For a mobile wallet to stand out, it should have some key features that are flexible with a high level of security to stand out in the market.
Fremont, CA: Millennials, the younger and digitally native generations, want the best of their financial life. Smartphones have come in the place of physical wallets, doing the same job, even better.
Cutting-edge tech and high-security financial solutions are growing daily. According to the Global Mobile Payment Market report, the market estimated growth shall witness an annual rate of 33 percent from 2019 and will reach $457.4 billion in 2026.
Banks, financial companies, telcos, and e-commerce businesses are using mobile financial services, mainly, the mobile wallet. Hence, the need to be more innovative has increased now more than ever. Here are some of the key features that good payment apps must have.
Instant payments such that money transfers from payer to payee happening within seconds between different wallets and different banks, including transfer to one’s own bank account with high security.
A critical mobile wallet feature is to every bill online, such as utilities, mortgages, loans, rent, tuition, among a plethora of other services. They offer better and effortless bill payments solution - irrespective of prepaid or postpaid payment service.
The virtual card option is important. By storing user's credit/debit card data, they can transact anytime, anywhere, simplifying transactions by aggregating all cards in a central space with high-grade security encryption.
A wallet app should be able to manage multiple card operations such as block/unblock, change pin, and applying for new cards, among others.
Contactless payment methods are the most successful among all wallet apps. Near-field communication (NFC) and QR-code payments are a must-have. Using this one can also withdraw cash in ATMs.
Offers, coupons, and split payments
Mobile wallets users are also deal-seeking consumers. Easy coupons, discounts, tickets, and loyalty points prove to be a signature feature to stands out in the market. Offers often take a split between friends when going to dinner, for example. The same wallet app should be able to split bills among friends involved by just selecting their phone numbers.
An app that helps in loan origination that involves collecting customer details, integration with bank systems, and instant approvals are a big plus.
Analytics and planning
An app that keeps track of personal financial health is important for every customer. This allows digital wallet holders to analyze their expenses via interactive reports, figures, and diagrams.
This aids them in their financial decisions based on when, how, and where they are spending and receiving their money, across all their bank accounts and credit cards. They can set a budget for a month and receive a warning when they reach a limit.
See also: Top Payment and Card Solution Companies