Mobile Wallet Apps: Why They Are Important and Their Benefits
There was a time when mobile phones were as basic as they could get, serving only rudimentary purposes like receiving and making phone calls and sending text messages. However, today, we have gone from ‘mobile’ phones to ‘smart’ phones. In this age, smartphones enable functions that we wouldn’t have imagined in our wildest of dreams. Among this, there is a critical function that requires adequate facilitation — something that is a fundamental part of human existence. Payments. Mobile wallet apps today have long come beyond just enabling payments between two entities.
Today, mobile wallet apps, or directly e-wallet apps, help people make financial transactions, be it in the form of cryptocurrencies, digital tokens, reward points. Moreover, unlike what some may be inclined to believe, mobile wallet apps have found users in industries other than retail. Take healthcare, for example; they come in handy in case of emergencies when people may not necessarily have the requisite cash on their person. In such situations, mobile wallet apps allow people to make payments and ensure they don’t get held up in the hassle of finding the cash during crucial moments. Also, given the dynamic nature of such apps, they come in handy in the telecommunication sector as well. For starters, users can pay their phone bills, recharge their phones with just a few simple taps instead of visiting their service provider’s physical store.
As you will witness, there are several uses of mobile wallet apps. Nonetheless, here are some more reasons to help you understand why your business would do well to have one in its arsenal too.
1. Customers’ convenience: No matter the industry a company operates in, it always strives to enhance its customers’ satisfaction. To that end, a mobile wallet app saves them from the inconvenience of withdrawing cash from the bank or the ATM and instead instantaneously make payments right from their mobile phones.
2. Security: Sure, there are apprehensions about the safety of online payments, but a robust mobile wallet app can help allay all those fears. Some of the leading ways such apps offer security is through the use of point to point encryption and bio-metric safeguards.
3. Loyalty programs: Mobile wallet apps are an excellent resource for a loyalty program. Businesses who want to attract and engage an increased number of users can make use of loyalty-based mobile wallet apps to offer reward points, store credits, shopping rewards, credit card rewards, and more. These can then not only be stored in the app but also used via the mobile wallet app to make purchases with the company.
As you can see, a mobile wallet app serves many purposes — all of them highly effective means for driving a business’ growth. However, remember, for it to be truly advantageous, the eWallet app development project must be undertaken only after the careful consideration of customers’ needs. So, it would also help to define the business goals and the features that you will need to achieve those goals.
