The buzzword of digitization and the use of technology has become widespread. Every day, we see new technological advancements like AR/VR, robotics, or digital apps that make life easier.
Millennials and younger generations who grew up with technology expect top-notch experiences in managing their finance. Most of them don’t even use physical wallets anymore because smartphones can do everything, and even better. The demand for advanced, ultra-secure financial solutions that make seamless payments is increasing.
Business Wire predicts that the global e-payment system will reach a whopping US$ 9073.09 billion by 2025. This growth highlights the importance of payment systems worldwide. The Global Mobile Payment Market report indicates that the market is set to grow at an annual rate of 33% from 2019 to 2026, hitting $457.4 billion in 2026.
But beyond the numbers, what makes these digital payment solutions special? What makes users stick with them? Continue reading if you are curious to discover more. In this article, we’ll explore the features of digital payment solutions like e-wallet apps that make them the top choices in the digital wallet industry.
13 Essential Features for Your Digital Payment Solution
Financial businesses are exploring various application models to provide the best digital wallet solutions to their customers. The COVID-19 pandemic has significantly boosted the use of mobile wallets. Here are 13 essential features your app should have:
1. User-friendly Interfaces & Simple Navigation
Complex apps and transaction processes can frustrate consumers. It’s important to keep the interface intuitive and navigation simple for users of all demographics.
Remember, convenience is key for digital payments. Hence, avoid using complicated services prone to errors. Opt for digital payment platforms with simple, intuitive designs instead.
To achieve it, the app developers team can do the following:
- Make the design simpler with a modern, clean, and visually appealing interface.
- Use clear labels for each function of the app.
- Offer a tutorial or introduction for new users with clear pictures and easy instructions.
- Try out the app with real users to find and fix confusing parts.
- Keep making the app’s interface better based on users’ feedback.
Implementing these actions can lead to higher customer satisfaction and increased retention rates.
2. Enhanced Security
69% of digital payment users worry about security. It’s understandable because sharing sensitive financial details can lead to risks like fraud, hacking, and data theft.
So, users need to feel confident that their sensitive information and transactions are safe. Mobile wallet solutions can employ various robust technologies to enhance payment app’s security, including:
- Tokenization
- Passwords
- Biometrics verification
- QR code authentication
- Security questions
- Point-to-point encryption
- Out-of-band authentication
- One-time password (OTP) via SMS
Furthermore, you can educate users on best security practices, such as creating strong passwords and avoiding sharing personal information with third parties. Implement mechanisms for detecting and preventing fraud. Ensure compliance with industry standards and regulations like PCI DSS, GDPR, etc.
3. Multiple Online Payment Options
E-wallets like PayPal and mobile wallets such as Apple Pay and Google Pay aren’t the only ones gaining popularity. Statista reports that 47% of online shoppers use their smartphones to browse and make purchases.
Therefore, you need a payment gateway offering multiple payment options for both desktop and mobile platforms. This flexibility allows your customers to choose the most convenient payment method for them.
4. Scalability
The platform needs to expand as the requirements increase. With technology advancing and security standards becoming stricter, the payment gateway solution must be adaptable, scalable, and allow for improvisation.
5. Speed and Efficiency
In digital payment apps, achieving customer excellence relies on the speed and efficiency of transactions. Today’s customers have little tolerance for slow loading times or frequent errors. Quick and seamless transactions not only build trust and credibility but also increase the likelihood of users recommending the app to others if it meets or exceeds their expectations.
6. 24*7 Customer Support
In today’s world, consumers expect instant responses across any digital channel. Therefore, providing excellent customer support through various channels like live chat, email, and phone, available 24/7, is essential. These features ensure clients receive prompt assistance, fostering confidence and satisfaction.
You may also implement a chatbot an AI-based feature in your digital wallet solution to make your service available 24*7, eliminating the need to incur additional expenses on customer service staff
7. Virtual Cards Management:
Your digital wallet application should allow users to securely save their debit and credit card information. Users can add money to their wallets through a simple one-click system. Additionally, users should have the option to add or remove cards from their list whenever needed.
8. Customizability
Customizability is key in a digital payment app for users to personalize their app experience. Enable them to adjust account settings like language and notifications and choose authentication methods for security.
Customizable interface elements such as colors and font sizes enhance usability. This will make your digital wallet app more engaging and user-friendly. These features boost user satisfaction, loyalty, and app adoption, driving success in the digital payment landscape.
9. Connecting with Other Apps
Super apps are becoming more popular nowadays, and this trend is likely to continue. These apps let users do many things, even if they’re not related.
So, connecting digital wallet apps with other apps is important for offering top-notch customer service. For example, you can let your customers use your app with other apps they use often, like online shopping platforms and budgeting tools.
This makes paying for things simpler and helps users keep track of their money more easily.
10. Simple and Quick Self-Registration
Since digital wallets aim to save people time, effort, and hassle, self-registration should be easy and fast. Self-registration involves below steps:
- Download and open the app.
- Sign up by providing the required details like name, email, phone number, and ID.
- Confirm registration through OTP.
- Set up a password and log in.
- Connect a debit/credit card if required
- Add money and start using the wallet.
The registration process is the first impression of your digital wallet solution. Therefore, prioritize a seamless user experience for the self-registration process.
11. Rewards & Discounts
It may not seem important, but reward systems are now included in the majority of digital payment apps. Consequently, you can maintain your competitiveness and build customer loyalty by implementing a rewards scheme. You should offer your clients the best promos to use your wallet when making purchases or bill payments.
12. Analytics-Based Dashboards
Your digital wallet app should have a dashboard to offer clients critical information on where they are spending their money, upcoming bills, and more. You can even take it a step further by incorporating budget management and expense tracking modules within the app.
13. Auto-Savings
Automated savings in digital payment apps let users save money effortlessly. It encourages saving, improves financial well-being, may reduce spending, and adds convenience and a personal touch. This feature boosts customer loyalty and retention.
Conclusion
In today’s era, digital wallet solutions have become essential, offering users a secure and convenient way to handle finances. To stand out in this competitive landscape, you need advanced features that offer users various benefits. The above-mentioned features meet these requirements, making them critical in the modern market.
