What is the Digital Mobile Wallet App?

A digital mobile wallet app is a digital version of a traditional or physical wallet. Users can use a digital wallet to pay bills, recharge mobile phones, book travel/movies, transfer money from one bank account to another, and more.

Digital mobile wallets app allows users to make quick payments online

Users can book train/plane tickets, complete mobile recharges, pay electricity bills, reserve gas bottles, etc. you can use digital wallets to

The digital mobile wallet app requires the user to add funds from a linked bank account

And these wallets are secure and can use for any transaction.

To make digital wallet transactions, the person must have a smartphone, a payment app like Paytm, and an Internet connection.

8 Key Features of a Digital Mobile Wallet App

1. Make payments to and from bank accounts

A digital mobile wallet app should allow seamless fund transfers to and from a bank account. In addition, getting into and out of a bank account from a wallet should be straightforward and convenient.

2. Make bill payments

You need to ask your fintech software development company to enable bill payments through the digital mobile wallet app. Rent, electricity, gas, mortgage etc., make the payments

3. Management of virtual cards

The wallet app should allow users to store their banking and credit card details with high security. It should allow people to add funds to their wallets with a one-click system. Additionally, users will have the option to remove or add cards to their list.

4. Payments made with contactless technology

Contactless technologies such as QR codes and NFC are becoming extremely common in retail chains. Integrating QR code and NFC functionality for your brand can be very profitable, considering your growth.

5. Quick self-registration

Digital mobile wallet apps have emerged to make people’s lives easier and speed up transactions. One way to accomplish this is to offer a quick self-registration process. Typically, when our fintech app developers create wallets, we follow this self-registration process:

Download the app

Follow the KYC process

Confirm the registration via OTP

Set password and log in

Connection cards

Add money to the wallet.

6. Prizes and discounts

Rewards and discounts are what turn unique users into loyal users. It would help if you offered tips and deals to your users for using the wallet while shopping or paying bills.

7. Analytics-Based Dashboards

In the wallet app, you can tell your users where they spend their money, upcoming bills, etc. There should be a dashboard with information on it. You can even go further and have a budget management and expense tracking module in the app.

8. Chatbot

Integrating a chatbot that tells users their account balances or transfers money from their bank account to the wallet and vice versa can benefit wallet app users.

Now that we’ve reviewed the features that every financial software development company integrates into their wallet application, let’s end the article by examining the technology stack that powers such a robust application.