With the advent of mobile devices and the growing popularity of digital transactions, more and more people are using digital wallets as a convenient and secure way to manage their finances. According to a report by Statista, the global digital payments market is expected to reach over $8.6 trillion by 2025, up from $3.9 trillion in 2020.
This growth is being driven in part by the increasing adoption of digital wallets, which are expected to account for a significant share of the digital payments market in the coming years. With the adoption of online transactions, there is a need for digital wallet app development to provide a seamless payment experience for customers.
In this article, we explore the benefits of choosing a vendor for financial businesses and consider how to choose the right software provider, according to specific needs.
Things to consider before choosing a digital wallet app development company
Building payment software from scratch can be a daunting task that requires significant time and money resources. That’s why financial companies cooperate with experienced software providers to speed up the digital wallet app development process and launch the payment product faster.
However, with so many fintech vendors available, it can be challenging to choose the right one for your business. Here are some tips to help you choose the best solution for your financial business:
Features and functionality
The digital wallet app must have a range of essential features, such as the ability to store multiple payment methods securely, allow easy transfer of funds, enable users to view transaction history, and offer robust security measures to protect sensitive financial data.
Moreover, the app must have advanced features such as biometric authentication, real-time notifications, loyalty programs, and integration with third-party services such as bill payments, online shopping, and peer-to-peer payments. Choosing a digital wallet app development company that offers a range of features and functionality ensures that your app meets the demands of the competitive financial industry.
Customization options
A pre-built solution may not offer all the features and functionalities that your business requires, so customizing the app will ensure that it meets your unique needs.
By customizing your digital wallet app, you can also create a differentiated user experience that sets your business apart from your competitors. Your app can be tailored to reflect your brand’s unique identity, creating strong brand recognition and brand loyalty among your customers.
Security features
Security features are critical when choosing a digital wallet app development company. A secure app can help protect your services against fraud, comply with regulations, build customer trust and loyalty, and safeguard the reputation of the financial business.
For example, digital wallet apps need to comply with regulations such as PCI DSS, KYC, and AML to ensure that customer data is protected and financial transactions are secure.
Integration capabilities
Integration capabilities are extremely important for payment companies because e-wallets require seamless integration with various financial systems, payment gateways, and other third-party services. This software needs also to be able to integrate with a variety of systems and platforms to provide a smooth and efficient user experience.
Therefore, choosing the right digital wallet app development company is an essential step for the success of your financial business. By following the above tips, you can find a reliable and experienced company that can develop a high-quality and customized digital wallet app for your business needs.
Emerging trends in digital wallet development
The digital wallet landscape is no longer a static environment. It’s a dynamic ecosystem brimming with innovation constantly reshaping the way we interact with money. Here’s a closer look at some key trends your app should consider to stay ahead of the curve:
- Contactless payments
Contactless payments using Near Field Communication (NFC) technology have become increasingly common. However, the future promises even more seamless transactions with biometric authentication, using fingerprints or facial recognition, for faster and more secure authorizations.
- Wearable tech takes center stage
Smartwatches and fitness trackers are evolving into miniaturized financial hubs. By integrating your digital wallet with these wearables, you can make secure and convenient on-the-go payments. This means you can easily pay for things like a coffee or public transportation with just a tap on your smartwatch or fitness tracker. Imagine being able to pay for a gym membership using your smartwatch or buying groceries with a simple tap of your fitness tracker.
- Cryptocurrency integration
Cryptocurrencies are steadily gaining mainstream adoption. By incorporating crypto wallet functionality, your app can cater to a tech-savvy demographic looking to manage their digital assets alongside traditional currencies. This opens doors for features like seamless crypto exchange, peer-to-peer crypto transfers, and even bill payments using cryptocurrency.
- Open banking innovation
Open banking regulations are revolutionizing financial services by allowing users to securely share their financial data with third-party apps. This paves the way for a wave of innovative features within your digital wallet. Imagine offering personalized financial advice based on a user’s spending habits or enabling automated budgeting tools that seamlessly connect to their bank accounts. Open banking empowers you to create a holistic financial management experience within your app.
- The rise of the “super app”
The idea of the “super app” is gaining popularity. These comprehensive apps extend beyond just payments and strive to become all-in-one platforms for various financial services. Imagine e-wallets integrated with investment platforms, micro-lending services, and loyalty programs. By incorporating different features and utilizing partnerships within the FinTech ecosystem, your digital wallet can transform into a central hub for managing finances, simplifying users’ lives, and encouraging long-term engagement.
By embracing these emerging trends, your app can establish itself as a leader in the evolving digital wallet landscape. Remember, it’s no longer just about providing basic functions. It’s about creating a smooth, secure, and innovative user experience that meets the ever-changing needs of a technology-driven generation. The future of payments is brimming with possibilities, and your app can lead the way in shaping it.
SDK.finance digital wallet app development company
With SDK.finance digital wallet app development company you can start your payment business faster, without starting from scratch. Save time and speed up your launch by having your financial application built on the pre-developed platform by a team of dedicated software developers.
The company provides software development services for all types of e-wallet apps such as closed, semi-closed, and open wallets, mobile and stored value wallets, and telco and cashback wallets.
The SDK.finance digital wallet provides the following functionality for payment businesses.
- Currencies management
Manage currency and issuer creation and the user’s statuses.
- Transaction fees and limits management
Set up commission types: flat fee, %-based, combined (flat fee & %-based).
- Pricing plans management
Create a set of tariffs for customers to choose from.
- Roles and permissions management
Control user creation, manage default roles and check back-office user log history.
- CRM & customer support
Get customer profile information and accounts, KYC-management, and default log of customer activity in the system.
The combination of pre-developed software and e-wallet app development services empowers our customers with the choice of how they need their solutions delivered and maintained. There are two versions of the digital wallet software: an affordable SaaS solution with a hybrid-cloud delivery and a one-time source-code license payment with full control. Both solutions provide the main functionality of the digital wallet product.
