The introduction of cashless transactions through digital payment schemes opened up a whole new digital landscape of business built on mobile app development. Some of the most recent top apps proved that mobile commerce is a great investment for successful businesses of the next decade.
A recent study estimates that by 2025, the digital commerce market will have reached US $5.8 trillion. The growth forecast is around 40% from $4.2T in 2021. This segment of the industry includes e-commerce, digital media subscriptions and payments, and electronic services.
How can businesses take advantage of this new economic boom through digital wallets? Here are three factors to consider: encryption and security, application programming interface (API) integration, and ease of use.
Every mobile app developer worth his salt puts security as a top priority, especially in products involving money. Online transactions are quite tricky because of security issues, that’s why a business should first think about how safety would become a priority when building digital wallets or mobile payment apps.
Some client-end methods, such as two-factor authentication and Captcha, are great methods to prevent unwanted use. But just to keep things extra safe, using encryption methods such as digital signatures, cryptographic hash, and keys can help prevent intruders from gaining access to valuable information.
Accessibility to a digital wallet via API is a vital feature that businesses can leverage. Many organizations tap IT services and outsourcing providers to create these gateways between apps and payment outlets. Even the biggest names in the industry are using them, such as PayPal, Square, and Stripe – with their versions of REST API.
Connecting between retailers, digital marketplaces, and service providers is what made the digital wallet industry so successful. It complements the earlier function of mobile payment schemes as cash or credit card substitutes. Newer, more secure hardware-software innovations such as QR codes, Near-Field Communication (NFC), and 5G technology are also contributing huge improvements to the industry.
Convenience is a feature every user looks for in an app. It should be easily accessible yet secure, combining security and wide integration through APIs to various sellers, banks, and other businesses. Instead of passwords, many mobile payment apps today use biometric or fingerprint entry. A growing number of them are also built with single-page apps (SPAs) that increase the app’s loading speed and performance overall.
Specialty features such as allowing users to “split-the-bill,” and financial management can help boost a mobile wallet’s value for users. Another highly-sought idea of the connecting feature is linkage to online game apps for in-game purchases. In 2020, the gaming industry amassed a total of $165 billion in global revenue, and $85B of that stemmed from mobile gaming alone.
As cash slowly becomes obsolete in day-to-day transactions, mobile wallets and interfaces that support them will surely thrive. Building a mobile app that’s highly functional and secure can best be done with experienced developers such as Frontline, a mobile app development company in Singapore. You can reach out to our team and build your best app yet at https://www.frontline.com.sg/contact/.