As the modern world is heading toward massive digitalization, the pace of the financial sector’s innovation is also very fast. Modern users want robust and tech-savvy banking solutions, so the popularity of digital wallets is on the rise.
In 2021, the digital wallet market exceeded $78 billion, while its CAGR is expected to exceed 24% by 2027. This will give us a market of $291+ billion by 2027, and these figures prove that the time to invest in digital wallet software is now.
There are many top-performing white-label mobile wallets available online, but this solution is not universally suitable for every business. If you opt for a custom-tailored digital wallet product built specifically for you, here is a step-by-step guide to follow in the process.
- Market research. It’s vital to test the waters and see what competitors are present in your target market. You also need to check the legal requirements for digital wallets in your jurisdiction.
- Features and functionality. Next, it’s time to determine the core features and functions your wallet should have. This way, you can understand the tech stack required from developers and set the initial budget and timelines.
- Development team. Once you have a more or less scoped project, you can negotiate the terms with a tech partner. You should search for reliable, qualified development agencies so that your digital wallet is created by professionals.
- UX/UI. The next stage is the design of the user interface and UX considerations. Your priority should be making the interface user-friendly and intuitive; this is the only way to attract picky users and ensure their satisfaction.
- Back-end infrastructure. The most important stage of software development is to build its server side with proper regard to the wallet’s functions, secure data storage, and efficient data transactions.
- Payment gateways and APIs. The following phase is the linkage of your wallet with third-party payment providers, like gateways and banks, to allow your users to access the full spectrum of financial services.
- Security. Cybersecurity is essential in the modern digital space, especially when it comes to storing and processing user money. Thus, you should put robust authentication and encryption measures in place to guarantee full financial protection.
- Testing. QA testing is an indispensable stage of software development. You need to run manual and automated QA tests to guarantee that your wallet has no code logic flaws or insecurities.
- Deployment. Now, it’s time to launch the digital wallet and let interested users create accounts and start using the platform.
- Updates and maintenance. Don’t forget that the deployed wallet requires 24/7 administration and technical support. It would help if you also introduced regular upgrades of features to keep users satisfied.
As you can see, a digital wallet project is an ongoing process that requires your control and input at all stages of development and afterwards.
RNDpoint is ready to supply a technically superior and functional digital wallet solution to help you enter this quickly growing industry in 2024. Hop on this fast-moving train of digital transition and please your customers with feature-rich and safe wallet software.
