In the past few years, there has been a supreme revolution in digital financial services. Younger and millennials, digitally-native generations expect nothing but the most excellent when it comes to their financial life. Several have already forgotten about their physical wallets, as smartphones do the same job, but even better. Always empowered and connected by technology, customers these days need highly-secured, cutting-edge Digital Wallet Solution that make payments as simple as possible.
Digitization via smartphones has restored the usual wallets with e-wallet options. Digital wallets have digital editions of debit and credit cards of the user. They allow the user to make fast transactions with just a few clicks on their smartphone.
Digital wallet solution has garnered vast adoption in the online payment market as it enables worry-free transactions and eradicates the waiting time of money transfers and bill payments.
To build e-wallets, banks, financial enterprises, and financial institutions are testing and appointing every available application framework to deliver the most excellent experience to their end customers. Fuelled by the COVID-19 epidemic, the use of mobile wallets has increased greatly. Mentioned below are the features that must be included in the Digital Wallet Solution.
1. Outstanding Security and Privacy
In spite of the surging adoption, there are several merchants and individuals who have reservations in regards to mobile wallets. Users fear the prospective security threats as an e-wallet accumulates money and sensitive financial data.
An e-wallet Payment System should succeed the belief of its prospective customers and users by offering outstanding security. A digital wallet should offer security features, such as OTP, biometric, multi-factor authentication, and QR code for proper validation along with a fast, secure, and competent payment transfer.
2. Flawless Transaction with User-friendly Interface
Convenience is essential to any service today. Finishing a payment via a Digital mobile e-wallet solution/System must be smooth and quick as it is one of the key reasons for its enhanced adaption. For merchants in addition to individual users, an e-wallet app should have an easy-to-use interface and dashboard. It must allow them to track and manage all the transactions held through the wallet or other features. In addition, they must be able to add money to the wallet, check their balance, and access other in-app features.
3. Enabled with Navigation and GPS Tracking
Through mobile wallets, any business or individual can admit and get mobile payments no matter where they are. Navigation and GPS tracking are one of the vital in-built features of the e-wallet app as users can find people on their devices and make the payment with just a tap on the particular username. These assists save time as no account information is essential, and the transaction can be done competently.
4. e-KYC Compliant
e-KYC compliance is vital when developing an e-wallet solution as it serves banks and financial institutions to confirm customer identity and stay away from fraud. The conformity also plays an essential role in safeguarding regulatory support for the e-wallet contributor. To add more security to the KYC process, e-wallets are offering e-KYC with biometric solutions.
5. International Remittance
Apart from being a more suitable substitute for cash, e-wallets should allow their users’ cross-border transactions. International remittance via mobile wallets is usually cheaper as they frequently have lower fees and more competitive exchange rates. In addition, the Digital Money transfer solution from one e-wallet to another is fast as the only information the sender necessitates is the recipient’s email address.
6. Loan Origination
Loan origination is an important mobile wallet feature that meets the increasing demand for real-time, convenient banking. Loan origination entails instant approval supported by credit bureau integration, gathering integration with bank systems, customer application details, and more.
7. Chatbot Support
A chatbot is one of the most easy-to-use features that digital wallet applications must incorporate. Chatbots assist merchants in addition to consumers to ask queries and get assistance round the clock. Chatbots are usually developed in applications via artificial intelligence. Chatbot support can assist merchants and other businesses to stay connected with their customers round the clock without having to incur added expenditures on customer services staff.
8. Backup Facility
A backup facility is an essential mobile wallet feature that enables users to reinstate wallet data. Backup is frequently automatically entrenched within wallet apps for user data safety. The most excellent option is to offer several different methods to guard user data, such as sync data to iCloud, sync data to the Dropbox cloud, sync data via a local WiFi connection, built-in email wallet backup feature, etc.
9. NFC for Contactless Payments
NFC or Near Field Communication technology has powered payments that are contactless in the industry which at present is the necessity. It is comprehensively used by top digital wallet players. As per research, in 2015, the international NFC market size.
10. Rewards, Discounts, Coupons
The power of rewards and coupons is renowned among sales teams and marketers. Mobile wallets are the ultimate environment to offer deal-seeking customers these advantages in a relevant context. Thus, features that permit the easy creation and managing of discounts, coupons, loyalty points, tickets, etc. are vital for a digital wallet solution and can assist your mobile wallet app show up in the market.
Final Thoughts
Widely used for account security, electronic invoices, contactless payments. And stress-free transactions mobile wallets are adopted by businesses and customers increasingly all through the globe. MNOs, Panamax, Banks, and Financial institutions, MVNOs can offer e-wallets linked to their core systems to their users. It has cut down an e-KYC procedure for wallet commencement and allows users to send and receive money easily via simple clicks.