Begin Mobile Wallet Development and start a Fintech revolution soon/ Process transactions digitally by initiating Mobile Wallet Development

 The digital economy is growing significantly now. With people having smartphones and access to the Internet, e-wallet usage is reaching enormous heights. Sending and receiving funds domestically and internationally, booking tickets, recharging bills, etc can be done with ease via digital payment solutions. Hence, this is an apt time for entrepreneurs to start mobile wallet development. 

 

Why is it right to initiate Mobile Wallet App Development? 

 

  • Millennials are most likely to use online wallets for handling money. Proficiency with technologies like Near Field Communication (NFC), One-Click Payments, and QR code scanning.


  • Besides that, factors like the availability of Point of Sale (PoS) devices in Kirana stores, the sale of products on e-commerce platforms, and plenty of cashback, discounts, and offers will help customers to reduce their dependence on coins and notes. 

 

 

  • Overall, the digital payments industry would grow by 19.4% over the next 7 years. From $68.04 billion in 2021, the industry is predicted to cross a value of $236.10 billion by 2028.  

 

What are the top 5 popular e-wallets right now? 

 

Apple Pay - If there is a viable alternative for physical cash, it has to be attributed to the emergence of Apple Pay. Today, users can execute transactions at retail outlets, add any number of credit, debit, and prepaid cards to their mobile wallets, and safeguard their data with end-to-end data encryption and unique transaction codes. They will benefit from a touchless experience and multilingual technical support. 

 

Google Pay - GPay arose in the market in January 2018 and disrupted the world. Both payers and payees can utilize features like claiming and renewal of health insurance plans, scratch cards, split payments, and recharge of mobile data plans. Moreover, they can get coupons and rewards by integrating Google Pay with different food delivery platforms and ride-hailing apps. 

 

Additionally, they can protect their financial data with options like fingerprint verification, password protection, screen lock, and two-factor authentication (2FA). 

 

PayPal - If Fintech is trending now, it is due to PayPal’s origin in December 1998. The American platform started the tendency of electronic money transfer. Therefore, it was a suitable alternative to cheques and money orders. Today, PayPal can be used by individuals and business enterprises in every nook and corner of the world. 

 

They can tap options like link and pay with card, self-checkout, addition and deletion of debit and credit cards. Entrepreneurs can ensure a safe financial experience for users. 

 

You can incorporate measures like buyer protection for shopping from e-commerce platforms, HTTPS based authentication, integration with Transport Layer Security (TLS) measures, key pinning, security key, 24x7 fraud monitoring, One-Time-Password (OTP) based authentication, and Know Your Customer (KYC) verification. 

 

Paytm - India’s tryst with fintech began with Paytm’s launch in 2010. It has grown from a small startup to a big giant today. The Noida-headquartered platform is also going to come out with an Initial Public Offering (IPO) worth 18,400 crores soon. 

 

Business enterprises and individuals can pay their utility bills and purchase flight and movie tickets. Moreover, they can invest in exchange-traded funds (ETFs), mutual funds and stocks, purchase gold, claim and renew insurance policies. 

 

Paytm has also come out with various divisions for e-commerce, wealth management, and transferring money to bank accounts and digital wallets via Unified Payments Interface (UPI). Besides that, organizations can use options like generation of e-receipts, integration with Point of Billing (PoB) software, publishing of advertisements, and managing their operations via real-time reports.

 

PhonePe - “Rapid growth in a short span” is ideal to describe the success of PhonePe. Since its launch in 2015, PhonePe has crossed 100 million downloads on Android. Users can recharge data plans, get silver bars and coins delivered to their homes, process transactions at both offline and online outlets, buy food and groceries, and renew a variety of health and vehicle insurance policies. 

 

PhonePe has also made its entry into the Mutual Funds (MF) and online investment industry. Individuals can allocate their funds such as debt instruments, equity shares, tax-saving instruments, and gold. Moreover, they can prevent fluctuations by opting for hybrid funds. As a result, savers will get twin benefits like capital appreciation and stability without any risks. 

 

How will digital wallet development benefit entrepreneurs?

 

Industry-compatible solutions - It is quite easier to handle funds online than managing heavy bags of cash. Hence, techpreneurs can target a variety of industries like educational institutions, food and grocery delivery, healthcare, telecom, transportation, logistics etc. 

 

This will help in offering B2B and B2C payment solutions such as the creation of salary accounts, filing of personal loans, payouts to nodal accounts, integration with Application Programming Interfaces (APIs), QR code scanning, setting up of a Point of Sale (PoS) software, and split payments.

 

Numerous sources of revenue - Entrepreneurs can easily build their wealth by owning a mobile wallet. They can levy account maintenance charges, deposit and withdrawal fees, repayment of debit and credit cards, a transaction processing fee, and transfer charges for the national and international moving of funds. 

 

Wrapping Up

 

As digital payments create a cashless economy, entrepreneurs cannot afford to miss this big chance. The future of online transactions would focus on compliance with laws related to privacy, data protection. Besides that, incorporation of technologies like Artificial Intelligence (AI) and Machine Learning (ML) will help in fraud detection and understanding user behaviour. 

 

Payment initiation services via Application Programming Interfaces (APIs) and tie-ups with financial institutions and small businesses will boost the future of this industry. Therefore, techpreneurs can start Mobile wallet development by tying up with an app creation enterprise soon. 

 

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