Whether you do business online or in a brick-mortar store, or whatever is the size of your business? If you want your business to survive the shifting ecommerce landscapes, then opt for a mobile wallet application development today. A boost of mobile wallet application development will offer your business a much-needed advantage in the age of the smartphone.
Furthermore, ecommerce pundits over the web have also predicted the global mobile payment revenue to reach $780 billion by the end of 2017. Therefore, if you want to serve your smart customers relying on different payment models, better find an experienced mobile app development company (like Concept Infoway), and ask them to develop a powerful and secure mobile wallet application for your business.
But, before you opt for mobile wallet payment application development, there are some really important aspects that you need to consider, and they are;
First: What Kind of Payments Will Your App Support?
There are plenty of online payment modes and almost all the modern smartphones support them. Hence, be wise to choose the much-needed ones. Here are the most common mobile wallet use cases:
- Online Commerce Payments: This is when a customer decides to pay online.
- Mobile P2P Money Transfers: This is when money is transferred using smartphones.
- Point of Sale (POS) Payments: This is when a customer decides to pay at a storefront using mobile / contactless technologies.
Online commerce payments and mobile P2P money transfers can be easily integrated with the mobile wallet application, but there are four ways to enable POS mobile wallet payments, and they are;
- NFC (near field communication)
- Bluetooth and iBeacon technology
- QR codes
- Payment App
Second: Will it Support the Wearables like Apple Watch?
The market of wearables is gradually gaining the pace; and by the end of 2018, it is expected to hit the landmark of $19 billion. Therefore, if you really want to develop a futuristic mobile wallet app, then your payment application should support iOS and Android wearables.
Third: How to Ensure a Secure Mobile Wallet App?
Your wallet application has to be secure, because according to a survey more than 50% of participants rejected the use of a payment application due to the security reasons. Furthermore, losing their phones, smartphones getting hacked or payment data stolen during a transaction are some other factors that add fuel to the fire.
There are several strategies to enhance mobile application security including;
- Application white listing
- Ensuring transport layer security
- Strong authentication and authorization
- Encryption of data when written to memory
- Sandboxing of applications
- Granting application access on a per-API level
- Processes tied to a user ID
- Predefined interactions between the mobile application and the OS
- Requiring user input for privileged/elevated access
- Proper session handling
Keep the above-mentioned points in mind while developing a mobile wallet app from scratch. During the payment app development, if you find anything out of your scope, then feel free to contact our iPhone and Android App Developer for advice or help. We can also help you with native as well as cross-platform mobile wallet app development within your budget.
If you have any app idea in your mind, we invite you to discuss it with our app developers for free. Moreover, we will also provide you a free quote and estimated development time.