Wallet apps are popular since they allow users to handle their payments using the app. A wallet app is one of the most popular type of payment app. So, if you are planning to start your own wallet app then it’s a good idea.

To help you move ahead, Bahaa Abdul Hussein discusses a checklist to help you build the best wallet app. These are things to keep in mind while developing a wallet app.

Convince your board members

Convince your board members about the need for wallet apps by showing them the key statistic of how the market is going to reach $5.25 billion

Know the user needs

Understand the need users have for a wallet app. Your app should be handy and convenient. It must have the best security features and offer zero-liability protection for the user.

Know the industries

Industries like the retail sector, media and entertainment, healthcare, consumer electronics, automotive, etc. are all welcoming the use of wallet apps. This has led to the popularity of such apps.

Know the types of payments offered

You need to know the types of mobile payments that you can offer. The payment types include:

  • QR Payments where a user scans the displayed QR code using the app to make the payment.
  • Phone number payment, where the user types the phone number of the recipient to carry out the transaction.
  • NFC or Near Field Communication payments where there is wireless communication between the POS terminal and the device that is NFC-enabled.

Know the technologies

To create the payment app, you need to know the technology used. The right technology will help make your wallet app unique.

  • P2P or Peer to Peer Payments is the most common technology used by top wallets like PayPal.
  • Remittances have been made possible thanks to the use of fintech. Blockchain is a key technology that will help in this area.
  • Co-branded credit cards would be offered by a card network like Visa/Mastercard along with a retailer. When co-branded cards are used, reward points can be obtained. It is now theoretically possible to use co-branded credit cards with wallets.
  • Digit wallets can even be used to make recurring investments like in the case of stock market and mutual fund investments.
  • It is important that the financial transaction happens seamlessly without any problems.

Partner with a fintech firm

Partnering with a fintech firm will allow you to use their expertise to create the wallet. Such a fintech company will be able to offer all that we discussed above. Bahaa Abdul Hussein is an expert when it comes to Fintech and payments. He will be more than happy to guide you if the need arises.

Thank you for your time. Stay tuned to www.bahaaabdulhussein.com