The world is becoming digital day by day. In this technology world, Mobile Wallet Application has become one of the fastest-growing industries in the world. The demand for mobile wallet apps is rising rapidly. There are some popular e-wallet applications available in the market such as PayPal, Amazon Pay, and Paytm, etc. These mobile wallets are very useful to users and make money transactions easier. Now people can easily pay their bills, recharge their mobile phones and even make online transactions for shopping using mobile wallet apps. Now everywhere online payment is accepted through wallet apps.
Investing in Mobile Wallet App Development is a great idea for startups.
What is Paypal??
PayPal was founded in the late 1990s by Elon Musk and a group of enthusiasts. Over the years, the company has gained tremendous success and is now the largest payment application used by more than 200 million users worldwide.
PayPal provides an easy and fast way to send and receive money online. You can transfer money to your family, friends, and auction sites like eBay. PayPal helps traders to conveniently accept credit cards in their eCommerce stores. PayPal is used for:
- Shop online
- Pay for a subscription
- Buy something in a brick-and-mortar store
- You can pay later
- Transfer money to family or friends
How does PayPal works?
It allows businesses and individuals to transfer money via the mobile wallet app. Mobile wallet applications are used everywhere such as retail shops, online shopping, and online bill payment, etc. the transactions can be made using a registered mobile number or QR code.
- Users can create their accounts on PayPal without any additional fees.
- Users need to link their credit/debit card with their PayPal account.
- Once the card has been added, you can make transactions.
How Do one can Set Up a PayPal Account?
There are two types of accounts you can set up on PayPal — personal or business. For both accounts, the process seems quite easy. In addition, there is a Q&A page on the PayPal website if you have any questions about how your PayPal account works.
Key features of Mobile Wallet App
You need to consider some basic features before developing a mobile wallet application. Every application must provide the following basic features to satisfy the requirement of the users.
- User Registration (Log In or Sign Up)
- Bank Account or Credit card authorization
- Option to add money and check balances
- Money Transfer
- Payment for bills
- Amazing offers and Coupons
Some Additional Features
You need to add some additional features:
- Reward offer
- Loyalty Card
- Gift Vouchers
- Loyalty card with Promotional offers
- Pop-up Notifications
- Geolocating feature
- Exclusive offers
- Membership Discounts
Industries that benefit from a mobile wallet application
Today, online payment wallets are generally linked to the financial sector. It has been used in a number of industries since the online exchange of money has taken place.
Retail and Ecommerce Businesses
Retailers and eCommerce companies use mobile wallet applications. The good thing is that it helps users to store sales information. They make payments through coupons, loyalty cards, and more. If you have a plan to develop a retail business app or an e-commerce app, you need to know the trends in the integration of payment gateways.
Financial companies are now making things cards less so that they can incorporate mobile wallet applications. The wallet automatically saves the credit or debit card information for the user, so the user does not have to add the card details again and again and can pay instantly without any hesitation.
The telecommunications industry allows consumers to use mobile wallet applications to make bill payments, redeem and transfer money to other accounts.
Transportation and logistics
Now all cab companies such as Ola and Uber are allowed to pay by using e-wallet applications. Some of the cab industry created their own mobile payment system, such as Ola Money and Uber integrated Paytm (Indian mobile wallet app).
Food, Grocery and event-based
You can book movie tickets in your favorite theater show by using a mobile wallet app, and you can also use an e-wallet to pay for it. Even if you order food from a cafe or restaurant, you can pay through online mobile wallet apps.
“Why Choose Us To Develop App Like PayPal”
We’ve integrated more than one payment option into your mobile app. Credit cards, debit cards, e-wallets, and net banking are some of the payment options that we offer.
Save Card Info
Once the user has chosen a specific payment gateway and option, the card details can be stored and saved for later use.
Enhanced customer service and support with 24/7 accessibility for international customers.
Users can view their transaction history and activities directly via a personal dashboard.
Fast and easy checkout options are designed to maintain the highest level of security.
Nowadays, all transactions or bills are being paid using mobile wallet applications. The days are gone when people used to pay bills by visiting the bill payment centers and sitting for a long time in the queue. It is now easier to pay a bill or transfer money online. Mobile App Development Companies offer online Mobile Payment System to suppliers or business organizations for quick payment. This time, developing a mobile wallet app is a great idea for start-ups and businesses.
Are you looking for a mobile app development company to develop your payment app like PayPal??
We are here to help you.
Tech Pathway is a mobile and web app development company. It has several years of experience in building mobile applications for Android and iOS platforms. We have developed a customized mobile wallet application. Contact us for more details.