Your Go-To Guide to Build a Secure Mobile Wallet App
Saying E-commerce has become an important part of our lives would be an understatement.
In this tech era full of online stores and facilities, e-commerce may as well take remote control of our everyday routine.
Not a single day goes without the internet and its wonders. As everything has made an appearance online, one of the most amazing development has to be of Mobile wallet app.
From the last quarter of 2017, we witnessed that the mobile wallet app has turned into one of the fastest-growing digital products.
Now, in 2021 from a small vendor to shopping malls, everyone has availed the facilities of an online payment/wallet app.
Well as per Statista, the revenue of the global mobile payment app has increased from 450 billion USD to 780 billion USD. In the US itself, 45% of the consumer between the age group of 25–34 are using P2P payments. The next age group from 35–44 years has shown a 37% increase.
And as per the current reports from the Indian market, RBI confirms a 16% rise in mobile payment.
Moreover, with the coming of an app like Paytm or Google Pay, online wallet apps making things fall into place.
Why Should You Build A Mobile Wallet App?
More than 1.2 billion people have access to a bank account with payment capabilities. However,
you will also find more than 5 billion mobile phone users. That indicates more numbers of people have access to mobile phones than subscribers in banks.
This makes mobile wallet app development a good investment for startups and big enterprises.
A slew of mobile applications will give an amazing opportunity to financial institutions to increase their customer base.
These mobile payment apps are not a new thing. They have been in the market for a while now.
But with an increase in online payments in the last few years, these apps have gained a lot more popularity.
Almost every shop and enterprise today provide online payment options to its customers.
It is not only a safer mode but also an easier one. You don’t need to carry huge amounts of cash and there is less incidence of theft.
A mobile wallet app can turn mobile into a smart and more interactive device. It makes the world of online payments, vouchers, coupons and loyalty cards more rewarding.
But what you need to get started is a complete guide to building mobile wallet apps — and this may be the one you are looking for.
What’s the fuss about digital wallet apps?
What is so special about them?
Which industries can make benefit from e-wallets?
Well, I am sure some of these questions are already answered after the success of the apps like Paytm, Google Pay and many others.
It has particularly favoured some of the industries and I think that made the world go GAGA after online payment apps.
A mobile wallet app is nothing but a type of payment service/channel where the user sends or receives money using the smartphone.
It can store your credit/debit card information, digital currencies, tickets and loyalty cards, which you can use to make purchases at any time.
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