Mobile Wallet App Development- a Detailed Guide for Your Payment Solutions
“Mobile devices, high-speed data communication, and online commerce are creating expectations that are convenient, secure. Real-time payment and banking capabilities should be available whenever and wherever they are needed.” – Jerome Powell
Introduction The recent trend saw how popular mobile devices are. The use of these devices broke all the boundaries and set new standards. With business getting online and more and more people too are going online. As a result, money also is finding its way Online. While the number of countries, promoting an online mode of payment is growing day by day, it is appealing to masses too. According to ECommerce News Europe, an online business magazine, the countries preferring online mode of payment is increasing.
The online business magazine published a report which shows the online mode of payment of the top three countries of Europe. Such is the craze for the online and mobile-based ballet payment systems. And the most exciting part is, this number is increasing at an astonishing rate. Sensing the appropriate time of developing a mobile ballet application, lots of business are getting attracted to this new exciting area of business. If you are one of them, be with this blog. You are going to find ”Gold Nuggets” as this blog about different aspects of Mobile app development and wallet development
The Concept of Mobile Wallet Before we move further, ‘let’s look a fantastic journey of mobile wallets till date how this system has evolved itself from the lenses of history. This incredible journey of mobile wallets has left its mark. Mobile wallets app means the ”digital wallet present on your mobile phone”. This digital wallet is safe, secure, fast, handy, and above all, easy to use.
A Detailed Guide of Developing Mobile Wallet App If you are the one who is planning to have your mobile-based Wallet application, you need to plan the app to give its blueprint to Mobile App Development Company. The Mobile Wallet application can be of different forms. Separate wallet applications are meant for different uses. So, ‘let’s discuss step to step methodologies for developing a mobile wallet.
1. Decide the Type Based upon the method of payment used by mobile wallets, there are four categories of Mobile Wallets apps (a) Wallets Dependent Upon Communication Provider: The end users use Communication provider for any transaction.
(b) Wallets That Use Sms for Approving Payments: Transaction is approved using SMS from a bank account, debit card or credit cards. (c) Wallets That Use Mobile Web Payments: Payment can be received through the Mobile App. (d) Wallets That Use Near Field Communication (NFC): This type of mobile wallets get used for fast payment. Special chip is used in mobile devices to process the payment.
2. Decide The Technology Based on the uses and number of users, technologies are different for a different type of Mobile Wallets. Successful Business Mobile App have the right technology. So, you should follow that trend carefully. (a) Direct Career Billing This technology is mostly used for a small base of users. The wallets which use Direct Career Billing are dependent upon the communication provider for their transaction. Also, this method of payment is most traditional and been used for years now. The technology lets users make a purchase with the help of their phones without the necessity of entering the date of credit or debit card. For example, small scale business like laundry services can directly deduct the payment from the ‘users’ mobile balance. This form of mobile wallet payment lets the users as well as the seller to complete the transaction most conveniently. (b) QR and BAR codes Another technology which is very successful in Mobile Wallet arena is QR and BAR Code. This method lets the user scan the QR code for making the payment. The mobile devices which support the QR and BAR Code comes with inbuilt camera scanner which lets the device identify the right point of sale. Many shopping malls, as well as small scale business, use this type of Mobile wallet because it is easy to use process.
(c) Near Field Communication NFC means Near Field Communication. Any device compatible with this technology can communicate with other devices which can support NFC. This technology is contactless remote technology which can communicate with other devices within a distance of 10 cm and provide users a secure and contactless payment. The practical method of NFC and Bluetooth is the same, but the big difference is speed. NFC allows connecting with other devices within one-tenth of a second. Talking in terms of disadvantages of NFC, it is expensive to develop and maintain. For larger companies such as Starbucks, they have designed their own NFC. But for smaller and startups, it is sometimes hard to support such expensive technology. Apart from expensiveness, security concerns have also been reported in NFC. If reports to be believed, NFC is better and safer than usual card payments, but it is not 100% secure. Mobile phone hacking makes the system vulnerable to data theft.
Click here to read more