With contactless payments becoming the order of the day, the demand for a quality mobile wallet app remains at an all-time high. Though this is the right time to create and launch a mobile wallet app, knowing how to create a wallet app is not as easy as it seems. There is a lot that goes into successful mobile wallet application development, but there is no looking back once you accomplish that endeavor. So, here is a brief guide on the components of mobile wallet application development. But on the blog of CHI Software, you can find a very detailed guide about mobile wallet app development. Enjoy reading it.
How To Create a Wallet App With the Right Features
Given below are some of the features to include when you create an e-wallet app:
- Unique user ID: A unique user ID helps in risk prevention, improves privacy, and simplifies customer identification.
- Linking bank account: It allows users to add details like the CVV number and make necessary transactions.
- Monetary transactions: Let users receive, transfer, or add money by including the QR code, applying beacon technology, and typing the addresser details.
- Gateways and POS integration: POS integration widens the usage of e-wallets for even offline stores.
- Payment for services and goods: The aim of digital wallet app development is to make it widely available for paying your utility bills, taxes, hotel reservations, and more.
- Tracking transactions: Allow users to track and monitor transactions in their digital wallets.
- Selecting settings: The app can support several languages, along with delivering notifications on payments and new updates.
- Customer support: If the customer faces any technical or payment issues, the app needs to have a dedicated customer care option to help them out.
- Additional features: The additional features might include cash back, rewards, gift vouchers, loyalty cards, and so on.
Covering all the bases for enhanced security
Knowing how to create a wallet app also entails covering all the aspects for enhanced security, such as:
- Passwords are for core protection: Passwords are the most basic security feature of every digital wallet, along with the feature to reject the entered codes if it’s too simple or short.
- Point-to-point encryption: It delivers complete protection and gets the entire transaction encrypted when the user swipes their phone at a PoS terminal.
- Biometric protection: An important part of figuring out how to build a mobile wallet app these days is to know about integrating facial recognition or fingerprint sensors in the app.
Figuring out the technology stack for the app
The next stage of the app development is to figure out the technology stack that you plan to use for the app. Here are a few suggestions to remember in that regard.
- POS payment: You will not achieve much success with your app if you do not work on the POS payment. You can use the Bluetooth and iBeacon service, NFC, QR codes, and the likes for this purpose.
- SDKs and APIs: Third-party integration will help you make a better app with lower costs and in less time. Thus, most developers go for third-party codes and readymade tools that can simplify the work to a great extent.
- Cloud services and MBaaS: An MBaaS (mobile-service–as–a-backend) provider happens to be the rational and standard technology to host the mobile backend. It reduces the development time remarkably – helping the app to reach the market faster.
The bottom line
So, now that you know the facts about how to create a wallet app, it is time to put your newfound knowledge to good use. Deliver a stellar app that creates all the right noises in the market and gets you the success you want.