Important Tips To Consider While Developing a Wallet App

17 Feb 2017

There will always be a demand for competent solutions when itcomes to financial transactions. Entering the mobile app era, banks and individuals alike are more app-oriented even when considering ways to manage and complete their payments. An app that provides services that seek to accommodate its users and their payments is Paytm. The app is recorded to house 7 million transactions. Care to guess how much time it takes Paytm to register 7 million transactions? The answer is one day. Yep, Paytm is a platform where 7 million transactions take place daily.

That being said, it is understandable how a developer would want to replicate that success and incorporate a new app into the payment app scene. If you are looking to develop such an app, this article can serve as guide so that you know what to look out for and what to focus on during development. Following these suggestions will prove quite impactful down the road, when your app is complete:

Keep it light
The whole point of mobile applications that allow you to manage payments is that it is supposed to be easy and eliminate the hassle of more traditional means. However, if you make an app that just complicates things it completely beats the purpose of the app, so try to keep the app very simple to use. Your goal is to come up with an app that will serve its function in just a few steps.

Security
From the very beginning of the project you need to realize how crucial security is. Despite the advanced security perks that come with digitalization, it also opens a door for a new type of threat: hackers. Cybernetic attacks can cause a lot of harm, and when talking about a digital wallet type of app, it can be devastating. That is why security should be one of your top concerns all throughout the development process as well as after the app is finished.

Location based service
You should save your customers from having to go shop hunting. What that means is that they should gain access to information telling them exactly where your app can be used. By implementing a location based service that will alert them about nearby supporting stores and businesses, you can boost your app’s popularity because more people will know about more places where it can be used.

Payment status
Payment status will promptly update the status of each payment so that all parties involved know at each moment where their money is and what is happening to it. You can imagine that when a transaction fails or something goes south, your users will want to know what is happening. Leaving them in the dark will only cause them to have less trust in your app. Especially when talking about something as important and often times delicate as money transfer, you can’t expect someone not to want info on their transactions at all time.

Redeemable coupons
Redeemable coupons have seen a massive increase in the last couple of years, and it doesn’t show signs of stopping this year or next year for that matter. Through these coupons, retailers and marketers are able to pinpoint and focus on a specific group of consumers. It would be highly beneficial for your app to incorporate support for these coupons so that they can be scanned and redeemed through your service.

That being said, there is a bright future ahead for those that invest in this sort of app. Thanks to the current flow of things and how apps are becoming the center-piece to many businesses’ connection to the world, you can cash in quite a pretty penny through a payment app. App developers that put in the time and effort to come with a great solution and also alternative to Paytm can find themselves raking some serious coin as well as industry rep, which can open more doors in the future.

Conclusion
The reason for which there aren’t as many competent solutions as you might think, could be the fact that this type of app requires a lot of attention to detail due to the sensitive nature of its objective. If you take into consideration everything that we have gone over in this article, there is no doubt that you will be able to create an app like payment that will spark the attention of important clients. It is important to keep in mind that people are always looking for easier ways to do stuff, and by accommodating this demand you can easily secure yourself a sweet spot in the app market.

Pratik Gothaliya

Pratik Gothaliya is the Founder and CTO of Quest Infosense, A web & Mobile app development company. Pratik has accomplished over 9 years of experience in the software industry. Being an integral part of the company he assures uncluttered functionality for service or products development to clients. he promptly stands with unparalleled accomplishment for his clients and people.

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