With the approach of cell phones, easy and relatively cheaper access to the internet, and mobile banking, the innovation is progressing towards making digital transactions. Over the years, the traditional technique is vanishing and people are accepting the change and adopting advanced techniques like net banking, credit cards, finance apps, and even mobile wallets.
What is a Mobile Wallet?
A mobile wallet, in straightforward terms, is a virtual versatile based wallet where one can store money for transactions, offline or on the web. There are different kinds of finance apps available relying upon the use and installments that you need to make.
Money apps are turning out to be a boon for both — the traders and the customers.
Following are some best pay with phone apps which we have shortlisted for you:
1. Paytm: Paytm launched a first-of-its-kind, simple mobile bill payment form back in 2010. And in no time it is the #1 app in the Apple App Store and Google Play Store finance category. Paying your bills on your smartphone is not only easier — but it’s also more rewarding with Paytm’s generous rewards program.
Gaining by the degree and development market portion, they as of late joined forces with premium instructive establishments in India to present cashless payment, bills, and other miscellaneous expenses.
2. PayPal: The jack of all. With a history returning to 1998, its name as the favored as send money and receive money for eBay exchanges however has since become a standout amongst the most predominant names in best mobile wallet apps.
The most trusted pay with a phone app for transferring currency in the US. It does not charge if you have a PayPal account but does charge to send from a Visa or convert monetary forms.
3. Google Pay/Apple Pay/Samsung Pay: As google pay is a part of Google its users increased rapidly even though it came lately onto the ground. Trust has never been an issue with Google and thus applies to google pay as well. It is available both on Android iOS. No charge is applied to transactions but does not allow you to send money using a credit card. Also, send money directly from the bank account.
Apple Pay on another hand is available only on the App Store. Sooner or later iOS users won’t need any google finance apps to transfer money. Unlike google pay, it allows you to make transactions to family friends through a credit card but charges an amount of $3 per transaction.
Samsung Pay with a major drawback, for now, is available only on a few (the latest models) Samsung devices. But unlike both Apple Google pay it does not charge a penny for a transaction and there is no limit to the amount transactions per day.
All three are used trusted by a huge number of users.
4. Venmo: Another pay with phone most popular money app among the youth as it is best used for small-scale transactions. And when it comes to youth, social appearance is a must. Unlike any other app, Venmo has a social presence too. Super simple to use and you can send money using your email or phone number easily. Only charges if transactions are done through credit card rest it is completely free.
5. Square: Square Cash does basically a similar thing as Venmo, yet without the social highlights. You can send money to, or receive money from anybody with a Square Cash record, and assets are drawn from a connected bank account by means of a credit/visa card at no expense. An amazing alternative if you are pro at using credit cards.
Square has its wallet too which means the capacity to send money from a connected account without holding assets in your e-wallet.
The top tips for developing finance apps:
1. Easier Utility: Making payment quick and easier has to be a priority while developing the mobile wallet app. The UI would have — enter a password — payment gateway — OTP/Transaction password and it’s done. Not a fuss!
2. Inline process: The flow of the entire process should be inline. No paperwork or external signatures should be required. The benefits coupons must route on the page too.
3. Smooth Approach: Digital transactions take place in seconds, unlike the bank’s manual process. Your finance app should be secure quick.
4. Higher client engagement: The user does not entertain an unappealing UI. This will directly impact the usage of your e-wallet app. If you develop an app and apart from the utility if it does not attract your user, it is the biggest failure that will result in business loss too. Thus, to survive in the cutthroat competition your app should not have a shoddy UI.
5. Security above all: In spite of the fact that an e-wallet has digital cash there is some genuine cash associated with it. Furthermore, with such numerous exchanges and private information being uncovered, security turns into a crucial angle for the achievement of the e-wallet app.
Make sure your pay with the phone app is secure enough to be trusted.
Further, when you cover all the aspects that make your money app a successful one, you still stand out in the crowd.
Added Features your mobile wallet app should have:
- Integrate all the main gateways
- Transferring money from wallets to your bank accounts
- Integrate the Debit/Visa card & bank accounts
- Paying Utility Bills
- Enabled Tracking
- Include POS (Point of Sale)
Concluding on will mobile wallet rule the world?
The answer is, it already has! People have started opting for pay with a phone for all types of transactions ranging from online/offline shopping, paying bills, and even transferring money to another person. Moreover, the cashback & discounts that are highly available are carrying forward the league. Thus, choose the one which suits you the best!
Know The Finance Apps to Help You Decide The Best For You!
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Manish Patel is a Co-Founder of Concetto Labs, a leading mobile app development company specialized in android and iOS app development. We provide a one-stop solution for all IT related services.