The surge in mobile app technologies and easy availability of smart devices have disrupted the way people conduct payment transactions. The development of payment gateway solutions and exponential growth of the cashless industry in the past few years are the key derivatives of this technology penetration. Offering benefits of convenience and speedy transactions, the digitalized payment options are a growing trend, affecting every business and consumer.
E-Wallet has emerged as a convenient digital alternative to other payment methods such as credit/debit cards and virtual currencies. Simulating the regular wallet, replacing cash with digital money and physical cards with the card details, eWallet development is a significant breakthrough in the digital payment landscape. Billed as the future of the real-time payment industry, an e-wallet app makes money transfer and utility bill payments a lot easier.
Countering security concerns
Although e wallets are gaining traction, some misconceptions regarding their security and practicality as a service have made retailers and consumers wary of using e-wallet payment solutions. However, all fears and doubts can be dispelled with correct information.
Encryption technology: E-wallet payment providers employ sophisticated encryption technology to fortify mobile wallet security. The amount of time, computation cost, and patience to violate the advanced encryption algorithms make breaking the encryption without a key almost an impossible task.
This combined with robust security mechanisms can serve as double layered protection against hackers and other third parties.
Additional benefits of e wallets
- Accountability: It allows customers complete traceability of all of his/her transactions.
- Instant payment: E wallets allow quick and efficient transactions.
- Limited risks: In case if the device lands in the wrong hands, the crook will only have access to the funds placed in the e-wallet account instead of to an entire bank account.
Win customers through advanced features of e-wallet mobile app
Based on customer-friendly technologies like UPI solutions, digital wallets too are making strides in the payment industry. For any business, it is a great idea to have their own eWallet app and gain through its advanced features. Be it triggering customer engagement, promoting brand content, or encouraging targeted messaging, e wallets have tremendous potential. Let’s take a look at some features of e-wallet that can help you propel your brand marketing:
- Promotion tools: Marketers can use profile data to optimize offer redemptions, and behavioral data to reward loyal customers with higher discounts/promotions for the products they purchase the most.
- Regular notifications: You can notify your customers about cash flows through the accounts and also apprise them of new changes or important announcements.
- Online receipt: You can offer receipts on payment of bills. This will improve your credibility in the eyes of the customer and help users to keep a track of their expenses.
- Customer support: Customer support features like chatbots add up to the convenience factors that play a role in boosting customer engagement.
- Billing options: You can offer different billing options for electricity, movie ticket, gas, etc with a single click and with linked payment options like credit card and debit payment, you are sure to ease out paying process for the consumers.
- Reminders: Sending reminders to the consumers about their due payments or unused reward points can be very convenient.
- Location-based services: You can leverage geofencing to trigger push notifications when users are nearby.
The new possibilities offered by e wallets are appealing for various reasons – they are easy to integrate on multiple devices; can be used across channels; have user-friendly interfaces; pave the way for loyalty and marketing programs and much more. No wonder, with so many opportunities at play e wallets popularity is growing manifolds. If you want to develop an e-wallet solution of your own, connect with Mindgate Solutions.
Mindgate Solutions has been at the forefront of the payments revolution from its inception, an outlook that has made it a key global player in payments technology and transaction processing. From building new generation payment gateways to mobile-based collections and payments platforms like RTP & UPI, Mindgate has been the true leader in the space. We develop secure wallet solutions that can be optimized for high scale and volume and customized according to the specific company requirement. To know how we can develop a system for your payment needs, contact +91 22 6196 6196 or email us at sales@mindgate.in.