Looking at today ’ south statistics, the prediction seems quite plausible. right nowadays, an estimated 2.8 million people are already e-wallet users. 2020 alone saw over $ 1 billion in transactions .
There ’ s no denying—digital wallets are the future of finance. not surprisingly, this niche is attracting everyone, from independent developers to Silicon Valley technical school giants .
Standing out in this increasingly competitive market will be tough for a modern e-wallet app. But it ’ s wholly possible, and it starts with getting these identify features right.
Frictionless self-registration
Like any fintech app, registering for an e-wallet app should be promptly and effective. This is crucial if you want to maintain a great user experience ( UX ) .
One of the key ways to achieve this is to make the registration process easy for the drug user to conduct independently, with minimal outside help .
This might seem counterintuitive because you ’ re efficaciously leaving your customers to fend for themselves. however, some studies have shown that your users actually prefer it that manner. For example, a ZenDesk survey showed that 67 % of respondents prefer self-service over homo reach .
hera ’ s what a typical self-registration march looks like :
source : decode
The KYC ( Know Your Customer ) work is arguably the most critical step here. not only is it required by rule, but it can besides contribute to a safer exploiter have. It achieves this by identifying legitimate users from fraudsters and bots .
KYC is crafty, however, as it can add extra time and friction to the adjustment procedure .
generator : Get ID
You need to be mindful while implementing KYC and make it palatable to users. A key way is to minimize the steps or requirements involved .
Venmo, for exemplify, only verifies your bank account without needing any far documentation .
Apple Pay is even easier, as it only asks you to link your accredit card ( although the poster issuer might have extra confirmation processes ) .
Another tactic you can use is merely requiring document confirmation for “ good ” users who want to unlock higher transaction limits or early perks. One good exemplar of an app doing this is the Skrill wallet .
Making data entrance effortless is essential for effective UX, and it applies to e-wallet registration as well. For example, alternatively of manually entering credit menu information, it ’ second better to support calling card scan .
reference : Microblink
Setting up your e-wallet security is all-important, but you should besides make it a quick as potential .
An easy means to do this is to use the telephone ’ s native authentication technology, such as Face ID with io devices. This approach eliminates any extra setup .
But a frictionless self-registration international relations and security network ’ thyroxine limited to just users. It ’ mho significant to make it seamless for merchants vitamin a well. Doing this is a big way to attract more retailers, which, in turn, again helps get you more users .
The malaysian e-wallet Touch ‘ newton Go offers a adept case of a frictionless merchant registration process .
informant : touch ‘ north Go
eminence that the document requirements are relatively minimal, needing just the commercial enterprise license and a trust statement. furthermore, registration is free, and the merchant even gets subsidies and early incentives to sweeten the deal .
Thanks to its easy onboarding process, the Touch ‘ newton Go platform has over 410,000 merchants where the wallet can be used. No doubt, this has played a part in helping the app garner over 16 million users .
One important lesson here is to include businesses of any size, as Touch ‘ normality Go did. They evening accept individual traders who sell items colloquially .
reference : contact N ’ Go
At the heart of it, though, frictionless self-registration international relations and security network ’ triiodothyronine that different from a great onboarding sequence. The lapp principles can be successfully applied to both of them .
For more app onboarding tips, check out our excellent articles here and here .
Analytical dashboards
A well e-wallet is more than equitable a way to make payments. It should besides help users track their spending .
Overspending is a big problem worldwide. For exemplar, a US Federal Reserve survey revealed that 25 % of its respondents couldn ’ t pay their monthly bills systematically due to constantly exceeding their budget .
It ’ mho besides one of the circus tent reasons people get into debt. A study in Singapore confirms this, and the situation everywhere else in the world international relations and security network ’ t that far off .
source : SG Best Investments
By allowing your users to track their spend with your e-wallet, you ’ ll help them avoid overspending and going into debt. This is the best way to retain them long-run .
now, your e-wallet doesn ’ metric ton need to become a full-blown personal finance app to help your users track their spend ( although that would be good if you could do it ) .
even incorporating just a few basic features can go a long manner .
At the very least, your app should have transaction history, like this one by Paypal :
reservoir : personal computer Mag
This is crucial for tracking not only expenses but besides the cash flowing into the e-wallet. This is invaluable for people who receive salaries digitally, such as contractors or freelancers .
What ’ s more, they ’ rhenium vital for enabling users to catch any unauthorized transactions or potential breaches .
To make your transaction history even more helpful, you can visualize it for your users .
Doing this gives people a better glance of their outgo habits and patterns .
For case, Apple Pay provides a chart of a drug user ’ s casual spend over a certain period. Users can besides categorize their spend for easy review late on .
generator : apple
finally, the count of transactions in a distinctive e-wallet will become consuming. frankincense, it ’ second besides well to incorporate a way of searching through the data .
A estimable example is, unsurprisingly, Google Pay .
The app ’ sulfur analytics splashboard, called Insights, allows users to search through transactions intuitively. so, for case, type in “ food ” and the app will list all the expenses related to food .
source : The scepter
Google Pay Insights even has a Goal feature of speech where users can set goals and monitor their outgo against them .
indeed, the analytics of most e-wallet apps are not ampere feature-rich as consecrated personal finance apps. Nevertheless, the respect is in providing basic so far all-important fiscal management options handily.
Read more: Minting COIN: principles and imperatives for combating insurgency – Document – Gale Academic OneFile
Integration with various devices
The best e-wallet apps indigence to be future-proof. That means thinking beyond smartphones and into the future big development of mobile wallets —wearable requital devices .
wearable payment technology allows devices to transmit payments good like smartphones do, but with greater appliance .
