Apple Pay, Samsung Pay, Amazon Pay, and other companies introduce their own mobile wallets, which are among the most well-known. A digital wallet for usage in the metaverse called Meta Pay was introduced by Meta (the old Facebook) in June 2022. It is a common means for people to purchase artwork, digital goods, and tickets for virtual events in the metaverse.
Modern folks depend heavily on their mobile phones because they are always with them. Modern consumers’ primary concerns with payments are convenience and quickness, which has resulted in a sharp rise in the demand for mobile wallets in recent years.
The market for mobile wallets was estimated to be worth 220 billion USD in 2021 and is anticipated to grow at a rate of roughly 17% CAGR from 2022 to 2030. In 2025, there will be 4.8 billion mobile wallet users worldwide, up from 2.8 billion in 2020, predicts Boku’s 2021 Mobile Wallets Report. Additionally, Statista projects that between 2020 and 2025, the global market for mobile wallet transactions would expand by more than 80%.
It’s time to determine whether your company might benefit from purchasing a branded mobile wallet based on current market trends. Branded mobile wallets can expand your company’s potential and boost your revenue. Include them in your plan.
You must choose the ideal technology partner if you want to develop a reliable and adaptable solution. Additionally, we’ll go over important factors to take into account when selecting a mobile wallet software supplier.
Three things to think about while selecting a mobile wallet provider are:
One of the first considerations when creating a fintech product is usually security. Digital wallets and payments are often more secure than traditional cards because the possibility of cards being lost or stolen is eliminated.
True card numbers are also secure when using a mobile wallet because of tokenization, which prevents a hacker from obtaining information about your card through a merchant’s payment reader.
However, your digital wallet provider must rigorously abide by the law and industry best practices for handling payments. A mobile wallet must have robust privacy and security protocols because it handles sensitive user data. Equipping your mobile wallet with multi-factor authentication, encryption, role-based access, audit trail and reporting, AML, and KYC are thus some of the primary security measures.
You should also think about how a mobile wallet provider will integrate into your future ecosystem given the dynamic nature of our environment. You need to be certain that your selected supplier is prepared to support you through these transformations, whether it’s adding cutting-edge features like biometrics or cryptocurrencies or enabling multi-currency support.
You should take into account digital wallet providers with modular design and open APIs because this method enables the seamless addition of new features, workflows, and unlimited integrations.
An already-made wallet app with changes and designs should be given to a reputable wallet service provider. Even when selecting a white-label platform, it should be simple to modify for your specific requirements.
Receiving precise instructions for operational and technical assistance, training, and maintenance comes next.
Therefore, you require a partner who has the knowledge and experience necessary to create mobile wallets as well as the adaptability and foresight necessary to stay up with shifting customer demands in the dynamic fintech market.
A potential mobile wallet provider needs to show that they are willing to put money into your success together during the entire collaboration.