5 Must-have Features for a Mobile Wallet App

Illustration for article titled 5 Must-have Features for a Mobile Wallet Appem/em

Thanks to the vibrant community of mobile app developers, millions of apps that serve unique purposes are accessible to smartphone users today. In domains like finance where legalities and tedious processes make transactions difficult, mobile apps are leading the way thanks to a plethora of apps that offer services like Payments and Banking.

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If you are a business or a bank that is looking to offer a payments app to cater to a wide range of customers, here are a few features you should look to incorporate into your app offerings:

- Security

This is the first and foremost feature that is looked for by users of mobile wallet apps. In an increasingly insecure internet where many websites are hack-prone, adding a few layers of security to apps can help businesses gain the trust and confidence of their customers to make more volumes of transactions through mobile apps.

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- Categorization

Businesses should look to develop apps that are more effective in handling multiple banks accounts and transactions that can be split between several credit cards. Such unique features help customers spread their costs across banks and thereby manage their payments comfortably. 

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- Rewarding System

Consumers always have inertia when it comes to adopting newer methods and processes. In order to promote their apps, businesses should ensure that the consumers who use a mobile wallet app are rewarded in order to encourage them to embrace this method more often.

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- Backup Facility

Keeping a backup of the user’s preferences and previous transactions on the device can help customers look up their past transaction without having to wait for a connection to the internet. Also, they can also help businesses serve customers on their basis of their preferences.

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 - Budgeting Tool

Budgeting tools can help consumers automate their spending based on their monthly budget. By setting due dates on their apps for the different essential services customers are subscribed to, users can be reminded of their payments whenever their salaries are credited to their accounts. Also, by knowing beforehand the liabilities for each month, consumers can plan their spending and use their finances judiciously.

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These are some essential features that mobile app developers should look to incorporate into their apps. For businesses looking to hire dedicated developers for this purpose, Openwave offers affordable options where the businesses can develop the entire app at a significantly lesser budget. We are a reputed mobile app development company in New York and have several reputed clientele across the world. 

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