How to Make a Mobile Wallet App: All-in-One Development Guide

 

The mobile payment industry is on the rise.

According to statistics, the market will go through rapid growth in the years to come.

In 2019, over 950 million users relied on mobile payments. In 2023, the number of mobile payment transaction users will reach 1.31 billion.

Mobile wallets are digital wallets that store payment card information on mobile devices. They offer an innovative and more convenient way for making payments. Users don’t need to have their payment cards on them all the time to purchase something in stores. All they need is their smartphone connected to the internet.

As a part of learning how to make a mobile wallet app, let’s find inspiration by looking at some of the best mobile wallet apps on market.

·         Google Pay

·         Apple Wallet

·         PayPal One Touch

·         AliPay

 

KEY BENEFITS THAT MOBILE WALLET APPLICATIONS CAN BRING

Such applications can deliver a number of benefits to businesses from every industry.

·         Accessibility

Mobile wallets allow making day-to-day transactions without carrying around physical cards. All they need is an app on their smartphone and a user ID.

·         Access to money from mobile

Users can start making mobile payments in no time. Users need to connect their cards to the digital wallet and make payments right from their smartphones.

·         Variety of use cases

Mobile wallets can be used for a range of uses. Users can pay for purchases, buy tickets, pay for online services and much more.

·         Bills splitting   

Depending on where you are using the wallet app, you can add the functionality allowing users to split the bill and send a link to users who needs to pay them money.

·         Automatic payments

You can add the ability to set up automatic payments within your app so users won’t forget about them because of the hectic everyday life.

·         Promotions & discounts

Digital wallets usually offer different promotions and discounts. You can reward users for buying at partners’ locations, for making a certain number of payments every month, etc.

TYPES OF MOBILE WALLET APPS

Generally speaking, mobile device wallet apps differ based on the type of payment processing.

Explore some of the most popular types of digital wallets: 

·         Wallets that use mobile communication provider to send and receive money

·         Wallets that write off funds from banking accounts, cards or mobile services using SMS messages with a shortcode

·         Wallets that make mobile web payments

·         Wallets that use near field communication (NFC) built into smartphones for contactless interactions with payment terminals.

According to another definition, mobile wallet apps can be divided into three following types:

·         Closed – mobile wallets that can be used with only one merchant.

·         Semi-closed – wallets that can be used with many supported merchants.

·         Open – mobile wallets that can be used with any merchants and provide access to multiple bank accounts.

Depending on the purpose of development, you might create an app that will combine a few of the technologies, allowing both mobile and NFC payments.

You can’t know how to make a mobile wallet app without understanding what technology such applications do.

Usually, mobile wallet apps use one or a combination of the following data transfer technologies:

·         NFC

·         Bluetooth and iBeacon technologies

·         QR codes


MOBILE WALLET APP DEVELOPMENT: SERVICES & PROCESSES

The development of wallets for mobile devices is a process comprising different steps. Usually, development is divided into discovery and development stages.


1. DISCOVERY STAGE

The discovery stage is an essential part of app development. During this process, companies identify their business needs, identify them with technical requirements and match them with technologies available on the market. 


2. DEVELOPMENT STAGE

During the development stage, the coding itself happens. Developers create the code base of your application, integrate it with third-party solutions, and implement custom features. 

The development stage is traditionally divided between a number of phrases:

·         Coding – code base creation, integration with SDKs, APIs, etc.

·         QA & Testing – thorough application testing to identify any bugs that might interfere with the app’s use.

·         Deployment – release of the developed app to the market.

·         Ongoing development & Support – working on further app iterations, the addition of new features and platform support.

Learn more about how to make a mobile wallet app here.

Comments

Post a Comment

Popular posts from this blog

HOW TO MAKE A CLOUD-BASED APPLICATION: STEP-BY-STEP ACTION PLAN

Image
  Cloud technology has entered the world far and wide.   Many companies are inspired by such popularity of the technology and are starting to think  about how to make a cloud-based application .  You can  develop a cloud-based application  in six steps: Step 1: market research The first step of the cloud  application development process  is studying the market landscape and your competition. Analyzing competitors is one of the best ways to validate a project idea since they are a valuable source of real-world evidence. Step 2: hire a development team Cloud-based application development  is a complex process that requires the involvement of highly experienced technical specialists. When it comes to hiring a   cloud application development companies , you have a few options: Freelance developers, In-house developers , Outsource company. Step 3: decide on functionality Depending on the purpose of  cloud-based application development , you will need to decide on the app’s fu
Read more

How to Make an App Like Uber?

Image
  How to Make an App Like Uber: Features and Tech Components [2020] Today, Uber is available for both Android and iOS all over the world. The company managed to bypass a lot of its competitors. In January 2019, people in New York took 462,113 Uber rides per day. The number of taxi rides was 271,135 and 149,142 rides served Lyft, one of the main competitors of Uber. As you can see, Uber services two types of users: passengers and drivers. The main technology of an app like Uber is the extensive use of geolocation. Other important features include push notifications, integration of payment gateways, and route building. Aside from integrations, the development requires you to choose other technologies and programming languages. You can use the Swift and Kotlin programming languages for iOS and Android development accordingly. As for the app’s backend, you can use a number of languages, including Python, Java, PHP, Ruby on Rails, Node.js, etc. When discovering how to make an app like U
Read more

How to Start a Netflix-Like Streaming Service In 2021?

Image
  Learn   how to create a streaming service like Netflix . Learn how to launch a streaming service with unique features. We'll quickly see how this is done. It’s no secret that Netflix is the leader in the video streaming industry. By April 2020, the video streaming giant had almost 183 million subscribers. In 2019, the company’s annual revenue reached 20.15 billion U.S. dollars. The best part? The demand for streaming services is growing, and most likely, it won’t stop any time soon. Now is the perfect time to create a streaming service like Netflix! But  how do you start a streaming service ? What is the right strategy to build an app like Netflix, and how much will it cost? In this post, we will try to address all those questions. But before you go any further, check out some facts and statistics about Netflix. Let’s begin! Netflix Facts and Statistics To help you find out more about the media industry leader, below are some interesting facts and statistics about Netflix you sho
Read more