Mobile wallet apps have grown rapidly as more people have smartphones than bank accounts. This document provides tips for developing a secure mobile wallet app, including studying the market, choosing the right features, ensuring usability and security. Key technologies discussed are NFC, Bluetooth, QR codes, encryption and passwords. The summary emphasizes doing user research, focusing on security, and optimizing the app to be lightweight and easy to use.

1. A No-Confusion Guide to
Build A Secure Mobile
Wallet App in 2019

2. Introduction
Mobile wallet app development is the future of
e-commerce.From the last quarter of 2017, we witnessed
that the mobile wallet app has turned into one of the
fastest-growing digital product.
Do you agree?

3. As per Statista, revenue of the global mobile payment app
has increased from 450 billion USD to 780 billion USD.
In US itself, 45% of the consumer between the age group of
25-34 are using P2P payments. The next age group from
35-44 years has shown a 37% increase.
And as per the current reports from the Indian market, RBI
confirms 16% rise in mobile payment.
Moreover, with the coming of an app like Paytm or Google
Tez, online wallet apps making things fall into place.

4. Why Should You Build A Mobile
Wallet App?

5. More than 1.2 billion people have access to a bank
account with payment capabilities.
However, you will also find more than 5 billion mobile
phone users. That indicates more numbers of people have
access to mobile phones than subscribers in banks.
So mobile wallet app development can be a good idea for
the startups, MSMEs or large enterprises to invest.
As every financial institution will love to increase their
customer base through a slew of mobile applications.

6. The mobile payment app is not something new. These
type of apps are available in the market for a long time.
A mobile wallet app can turn a mobile into a smart and
more interactive device. It makes the world of online
payments, vouchers, coupons and loyalty cards more
rewarding.
But what you need to get started is a complete guide to
build mobile wallet apps – and this may be the one you
are looking.

7. What’s the fuss about digital wallet
apps?
Which industries can actually make
benefit with e-wallets?

8. Now after the launch of Google Pay, Apple Pay and
Samsung Pay the online payment industry has surely
garnered some motion. But it has particularly favored
some of the industries and I think that made the world go
GAGA after online payment apps.
A mobile wallet app is nothing but a type of payment
service/channel where the user sends or receive money
using the smartphone. It can store your credit/debit card
information, digital currencies, tickets and loyalty cards,
which you can use to make purchases at any time.

9. However, connected with money does not mean it is only
helping the financial industry to thrive.
There are some more industries and verticals who are
taking the advantage of mobile payment app
development.

10. 1. Retail and Ecommerce Businesses
The retail and e-commerce business is particularly using
the mobile wallet apps to the fullest.
They allow to store information about bargains, make
payments in the form of coupons, bonuses, loyalty cards
and more.
If you want to create an e-commerce or retail business
app, you need to know the payment gateway integration
trends and keep yourself updated.

11. 2. Financial Organizations
You get access to various cards like credit or debit that
provide customers with a number of services.
To make things cardless, financial companies integrate
mobile wallet apps, where the stored information of credit
and debit cards give customers direct access to make
transactions.

12. 3. Telecommunication Companies
The telecommunication companies are allowing the
customers to use mobile wallet apps to do bill payments,
recharge and even send money to other accounts.

13. 4. Transportation and Logistics Companies
You must have tried Ola and Uber and have seen how they
allow you to pay through digital wallets.
They have even built their own mobile payment apps like
Ola Money or integrated Paytm (Indian mobile wallet app)
in Uber.

14. 5. Food, Grocery, and Event-Based Businesses
From paying for movie tickets to your favorite theatre
show. Even ordering a food when you do not find cash in
your wallet or shopping in a supermarket.
An NFC payment app has made a customer’s life become
easy in this busy and hectic world.

15. However,
you need to determine the type of digital wallet you need,
study the market, be smart when you target potential
customers and fix the kind of user experience you want to
deliver.
After you confirm on all these aspects, fix the features that
you prefer to integrate as the total number of features you
add will reflect in the final cost of the app development.

16. Tips and tricks on how to
create easy and secure
mobile payment app

17. If you think to create an e-wallet for only a specific store or
for general usage, you need to know certain useful tips
and tricks.
It is one of the serious matter when you want to build such
an app as it comes with too many complexities.

18. Did You Study the Market?
1

19. Digitization-philia!
For any app development process, irrespective of the
industry you need to do your homework.
Thanks to the digitization, we can seek any information
online.
So with a little digging inside we can avoid the common
mistakes that other online payment apps made.

20. Be Smart While Telling the Key
Purpose of Your App
2

21. You have to create the app in a way your target audience
actually want to use it.
In order to do this, decide the problem you want to solve
with the product, services you will provide and who can
use the application.
Divide the customers into groups by age, habits,
professions etc to foresee what each category needs.

22. Rewards!
Rewarding digital wallets are in high demand these days,
so provide them with a reason to turn loyal to your secure
wallet app.
The app marketing campaign you run should focus on the
potential customers, personalized offers and relevant
content that shows product’s purpose.

23. Choose Your Wallet Type
3

24. Well, there are a few common types of wallets that are
breaking grounds –
1. Wallets that send and receive money with the help of a
mobile operator
2. One which writes off funds through SMSes
3. Another that make payment through the web
4. The wallet that use NFC to initiate contactless
payments

25. Kind of User Interface You Must
Stick To
4

26. For app success, UI and UX are inevitable part and hence
the UI of your online payment app should reflect the main
purpose.
Your top priority is engagement, readability, catchiness
and memorable icon and a brand name.
The hierarchy of your app screen should also be suitable
and logical as well. Every swipe, touch, and click should be
valuable enough.
Make sure the app is user-friendly and less complicated
for the users.