There ’ s no need to whip out your phone—simply tap your watch or ring near the proofreader .
Thanks to the popularity of the Apple Watch, Fitbit, and their many copycats, the clothing payments commercialize is on a strong growth trajectory. It ’ sulfur now worth an estimate $ 43 billion as of 2021 and is projected to hit $ 1.37 trillion by 2027 .
source : Payments Cards and Mobile
If you want your app to stay innovative and benefit from this course, it ’ randomness all-important to consider multi-device integration early on .
Apple Pay was one of the first payment apps to realize this. They designed the app to work on about any Apple mobile device, Apple Watch included .
Paying via the smartwatch is flush more convenient, thanks to its wrist signal detection sport. That means there ’ s no need to enter a passcode if you want to pay deoxyadenosine monophosphate farseeing as you ’ re wearing the device .
source : apple
Another approach is using a payment device entirely for initiating transactions at contactless readers or POS machines. Everything else, like loading or report management, is handled through the app .
A full model of this setup is Purewrist .
source : Purewrist
Another variation is the Fuze Card, a card-shaped device that stores payment information. A smartphone app scans credit menu information then saves it to the Fuze Card via a dongle. then, to pay, simply swipe it good like you would a regular credit card .
source : Fuze Card
Devices like Fuze Card and Purewrist are more commodious and durable than using your smartphone. Most are raincoat as well, which makes them suitable for paying in venues like bars or pools .
careless of how you follow through device integration with your e-wallet, it ’ mho something that you should prepare for as these devices are certain to attract more users in the future .
Ease of transactions
so far, we ’ ve been talking about utilitarian features for e-wallet apps. however, there ’ s one critical expression you should consider a must-have : still of transactions .
In early words, sending money from an e-wallet to anyone should be equally frictionless as potential. Get this improper, and it could hurt your app ’ randomness drug user experience dramatically .
First of all, sending payment from one e-wallet to another should be instantaneous, assuming there are no problems with the transaction. At most, it should only take a few minutes .
future, sending payments should ideally require minimal information. For case, the digital wallet pioneer Paypal only asks for a person ’ sulfur electronic mail address. Venmo follows a similar process .
true, it gets more complicate when sending payment to a third-party entity, like another fintech platform or a bank. But even then, there are ways to make the transaction placid .
A good model is Zelle, an e-wallet focused entirely on sending money between friends and syndicate. It ’ s available both as a standalone app or integrated into over 100 trust apps .
reservoir : personal computer Mag
The popularity of Zelle is due to how easy it is to send money .
Funds are sent straight to a person ’ s deposit account and not through a contact, unlike distinctive platforms like Paypal or Venmo. That eliminates the supernumerary time of moving funds to a savings bank score manually .
The recipient besides gets the funds mechanically without confirming through the Zelle app. In fact, they don ’ triiodothyronine even need the app at all. They plainly need to enroll their account with Zelle .
Bills payment is besides a great feature to have on an e-wallet app. alternatively of users having to enter each utility ’ south requital details manually, you can allow them to pick the corresponding bill from a list of categories .
Google Pay ( specifically in India ) is a good model of this feature in action .
source : UPI Payments
You can even integrate automatic circular payments or reminders into your e-wallet app to make it even more useful .
Beyond these basics, there are even more advanced features to offer for your drug user ’ south profit .
The popularity of Venmo, for exemplify, was thanks to its commodious features such as rent payments. Paypal ( with a debit menu ) besides allows users to withdraw their funds straight from an ATM .
The key to achiever with e-wallets is to look at how your users are sending and receiving payments. Is there a pain point there somewhere ? That ’ s what your app should tackle .
Safe data backup
E-wallets house fabulously sensitive fiscal data, so it makes sense to back them up regularly. This is particularly dependable with crypto wallets since it ’ ll be future to impossible to recover them in casing of larceny or loss .
There are two approaches to backing up wallet data : on-line or offline .
Online backups often involve exporting the data, such as secret keys, into a file, then storing it securely in a cloud waiter. The advantage of doing this is that it makes it easy to move your wallet if you switch to a new smartphone .
You can besides export transaction histories and statements with most e-wallets, such as Apple Pay. This is capital if you prefer to work with hard copies .
informant : Tidbits
note, however, that some wallets don ’ t export medium data .
Apple, for case, doesn ’ metric ton back up Wallet data to iCloud. unfortunately, that means you besides can ’ t restore your wallet data should you lose your earphone. While it ’ mho done for security purposes, it can be a harass .
Offline backup is another viable option, but it ’ sulfur normally seen only with crypto wallets. The theme is to store private keys into an offline hardware device, such as a dongle or card, to isolate it from the Internet and frankincense make it unhackable .
A good model of this is the FuzeW Card, a hardware wallet specifically designed for storing cryptocurrencies, but not transactions .
source : Fuze Card
Of run, the drawback is that if you lose the device, you potentially lose the wallet data ( and the cryptos ) there everlastingly. It ’ s a bad stake, but if you take the necessary precautions, it ’ s the safe option .
As you can see, data accompaniment might be a all-important sport of e-wallets, but it isn ’ t as widespread or well-implemented even. On the other hand, that gives you a better opportunity to succeed.
Knowing is just the beginning
Figuring out the key features your e-wallet app needs to stand out is just one separate of the equation. The other is implementing it—and that ’ mho where the veridical challenges begin .
fortunately, you can make your life easier by partnering with an app representation that ’ s already been there. And with our extensive know in the fintech app space, we believe DECODE is the arrant fit for the role .
ready to bring your e-wallet app to reality ? Contact us today !
