8 Features That a Mobile Wallet Should Have

by Je Yaranon on May 2021

It’s a good time to get in and join the mobile wallet bandwagon. Aside from being accepted by a growing number of businesses, the technology is also blossoming by the day - providers are simply focused on getting ahead and developing the best of its kind.

To help you identify, we’ll be listing some of the most vital and interesting ones that you should look for. Let’s begin:

Instant money transfer to mobile wallets and bank accounts

This is the instant transfer of funds from one wallet or bank account, a step up from the standard processes that may take as long as multiple business days. With this feature, users can pay at any time of their choosing, thus being able to manage their personal transaction faster and easier.

Bills payment

We’re all filled with bills to pay – rent, electricity, utilities, and more. Keeping up is hard enough so no one wants the added trouble of finding time to fall in a long line to pay face-to-face.

Having Bills Payment cuts right through that. It’s pretty much like a money transfer as users will only need a few clicks to finish and move on to other errands.

Enhanced security

In this day and age, you can never have enough security, especially if it’s online and there’s money involved. You must assure that every step is secured.

There are a handful of software or tools to protect a mobile wallet. It starts with the most basic, passwords, and continues with advanced stuff: one-time passwords (OTP), and security questions, among others.

Reward system

Don’t settle for a mobile wallet that will just allow the standard functions. Look for ones that have rewards, discounts, loyalty points, cashbacks, and the like. Some may appear to be too miniscule, but rewards of all sorts are always good.

The good news for consumers is reward systems are offered in just about every mobile wallet available. It’s now part of the marketing model and their always crafting new enticing offers.

Card manager

This should be for physical and/or virtual cards, depending on the provider. Whichever it may be, take note of this as it simplifies the e-wallet’s financial data and groups it into a single, easily manageable area.

Card managers should be able to do a whole lot, and it should encompass standard and security-related settings – change pin, change account info, and more. In other cases, the physical/virtual cards can be used to withdraw money.

Investment

Though an investment feature is still isn’t a standard part of mobile wallets, it’s consistently gaining steam as it offers varying benefits to anyone who will indulge. It opens a door to learning more about the investment industry and a chance to generate profit.

You may see different settings and other functionalities on every app, but the usual content involves easy management and a very budget-friendly start.

Interactive dashboard

We can all have the tendency to go off the rails with our money, or at least go beyond our personal standards, so it’s always good to have a tracker. That’s where an interactive dashboard will come in handy.

Such dashboards enable users to be on top of their transactions and finances through a detailed graph and/or chart. More advanced wallets even provide customized reports.

Good customer support system

In applications like mobile wallets, you’ll initially or eventually need some assistance of some sort, so a customer support system can come a long way.

Most providers are unable to provide actual person-to-person support 24/7, but they should at least have well-designed chatbots that can somehow answer frequently asked questions or assist in basic fixes.

While app features are subjective, there are a couple of things that should be present in mobile wallets since your hard-money is involved. It’s good to be meticulous with such apps, so be on the lookout for the items we listed above.

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