital modification for financial service providers across the world for 200+ customers in both emerging and developed markets.
This Mobile Wallet Solution provides a rich portfolio of mobile financial solutions, such as immediate P2P payments, digital loans, financial savings, insurance, airtime top-up, payments via contactless technologies (NFC and QR coding), easy and fast self-registration, split bill functionality, benefits, coupons, discounts, cardless ATM transactions, budgeting, planning, and chatbots.
It is a complete, adaptable, enterprise-grade mobile wallet platform that helps financial organizations delight their customers and respond to rapidly altering market needs.
With much more than ten years of experience in fintech software development, we assist financial service businesses to provide their digital roadmaps with deep expertise, focus on development, advanced technology, superb design, and a knowledge of each particular business case.