The ongoing technological advancement and escalating usage of smartphones and the internet have become significant catalysts in the global expansion of digital payments. Besides what follows the surging digital payments is the rise of e-wallets.
For instance, the global mobile market size was USD 1.54 trillion and USD 1.97 trillion in 2020 and 2021, respectively. It exhibited a significant growth of 27.9% compared to the average growth during 2017-2019. Also, from 2021 to 2028, it is projected to reach a whopping 11.83 trillion at a CAGR of 29.1%.
What does that translate into for new-age businesses and organizations?
Without a doubt, they have the opportunity to roll out e-wallet solutions that streamlines their financial operations and align with modern-day consumers’ behavior and demands.
If you are thinking of building a mobile wallet payment solution that outperforms the competition in the global FinTech market and becomes the next-big FinTech disruptor, have a look at our list of winning features of e-wallets.
Nonetheless, it wouldn’t be sensible to say that there is an all-in-one blueprint for successful e-wallets. Yet, our digital financial platform experts have identified some undeniable e-wallet features that enable you to deliver the best value to your consumers.
What is an E-Wallet?
An e-wallet, also known as a digital wallet, refers to a financial transaction software that stores payment information and passwords and enables users-individuals or businesses, to make transactions electronically.
Although digital wallets exist as a different digital financial platform, the mobile app is the most used version of the digital wallet because of its flexibility.
The digital wallets serve as a pre-paid account that, after funding, is used to pay for products and services or transfer money to other users; without the need to carry a debit/credit card or cash.
Top 6 Features That Can Make Your Mobile Wallet Payment Solution Trending
With digital wallets rapidly becoming the future of finance, the niche is witnessing a heavy influx of competition, from small developers to tech giants.
No wonder a new e-wallet app has difficulty standing out in a competitive market. Eventually, many e-wallet features, which once were the key differentiators, are now treated as the “bare minimum” for contemporary e-wallet solutions. These include- ease of transactions, discount benefits, Near-field communication (NFC), QR-code, and many more.
Hence, as a digital wallet solution provider, you must go beyond these aspects and explore more cutting-edge mobile wallet features and trends you can offer your end-users. Find what are the pain points and innovate to tackle them using your unique features. That’s where the key to success lies.
Hassle-Free Registration
If you view registration as your golden chance to make an impact, you’ve understood that e-wallets are all about saving your consumers’ time and efforts.
No matter how unique a feature your solution offers, eventually, having a faster and easier sign-in and onboarding process is an absolute must while building a customer-centric digital wallet platform.
Another important lesson to be learned here to garner more users is to include businesses of any size, including individual traders.
Also, users should be able to create an account with your e-wallet solution without paying hidden charges.
Furthermore, MobiFin systems offer effortless registration and frictionless KYC processes required to make your e-wallet up and working extremely easy.
User-Friendly Design
As with any application, a mobile wallet payment solution that fails to engage effectively with users can be replaced with other options available in the app store in no time.
Naturally, seamless user experience, intuitive dashboard, better readability, interactive navigation, responsive designs, and engaging UI/UX design will be critical considerations while building your mobile wallet payment solutions.
Nothing Less Than Security
When you offer a digital financial platform, there is no other way but to ensure that end users’ money transactions and sensitive data are safe and secure, end to end.
It’s essential to consider an overwhelming number of cybersecurity problems and ensure that users’ E-wallet transactions are guarded by deploying powerful E-wallet security features such as biometrics, tokenization, 2FA, passwords, and point-to-point encryption, out-of-band authentication, OTP, etc.
MobiFin considers its users’ safety a priority and has introduced various robust anti-fraud security measures to combat threats, allowing your end-users uninterrupted access to e-wallet accounts and helping you gain market confidence.
No-Fuss About Low or Zero Balance
A digital financial platform with no penalty on low or no balance in an e-wallet account is pure bliss for its end users.
Thus, e-wallet service providers must offer their users the benefits of laidback regulations on digital wallet balance, where users can add and maintain the desired amount to their wallets.
What’s more? Digital wallet platforms can also be made available to consumers as long as they need them without imposing an additional cost on them.
FinTech players have an opportunity to reach out to a broader audience by rendering their e-wallet services at lower exchange rates compared to traditional bank services.
Personal Finance Budgeting and Management
While digital wallets offer great convenience, it can be difficult to watch over the spending habits leading to overspending and debt. Providing a solution to this can be your best chance to retain consumers for the long term.
In such a case, incorporating robust personal finance budgeting and management features in your digital wallet platform would go a long way.
With the presence of analytical dashboards in your wallet app, various tasks can be accomplished quickly. It offers a clear view of the transaction history through multiple reports, diagrams, and figures. With this feature, your mobile wallet payment solution can empower your consumers by enabling them to:
- Track cash inflow into the wallet
- Spot any unauthorized transactions
- Create separate categories for different types of purchases
- Plan and budget for category-wise expenses
- Set limits and alerts on spending
- Monitor spending against set goals
- Set a goal for ‘savings’
Integration with Wearables
Futuristic mobile wallet payment solutions must transcend beyond smartphones and leverage the revolutionary growth trends in wearable device technology. Apple Pay, unsurprisingly, makes a good case study for this. With groundbreaking wrist detection technology, consumers can now conveniently make payments via their smartwatches without entering a passcode.
In a nutshell, considering multi-device integration at an early stage can be your best bet to stay relevant and also future-proof your e-wallet solution.
Conclusion
Understanding the key features to outwit the fast-paced competition sets you on a rather challenging journey of realizing them successfully in your mobile wallet payment solution.
Fortunately, you have us! With MobiFin’s extensive experience in FinTech solutions, you can venture into launching the next digital wallet disruption in the FinTech space.
Ready to turn your e-wallet vision into reality? Reach out to us now!
