With cash usage declining significantly, there is a digital payments revolution going on. Today, people can transfer funds domestically and internationally with just their smartphones. With Internet penetration rising, entrepreneurs can mint more profits? Wonder how? You can begin mobile wallet development and transform money management.
Unique digital wallet solutions offered by an app development company are
KYC verification – Users need utmost safety while sending and receiving money. Hence, they must undergo Know Your Customer (KYC) verification. Members should share details like age, location, ID proofs, name, and phone number. Moreover, biometric verification will prevent fraud and misuse of funds.
Numerous financial services – There is no need for people to crowd in a bank. An e-wallet creation enterprise will provide users with multiple solutions. It comprises booking hotel, movie, and travel tickets, integration with debit and credit cards, getting credit scores, payment of utility bills, and recharge of data plans. Besides that, customers would get hefty discounts and offers on certain products sold on e-commerce platforms. They can also opt for Buy Now Pay Later (BNPL) schemes to repay cash for purchased goods in installments after a period.
Creation of different mobile wallets – Generally, there are 3 types of phone-based wallets. It includes open, closed, and semi-closed. Users can choose any kind as per their wishes. They can use options like integration with their bank accounts and QR code scanning for sending and receiving the money to themselves, merchants, and others. Additionally, payers and payees can check the account balance and transaction history 24x7x365.
Integration of numerous security measures – Unquestionably, hacking, phishing, and ransomware attacks are on the rise. Users can shield their precious funds by following security steps like end-to-end data encryption, fingerprint and OTP verification, and two-factor authentication (2FA). This will ensure hassle-free contactless payments.
The digital payments industry will grow to a value of $11.29 trillion in 2026. It will grow at an annual rate of 11.21% for the next 5 years. Entrepreneurs can tap into this trend now by commencing mobile app development. They can contact an app solution provider and turn wealthy in no time.