When Graham Bell invented the telephone in 1876 who would have imagined centuries later we would be using its modified version to make our lives easier and better. Even if we consider the invention of the first mobile phone in 1976 we have walked a long way in seeing our smartphones as not just a medium to call and text but to engage it in our daily lives. Smartphones are now our source of entertainment, communication, payment, navigation, and whatnot. You think of a task and your smartphone can get it accomplished for you.
This universal nature of mobile phones led to the development of several applications that serve our day-to-day life purposes. Digital payment applications are the ones that made it easier for us to easily make transactions even without cash or cards.
With social distancing and no contact payments being popular these days, it is a smart move to invest in the development of digital wallet applications. Before you hire any ewallet mobile app development team to get your application on the surface, make sure to be aware of the challenges and the trends of the development process.
It would be vague if you enter the market with old trends as it would only be problematic for you and you would find it really difficult to compete in the present scenario. Our experts share here the top challenges that make it really interesting for you to stay in the market and help you earn better profits.
Any app that is developed in the history of the technology deals with security, safety, and confidentiality concerns but when we talk about fintech then the situation gets a little serious. Since fintech deals with bank accounts, debit cards, credit cards, and other information that are linked with your finances, there are a lot of challenges that the mobile app development team faces when developing a highly safe and reliable solution.
Our ewallet app development team has seen each challenge as an opportunity to develop stronger, better, and more reliable solutions over time.
Let’s talk about some of the most common challenges, their solutions, and the opportunities they bring with them.
No matter what application the development is working on, it brings with it a few challenges, the most common being future scope and credibility. Over the years we have walked a long path that has brought us some really interesting solutions that would make things easier for the audience.
Challenge 1: The Right Technology for the Perfect Deliverance
Identifying and using the right technology to deliver the right solutions is quite complicated. We make sure to deliver solutions that are scalable and future-ready. For such solutions, our team needs to be updated with the technology and use the ones that have a better scope in the future.
Solution: Use Futuristic Technology
Artificial Intelligence and Machine Learning solutions are making it easier for developers around the world to build ewallet applications that are reliable and technologically advanced. Augmented Reality is another technology that is molding the fintech industry only for the better.
The ewallet development opportunities here are quite extensive. When you think of any financial institution and the services it provides we can bring it all to a click away. One can always use advanced AI and ML solutions for security, blockchain for data modulation, AR/VR for verifications, etc.
Challenge 2: The Need for Regulatory Compliance
Mobile wallets and online payment platforms need to have some permission from the government jurisdictions before coming into the real picture. This entails customer and financial institution regulations that define their functioning. In case there is some major drift in the compliances then the owner would have to deal with the judicial issues.
Solution: Before You Hire a Development Team Get a Clean Chit
It is better to get the regulation compliances cleared and understand the terms and conditions before you reach the development team. Although the ewallet application development team at Octal IT Solution is aware of the complaints in most countries around the world, yet a clear set of instructions would be better.
The solutions that are developed over the years are defined by the regulations and compliances. One can start with a strong ewallet app development trend where the compliances and regulations are adhered to and help you make a strong presence in the market.
Challenge 3: The Risk of Frauds
It is important to take care of the frauds and the risks that come with ewallet app development. There is a general mindset about digital transactions where people assume there is a high risk of fraud, data theft, data leak, hacking, malware attack, etc. Over the years, technology has advanced so much that these things seem no wonder.
Solution: Use Advanced Technology and Stick to Compliances
When talking about secure and safe solutions most digital payment apps these days are GDPR compliant. Not just this, these solutions go through the strict verification process and make use of the technologies like Blockchain and Encrypted messaging to ensure things are reliable and easy to proceed with.
When talking about the risks associated with payment mobile applications there is a better scope of development. Ewallet app development opportunities are most around making the application credible and reliable. With various development considerations and using advanced encrypted methods for transactions would offer a better future.
Challenge 4: The Mindset of the Customers
This is another reason why e-wallet applications and digital payment platforms seem to have a limited scope. The target group instead of being universal is the youth. A lot of people still don’t trust online payment methods as they do not rely on the fact that these are safe. Also, they doubt if the transaction is unsuccessful they may lose their money.
Solution: Spread Awareness and Guide People
To expand the horizon of the audience group it is important that you tell people about the safety features and understanding of the application. They need to be aware of the credibility and reliability of the solutions. Also, it should be easier to navigate for better and faster transactions.
Although till we talk about finances, security would be an issue. But with advanced technology one can come up with more reliable and credible solutions. Also, a technologically advanced User Interface would make it easier for the technotards to make payments easily thus expanding the domain of the ewallet applications.
Challenge 5: The Lack of Trust
When we talk about the challenges related to ewallet development, the lack of trust of the team is one of them. The ewallet development challenges are to be dealt with with immense care to make sure that the solution reflects well. If people cannot trust their devices they aren’t going to keep money in them. They are often scared that if the device is lost, they may lose all their money too.
Solution: Bust the Myths
It is important to make sure that the solutions that are delivered to you are well defined. Your marketing team has to take care of the fact of busting the myths around the ewallet app development and its usage. Over the years we have been working in the direction of delivering better solutions that would make things easier for all.
Every doubt comes with an interesting opportunity. The risks that the common people think are associated with the ewallet application can be declined if solutions that are developed use some technology where the biometric locking and verification system is used.
With the use of AI And ML solutions, one can develop products that use biometric identification to make transactions. Thus, no two people would be able to access the same account.
These are some of the most common challenges and their solutions that our team takes care of. With various opportunities and solutions, it is important that the product that gets in the market is interesting and unique.
It is not just the solutions that you are working on but the timeline that matters. Most payment applications in the market have failed to build a strong clientele because these solutions are not easy for users. The navigation is difficult, the payment method takes time, the solutions are not reliable and the applications do not abide by the government compliances.
Over the years, the developers and the tech geeks have worked really hard to bring up some solutions that are reliable, strong, and highly secured.
If you are looking forward to developing an mobile wallet solution that helps you make a mark in the market, then you can reach to our experts and discuss your app idea with us.