Features That Users Desire in an E-Wallet Application
- By Jermaine Trotman
- Mobile Apps
The digital-savvy generations i.e. Millennials, Gen Z, and Gen Alpha, expect financial service providers to offer most of their services directly on their mobile device. Many individuals within these generational groups have already abandoned their physical wallets, as eWallet applications are more than capable to replace the physical currency in most scenarios.
According to Kennetresearch, the global eWallet market is expected to grow to USD 2,100 billion, with a CAGR of 15% by the end of the forecast period 2017-23.
Empowered by technology in the always-connected world, digital-savvy customers need highly-secure and cutting-edge fintech solutions that bring their financial life to ease.
Did you know that Coca Cola implemented mobile payment technology in 1997?
The eWallet trends aren't new in the fintech space. eWallets like Paypal have been in existence since the beginning of the last decade. Hence, eWallet providers need to be more innovative and reliable than ever before. The current trends in the eWallet market suggest that security and availability are the two most significant concerns that customers face.
No eWallet app with meaningless features can survive in the market. The app needs to have the right set of features to satisfy the customers, in order to make these customers loyal for an extended period of time.
Crucial features for your eWallet app
1. Customer Onboarding
The eWallet app will require customer identity information to carry out the KYC process in compliance with industry regulations. You may be thinking ”why is customer onboarding an important feature?”. Customers prefer an all-digital onboarding process, where they don't have to visit a physical branch or kiosk.
Almost half of customers abandon a fintech app during sign up or KYC. Hence, it becomes very critical for eWallet service providers to optimise the onboarding process, while keeping the compliance intact.
To create a seamless onboarding experience for your customers, you can allow them to verify their identity online by capturing and uploading their documents via their mobile device only.
2. Instant payments
Offering the ability to make instant wallet payments is the prime feature for every eWallet app. Instant wallet payments enable swift money transfers from the payer's wallet to the payee's. The payments should happen immediately, unlike conventional payment methods, which used to take hours or days.
It won't make sense calling the app a "wallet", if the customer cannot make a payment due to issues such as a server error. Therefore the app performance is essential. The ability to make instant payments will give the customers a sense of security and availability to their funds. The efforts to realise a cashless society can only pay off if eWallets can make instant payments.
3. Contactless merchant payments
"Effortless" is the word you must keep in mind while developing your eWallet app. It is needless to state that more and more merchants have started to adopt emerging technologies that will realise a cashless society. Retailers are accepting payments via contactless methods such as NFC (Near Field Communication) and QR code, which make the customer checkout experience effortless.
The ever-increasing demand for contactless transfers makes it essential for every eWallet app to provide the customers with a convenient payment experience.
4. Bank to bank or wallet to bank transfers
To ensure customer loyalty and retention, It is crucial to have a variety of payment options available. Not every customer is willing to add money to their bank account, and therefore your eWallet app may need to have the ability to instantly transfer money from wallet to bank and bank to bank.
There are various online payment gateways available in the market such as Paypal, Stripe, Amazon. You can use these payment gateways for your eWallet app. Keep in mind that it is crucial to choose the right payment gateway, as sometimes it can be challenging to instantly transfer funds between different banks.
5. Mobile recharges and bill payments
An eWallet app should have more usability than just making merchant payments. People, nowadays, prefer paying utility, mortgages, loans, and other types of bills online. Funds from wallets can be used to pay several types of bills or even to recharge mobile phones.
Providing customers with multiple ways of using their eWallet money will make it easy for them to go cashless. The more they use it, the more they will get used to it. This is a blessing for your customer retention and loyalty.
6. Transaction history or eWallet passbook
The customers should be able to check their eWallet transaction history. Also, the payments via bank account should be classified separately. The eWallet passbook should contain transaction value, recipient or sender's details, time and date of payment, and some additional comments that were noted when the transaction occurred.
You can implement this feature for USSD wallets too. The customers will be able to access the transaction history using USSD codes on their feature phones.
eWallet app security is the most crucial aspect of customer acquisition. Be it any financial app, when it comes to money; security is the biggest concern. Even though eWallets are more secure than debit/credit cards, security concerns remain intact for customer adoption.
You can make your eWallet app secure by utilising technologies such as tokenisation, biometrics, passwords, point-to-point encryption, OTP, security questions, etc.
8. Rewards, coupons, and discounts
Marketers and sales personnel are well aware of the power of reward points and discount coupons. eWallets are the ideal environment to provide relevant benefits to the customers. You will require features that allow you to create and manage the reward points quickly. Rewards and discount coupons will play a pivotal role to increase the frequency of your customer's app usage.
9. Planning and budgeting
This is a handy feature that you can offer with your app to help users be a wise spender. Also, by offering this feature, you build trust with your customers. Your app can let users create budgets and track their previous spending. You will have to implement data analytics for this feature.
A futuristic and trustable eWallet app should be able to act as a financial planner for its customers. Some of the features the app can provide include:
● Category-wise budget allocation
● Allowing the creation of categories for income and expenses
● Alerting users when they’re about to exceed their budget
● Bill payment reminders
● Set saving goals