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Developing Mobile Wallet Application for all types of Payments

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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

  • NFC or Near Field Communication: Near field communication protocol enables safe, contactless payments between an NFC-enabled smartphone and a transmitter that is attached to a POS device.
  • Bluetooth and iBeacon technology: The iBeacon technology is a different way to shift data without using the Internet. Bluetooth 4.0-based smartphones and other gadgets communicate with an external BLE-transmitter, also called the Beacon

  • QR codes: They are often used as an alternative to the NFC. They are quite popular in today’s world.  Many companies that use this application allow customers to link their payment methods, encrypt them into a locked QR code which they store in the cloud and then it is scanned at the checkout.
  • Payment App: In this, established businesses e.g. FI and mobile payment providers consider partner with local merchants and carry checking out through their money transfer app


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

  • Online Commerce Payments: In Online commerce payments users want to pay online for goods and services and are provided a receipt.
  • Mobile P2P money transfers: It offers instant money transfers from a linked user’s bank account to another one.
  • The Point of Sale (POS): In this method, the payments occur at the storefront, in which consumers use mobile to settle the operation

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:

  • When it’s the Apple’s iOS, you might need objective-C language with Xcode, while the Android goes with Java and the Windows phone are much easier to handle
  • All the hybrid apps are making a beeline for the HTML5
  • The last thing you need to keep in mind is whether you want a responsive web app or the adaptive one.

These are some basics that will give you the practical route for development of your mobile wallet app.


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