27. Discussions..
Discuss with your mobile wallet app development
partners about the time taken to develop your payment
app – as it is very important for app success to launch it at
the right time.

28. What Features Makes Your Mobile
Wallet App Development Unique
from Others?

29. Some of the basic features are normal to find and satisfy
the client demands, such as –
● User Registration or Login
● Authorizing Bank Account/ Credit Card / Debit Card
● Add and Check Account Balance
● Fund Transfer
● Bill Payment/ Recharge
● Discount / Redeem Coupons

30. We know mobile wallet app development is a full-fledged
solution for your business and it can turn up to connect
with your clients and increase a strong database of loyal
customers.
However, some more additional features can provide you
with useful experience and can help your online payment
app to stand out.

31. This includes –
● Loyalty card
● Reward offers with advertising campaigns
● Gift cards
● Push notifications
● Integration of geo-tags
● Membership cards

32. How Does a Mobile Wallet App
Works?

33. We normally know how to use a digital wallet.
You need to open the app and authorize the app using a
PIN code, password, fingerprint scanner etc. Then you will
find the users to choose a card or banking account and
plan to use this account for performing any type of current
transaction.
Then the users can “Apply Coupon” against the
transaction if available. To achieve this goal the user
should connect to the payment terminal.

34. For this entire process, the mobile payment apps use a
number of technologies, let us list them below.
Make sure you talk to your app development partners and
settle for the technology that you prefer to use in your app.

35. 1. NFC technology to transfer
information about payments

36. This is one of the contactless remote technology that
functions on the distance up to 10 cm and provides users
with secure and contactless payment between
smartphones and PoS devices.
This technology works almost like the Bluetooth, but it is
connected immediately whereas Bluetooth takes about
one-tenth of a second.

37. This technology allows versatility and will function even if
the compatible device does not have any power. In this
technology, payment is made by automatic payment
module and information extraction is done from mobile to
the payment terminal.
If the mobile wallet app supports host card emulation the
user needs to have a proper Internet connection to close
the process.

38. 2. Bluetooth and iBeacon is also
used for payments

39. iBeacon allows radio beacons to initiate contactless data
exchange with very little power consumption.
Devices emit a signal in an uninterrupted manner
received by the smartphone with BLE and located with a
notable range of 70 meters.
The user simply needs to activate Bluetooth to receive the
radio beacons.

40. iBeacon technology allows sending personified offers
about various ad campaigns, discount coupons and when
they fall in the range of the radio beacons.
It increases the client’s interest and you should not
hesitate when you choose iBeacons.

41. 3. QR Codes is one of the
acceptable forms of payments

42. With the use of special services like QR generators, you can
help encrypt the information and create a code, add
images of generated QR code on forms of the receipts.
Customer needs to see the code on their mobile app
screen and make payment from their bank accounts. They
should confirm the processing entering a password.
The client receives payment receipt over the email and
this allows you to use the mobile wallet safely.

43. Security Comes First When You
Are Into Mobile Wallet App
Development

44. Security is one of the most important components that
you should consider when you are building online
payment apps.
Nobody will like to see his or her money stolen. So with the
use of the following technologies the mobile wallet app
development companies try to make the service safe and
secure from every end.

45. Point to Point Encryption
One of the robust security tool that provides protection to
the entire transaction process. It starts encrypting as soon
as swipe your phone over PoS terminal and, then funds
and finally up to authorization.
So if you have hired a mobile app developer to build a
similar app like Paytm or Google Tez make sure to enable
this secure process of the transaction.

46. Tokenization
This technology makes online payment more secure with
the help of a reliable data connection. The buyer does not
give his or her seller the payment details with use of a
card.
Thus all card information stays encrypted and turned into
a so-called token that looks like a similar random number.

47. Passwords
A Password is the kind of protection of any app or website
that every app with personalized details should possess.
It’s better to add a rejection feature in case the customer
enter a very simple and short password, this will help to
make the security more intense.
We can additionally add a biometric support, in case the
smartphone has a fingerprint scanner.

48. Let Your Mobile Payment App be
the Next Amazeballs

49. Coming to the end, we will like to take a small gasp and
say that – whether an established business or a startup,
who wants to launch a mobile wallet app or have felt the
app recently must make sure of few things –
● Why should they build the mobile app?
● Survey the particular industry for which they are trying
to build the online payment app.
● Study the similar apps in the market and find out the
pain points it has failed to solve.

50. ● Choose the wallet type that suits the business
● Get to see and find a better user interaction interface
● Choose the features of your mobile wallet app
carefully
● You need to know how a mobile wallet app works and
which technology is the best
● Think about the security of your in the first place.

51. Make sure you create a mobile payment app for the users
and not for yourself.
Your app will be in use by the common people, and all of
them are not tech-savvy. The users prefer a simple
platform to access services. They do not have time to
spend on understanding your app from the scratch.
Another thing that you must ask your mobile app
developers to concentrate is the mobile wallet app should
be lighter, with required features and fully optimized.

52. Above all,
whenever you hire mobile app developers make sure to
consult with him on time they will take to complete the
app.
Since the time you launch your app in the market is also a
big break and make factor.

53. Innofied Solution Pvt. Ltd.
Visit our website
www.innofied.com
Global Offices
India, US, Sydney,
Netherlands
Phone
+1-866-941-5117
Email
business@innofied.com
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