Financial Glossary

15 Key Features to Make Your Mobile Wallet the Best in the Market

Mobile wallets and UPI apps have a lot of demand in the current market. Increasingly, people are getting accustomed to cashless payments for day-to-day purchases and payments. Some are still sceptical but curious to try mobile payment apps. 

There’s one question many people ask- which UPI app is safe to use? After all, the apps are linked to the bank accounts of the users, and their identification information like the PAN card details are collected by the app.

Entrepreneurs planning to launch their own UPI apps should create a checklist of features their apps should offer to the users. Here’s a list of fifteen key features a mobile wallet should have: 

1. Instant Peer to Peer Transfers

The UPI app should allow you to send money to another person in just a few seconds. The person should get the notification the instant the transaction is complete on your side. 

2. High Security 

There should be no compromise on data security in mobile wallets. With increasing cyber crimes, people cannot afford to risk their money. 

3. Branchless Banking Services 

Why set up a branch in every city when you can offer banking services online? Indian UPI apps are providing exclusive online banking services. 

4. Utility Bill Payments 

Mobile wallets shouldn’t be limited to fund transfers among peers. The app should allow users to pay their bills easily and even send monthly reminders. 

5. Contactless Merchant Payments 

Also known as PoS (Point of Sale) integration, merchants should be able to register with the UPI platforms to allow mobile payments by scanning the QR code. 

6. Virtual Card Operations 

Enable users to save their credit and debit card details on the mobile wallet in an encrypted format. They can use these virtual cards to make payments or withdraw money. 

7. Loan and Insurance Payments 

Apart from utility bills, the mobile wallet should allow users to repay loan instalments, apply for loans and insurance, etc. 

8. International Remittances 

UPI apps should bridge the gap between different countries by facilitating international transactions through the mobile platform. 

9. Loyalty Programs 

Discounts, cash backs, coupon codes, rewards points, etc., make users more interested in using the app. For example, Fave is a favourite cashback app for many users. 

10. Budgeting Tools 

Assist users in planning their monthly budgets and expenses. Let the mobile app act as a financial planner. 

11. Data Analytics 

Allow users to track their payments and expenses through the app to have more control over their finances. 

12. Self-Registration 

The interface and initial registration should be simple and easy. Anyone with minimum technical knowledge should be able to set up their wallet. 

13. Bill Splitting

It’s common for people to split bill payments during dinners. Add a feature to make it easy to pay only a portion of the bill. 

14. Data Backup

Users shouldn’t lose their precious data due to technical errors. Offer backup services. 

15. Chatbot Support

A chatbot should act as a live assistant to guide the user when they have trouble using the app.

Related Articles

Back to top button