In recent years, the cashless industry has experienced tremendous growth. Wallets will become the primary payment method soon, replacing credit/debit cards and virtual currencies. With the convenience of mobile devices, transactions made through eWallets are among today’s hottest industries.
Both consumers and businesses have found eWallet apps to be profitable. No matter what type of business, eWallet transactions are becoming very common in today’s economy. Providing a convenient means of making payments, eWallet apps are expected to become more and more popular in the future.
App development companies that specialize in eWallet app development know-how to frame the roadmap and implement it to get the most users. There are a lot of eWallet app development trends going on these days, and all of them have related challenges associated with them.
Let’s know about the 10 challenges & trends associated with the eWallet Application in 2021
eWallet App Challenges
Hurdles Related to Technology
To develop an eWallet app that is secure, fast, simple, and feature-rich, of any type, requires experience. Therefore, you should select an eWallet app development company with relevant experience to complete your project with utmost satisfaction. Their experience will help you develop an eWallet application and guide you towards making your Application successful in a short duration of time.
Compliance With Regulatory Requirements
Money and finance are tightly regulated by central banks. Therefore, you cannot provide certain features in eWallets if a jurisdiction does not allow them. eWallet app development companies must be knowledgeable about state and local regulations in the target countries.
Mitigation & Detection of Fraud
eWallets aren’t well known to the public, so they can be easily exploited. Many people avoid or abandon eWallets due to this risk. You can simply win the trust of users around the world if your eWallet is EU-GDPR compliant. This is must-have compliance for eWallet application 2021. Financial frauds are on the topping list of crimes and they can be stopped if we develop future mediums consciously taking into account the tactics used by criminals and technological safety.
In a YouGov survey, it was found that more than 40% of smartphone users worry about losing their money if their phones get lost, and a similar number of people believe losing their money is inevitable if their phones get stolen. It is impossible to keep money in a financial instrument if you don’t trust it. Besides being concerned about privacy, people are also concerned about confidentiality.
Lack of Awareness
Cash is more convenient and easier to manage for many consumers. Mobile eWallet is considered to be too complicated for them and not suitable for their use. You can use simple voice commands to coach users on how to use their eWallets with a proper awareness campaign.
eWallet App Trends
By using biometric authentication to log in and make payments, one can tackle the concerns of security of one’s wallet, especially if the phone is with another person. A biometric authentication protocol uses one or more biometric identifiers from a user, such as a fingerprint, faceprint, retinal scan, iris scan or voice recognition.
It is about when and not if biometric authentication becomes the most widely accepted method of verification for electronic wallet transactions. Using the solution also reduces the risk of identity theft and online fraud and increases customer trust.
Payments via Smart Speakers
Smart speakers and smart home assistants that respond to voice commands are becoming increasingly popular. Google, Apple, and Amazon have all released smart speakers geared towards entertainment and controlling smart homes. eWallets are capable of tapping into these systems and allowing customers to enter credit card information online and make payments, order tickets, and pay bills, all without ever having to touch their phone.
A senior who can no longer touch their phones will find this innovation incredibly useful. This is technology is very high in demand and on top of the eWallet app development trends list of top publications.
Growth in mPOS
Mobile Point of Sale, or mPOS, are wireless systems that allow merchants to accept payments in an easy and convenient manner. Using WiFi or a mobile SIM, these units are capable of connecting to the Internet.
The mPOS is the perfect tool to accept payments from traveling salespeople, agents, and charities as well. These mPOS devices can also be used by traditional retailers and service providers to enhance their existing POS devices and provide their customers with more options.
Payments using NFC
Using Near Field Communication chips and readers, it is possible to make contactless payments when both parties to a transaction are near each other. NFC-enabled eWallets are already available from Samsung, Apple, and Google. Transactions at high speeds are enabled by data transfer encryption, and no PIN or biometric authentication is required. Payments with NFC have grown exponentially in the UK and China, where payphones, restaurants, and parking lots all accept it.
Machine learning and artificial intelligence are already powering eCommerce and financial services. EWallets powered by artificial intelligence can help customers make regular payments such as for utilities, groceries, transportation, cable, and phone bills. An expense tracker and spend analysis tool can also be created using artificial intelligence.
Users of the eWallet platform can self-train and solve their issues with AI bots, resulting in significant financial savings. You cannot imagine anything without Artificial Intelligence or Machine Learning in the eWallet application 2021.
Considering the challenges and eWallet app development trends, it’s obvious that eWallet app development is a trend that will continue to cultivate in the future. However, a reputable eWallet app development company can help businesses develop their own eWallet app.
Now take action and start building your financial technology company. To launch your eWallet, you should consider the challenges and trends facing eWallet application development. Your initial step must be to hire an experienced eWallet app development company with professionals familiar with the process, rules, and regulations.
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