Why Do We Need To Create An Online Money Transfer Mobile Application?

 Mobile Wallet and its types

An Online money transfer mobile application has a kind of ecommerce model financial equipment called Mobile Wallet that functions to help individuals and businesses to receive and send money via mobile phones, owing to its convenience and easy access.  Every wallet developed on every online money transfer application differs with their payment process.

First type (service providers)

This type of mobile wallets transfers funds with the help of mobile service providers (i.e.)

Second type (discounts)

This type of mobile wallets uses a numerous discounts via SMS and OTP.

Third type (WAP)

The third type of wallet is a type of e-wallet application that offers mobile web payments

Today, these e-wallet trends have changed to a greater extent with the incorporation of financial institutes and mobile communication service providers.

Why should we create one?

User friendly

As cool as logging in to your Facebook and Gmail account on your Smart phone devices, the mobile wallet usability for daily transactions is user friendly and simple to begin with. All you need to do is to download the application and create your user ID and password.

Easy transactions

Unlike traditional ways, the digital mode of money transaction proves its way in adding money to your wallet via credit card, debit card or net banking. The money transaction details will also be saved every time you receive or transfer amount saving you from the hassle of entering them manually each time.

User spectrum

Starting from local kirana store bill payments, DTH, broadband, data  card, air/bus/train tickets, gas utilities, water and electricity bills to money transfers between small and large businesses, the online money transfer application’s e-wallet allows a variety of transactions with its usage gone far and wide.

Split bill

The technological advancement of splitting bill expenses with friends is another major advantage to online money transfer applications. You can simply split the bill by entering the amount and and the number of people who also needs to pay their shares. This feature generates a link that can be sent to the people who owe you money. 

On-time payments

A specific date can be predetermined on which the bill must be paid through the auto pay facility making future bill payments automatically.

Offers and Cashbacks

With its own set of incentives, e-wallets offer a plenty of money saving avenues through cachbacks, offers, discounts and free gifts where users can benefit maximum making optimum use of promo codes.

No transaction charges

With easy and quick sending and receiving of money anywhere at any time, the current money transaction applications does not charge transaction charges thus making more profitable options.

Mobile wallet application beneficial industries
since the evolvement of money exchanges, the mobile wallet applications are been associated with financial sectors. They can also be used as money remittance application in various fields.

        Retail

        Financial establishments

        Logistics

        Transportation

        Tech enterprises       

        Telecommunication companies

Obeying to user requirements

Before starting the process of e-payment application development, it is important to understand and analyze the digital payment app market and the user base. Some of the mobile payment methods are,

Online Payment

The online money transfer application boosts digital payments to the merchandise with the help of payment gateway, being one of the most common methods of money payments. This includes payment through debit card, credit card or net banking.

Payment through Point Of Sale

The POS or the Point Of Sale is a system consisting of hardware, POS software, analytics, reporting, inventory management and employee management that operates on barcode scanner, receipt printer, credit card reader and on-site services.

NFC tags

The NFC tags are passive devices that get activated only when it comes in contact with an active device. It cannot be accessed by its own, rather used to transfer data to an active device nearby.

 Scan & Read: once the NFC tag or card is placed on the backside of the mobile phone, all the information gets fetched over the phone and displayed on the device screen.

Write & Edit: apart from scanning and reading the data, necessary changes can also be made onto it once placing the tag at the backside of the device.

Scan & Pay: apart from scanning and editing, this technology ensures payments too.

place the credit card on the backside of your phone

card details will be fetched

payments will be made

peer-to-peer money transfer

The peer-to-peer money transfer method is an easy alternate to traditional payment method where the money is been transferred from one person to another through an intermediate with P2P payment application.

iBeacons and Bluetooth payments

iBeacon is an Apple’s Bluetooth beacon version concept allowing to receive and broadcast minute data pieces within a short distance range, that improves shopping experience, automation, tracking process etc.

QR codes

QR code is a two-dimensional square shaped barcode that initiates payments with encoded data stored in it.

Key aspects of developing an online payment mobile application

Give priority to application function

Relied security structure

Include a digital receipt(conforming the success or failure)

Provide reward points

Ensure customer engagement (notify often with offers and cashbacks)

Conclusion

Since online money transactions have become a need of the time in the fast evolving market, a flawless implementation of facts and features is a must for mobile wallet solutions.

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