Life is no longer been the same ever since the smartphone era came into effect. With smartphones in hand, almost everything is made possible with just a few clicks. When life is no longer the same, why practice the cash culture anymore?
These days, the global businesses are in effect, the surge to develop mobile wallet apps is increasing each day. This caught the eye of the entrepreneurs, and so many mobile wallet apps are being developed.
This shows that the fintech industry is a booming sector, and there is no chance for a downfall. There were more than 2.8 billion mobile wallets in use last year, and it is expected to have a huge acceleration shortly. It is high time to develop a peer-to-peer mobile wallet alternate solution and grab your place in the fintech industry.
What Is A Mobile Wallet App?
A mobile wallet is nothing but an invisible purse that can be hidden in your smartphone. It helps to store unlimited funds and transfer them to anyone from anywhere. By using a highly secured mobile wallet, the fear of cut-purse is no longer in existence. It also serves as a record to store all the data of transactions made.
Workflow Of Mobile Wallet App
Users take up the registration process by submitting a few basic details. Once registered, the mobile wallet app of the user can be synced with the bank account. This enables the transaction process to happen via the app. It includes a collection of basic information like contact number, name, and other details. A series of steps are involved in the process of connecting the bank account with the mobile wallet app. A better user interface can direct the users through each step of the process.
Upon successful registration, users can send unlimited funds to anyone instantly. Users can also send payment requests to receive funds. Due to the convenience of the app, people are constantly using mobile wallet app for multiple transactions per day. To keep the record of the transactions made, the app itself stores all the history of the transactions made and received. This can be viewed by the user in the near future or at any time.
Recharging and Bill Payment
When your robust mobile wallet app is capable of multiple functions, why limit it to a few? Apart from fund transfers, the mobile wallet app can also be used to recharge mobile phones and pay bills online like utility bills, electricity bills, etc. With easy bill payments, users can no longer stand in long queues anymore.
Any transaction details and promotions, rewards, coupons, etc., are constantly notified to the user via push notifications. This retains the users in the app and invites many more. The instant notification can not only be used to display their activity in the app but also can be used for promotions and to share other information about the app.
With advanced technology, users can directly pay the shop vendors securely. These days as a fight against the pandemic, many shops practiced contactless payment mode. Thus advanced features like QR Scan and pay option were widely adopted by many people across the world.
How To Monetize Your Mobile Wallet App Development?
Choosing the revenue model is crucial to elevate your business to the next level. There are a variety of ways to generate income with the mobile wallet app development, and a few of them are listed below,
This model allows the users to enjoy the basic features of the app for free, while advanced features like cryptocurrency transfer, in-app chat, etc., can be subscribed with a small fee. This enables the users to enjoy the advanced features of the app.
When users utilize the mobile wallet app to pay bills, a small part of it goes to the app owner as a commission. This can be achieved by partnering with various third parties like mobile network companies, etc.
Affiliate Marketing model
In this model, you can connect with the banks and other financial institutions to promote their products and services in the banner space of your app. This can potentially increase the traffic in your app. Whenever a user visits your app and clicks on the ad, money is generated to the app owner. It is an efficient way to gain more profit.
To sum up,
It is no wonder that mobile wallet apps are gaining popularity rapidly. Taking safety and convenience into consideration, it is likely that the cashless era is about to be the new normal. A robust mobile wallet app that offers instant p2p transactions and many other benefits to the users can gain a large number of users rapidly. So without any second thoughts, get going with the mobile wallet app development and set your footprints in the fintech industry.