The digital wallet market is quickly transforming the global financial sector. The digitalization trend accelerated during COVID-19, and the pressure for digital innovation remains high. While there were over 3.4 billion digital wallet users in 2022, the figure is expected to exceed 5.2 billion by 2026. This change is explained by the massive Internet spread, smartphone accessibility, and users’ adoption of mobile banking technologies.
Therefore, having a mobile wallet is a promising business idea for all forward-looking entrepreneurs. The world is quickly embracing the speed and efficiency of this payment modality, but not all wallets are created equal. Some of them become immensely popular, while others disappear into oblivion. The main factor of success is the set of features a specific product offers to users.
The RNDpoint team has vast experience working with digital wallet products, so we have compiled a list of must-have features based on our expertise in this area.
- Contactless payments. The ability to perform card-less and contactless payments is a modern feature many users like.
- Multi-currency support. Users should have an opportunity to exchange currencies inside the wallet and send and receive payments in numerous currencies.
- Crypto integration. Cryptocurrencies are firmly entering the financial sector, so linking the two is a forward-looking solution.
- QA code payments. QA codes are widely used in e-commerce today, so including this feature is always a plus.
- Personal finance management. Personalized recommendations based on user expenditure patterns are a handy innovative feature that transforms the quality of customer service in banking.
- Transaction history. Users should have a 36-degree view of their transactions and expenditures to track spending.
- P2P transactions. Many customers want to have an opportunity to send money directly to other wallet users without the hectic process of filling out the banking requisites.
- Advanced security. Cybersecurity is at the heart of any modern digital product, so you should introduce secure entry, identification, and fund transfer mechanisms.
- Loyalty programs and rewards. Rewards and bonuses for user engagement and activity are excellent boosters of user interest in the long run.
Once you choose the proprietary digital wallet solution of RNDpoint, you can be sure of getting all the features mentioned above. Our digital wallet complies with the highest standards of security and functionality, giving you a ready-made solution to your pressing business needs.
Wishing to learn more about where the digital banking market currently stands and where it is heading? Welcome to our comprehensive digital bank market report prepared by a team of RNDpoint analysts for all kinds of interested stakeholders.
