The past few years have seen a steep rise in digital payment systems. Thanks to digital transformation, mobile wallet apps dominate the online payment market and are increasingly preferred for quick and fuss-free transactions. Also, it’s an easy way to get rid of the waiting time to pay bills or transfer money.


Mobile wallets and payment apps are exquisitely transforming the way we make payments. We are already storming our way through to a cashless, contactless, and real-time payments world. Users can now travel and shop almost anywhere in the world without any cash, and without a card too! Provided, you just have the magical device with you, a smartphone.


What is a Mobile Payment App and How Does it Work?


Mobile payment is an advanced rendition of a physical payment, where one can keep the money to buy different services and products. One can use this digital wallet on a mobile phone by simply downloading the application and entering essential information like name, credit or debit card information, etc.


A mobile wallet can efficiently replace debit or credit cards and cash by simply allowing customers to pay anywhere with a single tap. These kinds of payments offer customers the convenience of buying products online and transferring money instantly.


Mobile payments work by utilizing NFC (Near-Field Communications) empowered technology or QR technology. They store the customer’s payment information in an encoded format for security reasons. Some of the best digital wallet apps also let customers purchase goods within the app by offering coupons, discounts, and other loyalty cards or programs to keep users hooked.



The mobile payment app offers a secure and reliable payment solution and ensures that the transaction happens quickly. Mobile payments let you send cash from your smartphone, either to another person or to a payment terminal at the click of a button, making your transaction quick and simple.


7 Key Features to Include in Mobile Payment Apps


Here are some factors to consider while developing the best mobile payment app for your business:


1. Ease of Use & Seamless Transaction


Processing a payment through mobile payment is quick and smooth. All you have to do is link your debit/credit card and a valid document with the e-wallet apps. It saves your information for authentication and offers a secure and seamless transaction anywhere and anytime in the world. Users can also synchronize their data with multiple devices to use the e-wallet on several gadgets.


2. An Interactive and Smooth UI/UX Design


UI/UX design plays a vital role in user engagement. An attractive mobile wallet design can appeal to the user and encourage interaction and popularity. To ensure that the app is user-friendly and easy-to-use, one must consider UI/UX design as a crucial part of mobile app development. It helps in better engagement and readability of your app for the users.


3. Cloud-based Technology


With this feature, quick transactions are possible in a secure manner. The cloud-based technology gives customers the full suite of capabilities to transform their smartphones into digital wallets. For instance, a payment made with a simple tap at Point of Sale (POS) terminals is easing the payment process for vendors, issuers, and buyers alike.


4. GPS Tracking & Navigation


Nowadays, e-wallet functionality allows any person or business to accept mobile payments no matter where they are. Thanks to geolocation, GPS tracking & navigation are one of the essential in-built features of the e-wallet app.


With the help of GPS, users can locate people on their devices and make the payment with just a tap on the specific user name. The feature helps save time as no account information is required, and the transaction is done efficiently.


5. Wearable Device Integration


Wearable technology is not just limited to fitness trackers, smartwatches, or smart jewelry, but is also the next logical step for mobile payments. As per Tractica, wearable payments will grow to about $500 billion by this year 2020, from $3 billion in 2015.


Just like contactless debit/credit cards, wearable payment gadgets contain a Near Field Communication (NFC) chip. This chip contacts the chip in the card reader at the point of sale, enabling a convenient transaction.


6. Spending Analysis


Spending analysis is an additional tool that you must incorporate into your mobile wallet app to enable users to examine their spending. It encourages users to plan their spending better and limit their expenditure wherever needed.


7. Privacy & Security


An e-wallet expects users to store their card information and enter their passwords. So, one of the most important features of e-wallets is to store this data securely. As wallet apps are always a soft target for hackers, mobile wallet app developers must develop a password-protected app with features like fingerprint, OTP, and QR code for proper authentication and validation in addition to a secure, fast, and efficient payment transfer.



The key features mentioned above in this article stress the importance of building a customer-centric mobile payment app that makes transactions easy and quick. Being used widely for electronic invoices, account security, and error-free transactions, mobile wallets are increasingly becoming the most sought-after feature by businesses and customers alike.


If you have an idea of developing a mobile payment app for your business, contact us!