The world is on a digitization streak in every aspect and the story of e-wallet platforms is no different. They have single-handedly simplified the process of money transactions for both B2B and B2C customers. Also, it has made businesses achieve success in today’s uber-competitive scenario.
There are some breath-taking statistics that have backed the growth of mobile wallet solutions. By the end of 2022, the digital payment segment is projected to reach a whopping $8.5 trillion. In addition, the transaction value growth through e-wallet platforms is expected to grow at 11.21% CAGR and reach a total of more than by 2026.
With the proliferation of technology, enterprises are spoilt for choices when it comes to having a competent e-wallet solution. And for smooth operations, it is essential that the firms choose the right e-wallet platform for their business requirements.
Let us see the important steps that will help organizations define the best e-wallet platform according to their business requirements.
What makes e-wallet Apps so Popular?
One of the prime reasons why e-wallet platforms are so popular is that they are secure, reliable, and easy to use. Moreover, it is easy to integrate mobile wallets into smartphones so that the end customers can use them ‘on-the-go’. Also, with the help of cloud integration, it is easier to access the information stored in the digital solution payment-providing platform.
Key Factors to Consider While Selecting an e-wallet Platform
With the expansion of digital currency, every organization wants to rise on the bandwagon and amalgamate them into their operations. But with the changing times in 2022, the enterprise must innovate themselves and be very careful while selecting e-wallet platform. Below are the tried and tested formulas that will help them in having the best mobile wallet solutions.
Versatile Platform
When it comes to e-wallet mobile solutions, banking organizations and aggregators must consider versatility as one of the major factors in its selection. A multi-layered mobile money solution will act as a one-stop destination for the firm to perform all their transactions and render a range of different user segments.
Interactive UI/UX Design
Smooth UI/UX design is necessary to have better user engagement. A user-friendly UI/UX design is crucial to enhancing the popularity of the e-wallet platform as well. The level of readability also increases exponentially with the UI/UX design. So, it is inevitable for the business organization to select the electronic wallet platform by reviewing their UI/UX design closely.
Competent Cloud-based Technology
Mobile wallet platforms that run on cloud-based technology tend to render quick transactions in a secured manner. In addition, with the cloud, all information about the transactions and other data is being secured in a synchronized way. Therefore, it is simpler for vendors and buyers to go about making their financial transactions in a hassle-free way.
Eye-catching Rewards and Discounts
Providing loyalty points to the customers is necessary to keep them engaged and enhance their faithfulness to the e-wallet platform. Banking platforms receiving discounts for making consistent use of the e-wallet platform will be motivated to stay loyal and connected with the e-wallet platform.
Secured Payments
It is necessary for the digital wallet solution to provide a seamless money transfer facility. In addition, having customized mobile wallet solutions will help in making secured bill payments over several categories through a one-click system.
Stupendous Security Support
A digital wallet solution must have SSL for secured connection and should use tokenization to minimize the risk of payment fraud. In addition, BFSIs and aggregators select leading digital wallet solutions like MobiFin Elite that have 256-Bit Elliptic Curve Cryptography. This technology leverages the power of the most secured digital financial platform. Also, it ensures a near-perfect zero frauds in financial transactions.
Streamlined QR code-based Payments
The e-wallet platform must have facilities of scanning QR codes to ease the process of payment. Contactless payment is a smart move in a pandemic-ridden world like ours as it will keep social distancing and personal hygiene in check.
Effortless Self-registration
A digital wallet platform having fast self-registration will have a considerable edge over its peers. This is because it will help the user to get familiar with the application or platform and allow them to perform financial functions easily.
An ideal rapid self-registration will include the following steps:
- Following the KYC process
- Confirm registration through OTP and set the login, password
- Link the cards
- Add required money in the e-wallet
Comprehensive Dashboards
A digital wallet platform must possess a neatly designed dashboard that is easy to understand for the users. In addition, it must render real-time analysis about the user’s financial transactions, their upcoming bills and more. Analytical dashboards having budget management and expense tracking would be a great add-on for the users.
Seamless Integration
The modern-day consumers are looking for platforms that solve their problems and the realm of e-wallets is no different. The digital payment platform must not botch up the UX and make the process of financial transactions slower. Therefore, digital wallet solutions must render easy payment options and provide enough options for the user to select the method of their choice.
Types of e-wallet Platforms to Choose
As a banking house, you must have a clear idea about the different categories the mobile money solutions have to offer. We have curated a list of most prominent e-wallet platform categories and help businesses to understand this domain better.
Closed Wallets: The closed e-wallets are designed for different merchants according to their requirements. Closed wallets are utilized by banking merchants and aggregators for any specific purpose.
Leading closed digital wallet solutions such as Mobifin Elite has been rendering top-up & bill payment, agent & merchant management and more.
Open Wallets: The e-wallets that are directly used as a third-party application are known as open wallet. With these wallets, the B2B and B2C operations can make payments or withdraw the funds from the wallet and keep the money for the future as well. The remaining sum of money remains deposited into the account.
Semi-Closed Wallets: These e-wallets are only concentrated with the business merchants they have partnered with. The semi-closed digital wallet solution allows its users to make payments or use the funds to make transactions to their pre-defined business partners only.
e-wallet platforms: Bringing a Paradigm Shift
The digital ecosystem is expanding at the rate of knots. Therefore, it has become inevitable for new-age organizations to involve digital payment solutions in their business operations. The e-wallet platform can streamline financial transactions and will also keep user data secured. Although, it becomes vital for the banks, BFSIs, and aggregators to follow the necessary steps to choose the best digital payment solution platform.
Competent e-wallet platforms would render multiple services under one umbrella. In addition, leading e-wallet solutions such as MobiFin Elite have a competent 256 bits of Elliptic Curve Cryptography to keep the data secured. Therefore, to make the banking aggregators scale ahead in 2022, choose the right e-wallet platform.
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