Despite being relatively young, mobile payments are quickly becoming the preferred payment system all over the world, even overtaking credit cards. Recent research shows that this growth has only just begun, so it’s worth considering your own digital wallet design and development this year to stay ahead of the market.
E-wallets provide a convenient and secure way to make purchases without worrying about carrying physical cash or credit cards. Their features allow users to access their money from any location as long it’s online. It’s also a place to save your e-vouchers and tickets for events, so you can have any digital documents you need on hand, held securely in one place.
Another reason for the growth of digital wallets is increased security. When using a credit card, your personal information is stored on the card itself. This information can be stolen if your card is lost. With a digital wallet, your personal information is stored on your mobile device, making it much more secure because of the added security measures of one-time PINs and two-factor authentication.
What kind of wallet will you build?
The e-wallet market is crowded, so it’s essential to identify the best digital wallet solution for your product from day one. Taking a look at and implementing some crucial FinTech design principles is integral to entering this ecosystem. So take some time before launching to find out what matters most to yourself or your company.
Closed wallet applications are, as the name states, a secure ecosystem in which the payment provider stores the funds within the application. This can be very beneficial to both the user and provider. Take for example Amazon Pay’s solution, in which any money from returns, refunds or cancellations is stored within the wallet. This way, your company can also earn interest on the funds in the wallet.
Semi-closed wallets offer more freedom for users because they can spend the funds at multiple locations. An example of this is Paypal. A centralized web storage of e-money.
Open wallets have all the features that make up a semi-closed one but also facilitate online purchases and contactless payments at retailer stores. These are usually developed by banks or institutions partnered with them.
As we’ve stated before, choosing the right one could prove crucial to your company. Make sure you’ve done thorough market research before diving in.
How to take the next step
The future is bright for anyone entering the world of PayTech. With global demand on a massive upswing, it’s time to start exploring the endless opportunities and technologies to help you succeed in this competitive market. But because the digital finance world is changing at a rapid pace, to enter it, you’ll need financial services consulting to help you navigate it.
We’ve seen Star technology consulting company guide multiple start-ups and businesses towards designing various new products for the future economy. We recommend taking a look at their previous work and start working towards creating your own personalized banking experience today.
