The e-wallet app or mobile wallet app is designed to enable users to pay bills at home with convenience and comfort. In recent years, we have seen an increase in online payments and the use of application of e wallet across the globe. While it is a bit early to say that smartphones will completely replace liquid money and credit card-based transactions, mobile wallets have become a good alternative for online payment.
As technology evolves and we are trying many times, the development of P2P payment apps has accelerated, and it has started changing the financial lifestyles of people. Although associated with the BFSI sector, mobile wallet applications are beneficial for various industry sectors. This app only stores the user’s financial data, including debit card and credit card information.
Which Sectors are getting the maximum benefit out of Mobile Wallet Apps?
Healthcare – Healthcare services are becoming more and more expensive day by day. In some emergencies, if patients’ relatives run out of cash, they can use the mobile app for payment. Pharmacists, Hospitals, and other users also get such fees, and treatment is discontinued due to the ‘no cash’ condition.
Telecom, Transport, and Logistics – These three sectors drive the economy and help other industry sectors. These areas have to deal with various payment methods and transactions connected with different banks. The mobile wallet application can meet these requirements and can install numerous different types of payment methods.
E-commerce and retail- Owners of retail and eCommerce shops can receive payment through QR code. The mobile wallet app can enable to make the payment of the bill by scanning the QR. According to a report, mobile-based online retail payments will reach $ 319 billion worldwide by 2020. Mobile wallet apps also allow customers to pay via coupons and loyalty cards through integrating wallets with mCommerce apps.
HOW POS (Point of Sale) – How is the payment made in Mobile Wallet APPS?
NFC (Near-Field Communication) –
This enables users to transfer funds between NFC-enabled smartphones and POS devices in a contactless manner. NFC uses card emulation technology to store credit or debit card information in digital form. In the mobile wallet app, NFC retrieves a user’s payment information and automatically transmits it to the POS device.
iBeacon and Bluetooth Technologies-
The best part of iBeacon technology is that it does not require the internet. POS devices can receive the required details stored in the mobile wallet app via iBeacon, thanks to Bluetooth technology. Shopkeepers consider it very useful as they do not need to wait for their turn at the cash counter. Even without the internet, they can pay at the POS terminal using their mobile wallet app.
P2P Payment Apps-
These apps aim to make the payment process smooth and seamless. These apps can tie up with local retailers or merchants for online payments. Android and Apple come with Android Pay and Apple Pay, respectively, with a better payment experience.
Wearable Devices – This is the next-gen concept. As wearable devices are available across the globe, many people pay with the help of such tools. Apple Pay App plan to support wearable through NFC chips.
Although mobile wallet apps have started gaining popularity, many people stay away from these apps simply because they do not want to share their financial data online. Therefore, mobile app developers should aim at security while making digital payment solutions at the time of ewallet app development.
The digital wallet solution is the base of ecommerce and retails; healthcare and telecommunication sectors are its biggest beneficiaries. Today, to advance the technology, the on-demand app development process has been improved, and customers can make all types of payment through a wallet app. app. The e-wallet app market is full of potential, but developers need to pay attention to security aspects while integrating various user-friendly features.