In the United States of America, more than two hundred banks and retailers offer one or the other MWS or ‘mobile wallet service’
What is a Mobile Wallet?
A mobile wallet is an app that allows connecting and storing various types of payment methods similar to credit/debit cards or digital currencies. Other additional things like loyalty cards, coupon codes and so on might also be included for more functionality as well.
While approaching a mobile wallet application development, it is first decided whether to plan to offer just a single feature or to build a more complex custom solution that also allows users to disburse for goods, carry out P2P payments, bill payments and so on.
For instance, a Retailer App comes with a mobile wallet capacity. It allows users to store and redeem coupons, loyalty cards, bonuses. Retailer App comes as an objective solution or as a part of the online shopping app. Likewise, a Mobile Wallet App is developed specifically for cardholders of a definite FI. Also, an Intermediary mobile wallet and online payment App enables users to store and exercise a combination of cards.
While creating an app project brief for the developers, we must clearly outline the kind of mobile solution we are interested in, as the Mobile Wallet App development costs vary accordingly
Ways to facilitate POS mobile wallet payments:
There are in general four basic methods to enable mobile wallet payments
Different Types of Payment Methods
It is important to know the kind of transactions the system can handle and how should we design the ultimate UX based on the needs of users
Modern smartphones have countless inbuilt features that the Mobile Wallet App developers take advantage of like camera, Bluetooth, GPS modules (for determining location), fingerprint scanning for authentication and Real-time connectivity by Wi-Fi or cellular data.
So basically, there are following types of payment methods
The necessary technology for building the app
Like every plant needs water, so does these apps need the necessary software and technology for building them. As there are different mobile software and platforms, let us see which one to be preferred for them:
These are some basics that will give you the practical route for development of your mobile wallet app..