A mobile wallet payment solution is becoming increasingly popular around the world. According to a new survey by Marqeta, 75% of consumers use mobile wallets. These software programs allow users to make payments using their smartphones. They can also store card information, bonuses, and gift cards on the device, making payment processing easier and faster. While the shift to digital payments is gaining momentum among users, businesses can also benefit from these software programs by accepting a mobile wallet payment solution.
What is a mobile wallet payment solution?
A mobile wallet is a payment software that can keep credit, debit, ID, gift, membership, and rewards cards on a mobile device. The technology behind mobile wallets is contactless near-field communication, which enables the smartphone to process transactions through nearby payment terminals. Customers can use mobile wallets to pay online or in-store via tap-to-pay or QR code scans.
How do mobile wallets make money? Companies that provide mobile wallet services make money by taking a percentage of every transaction made through their apps. The banks that host the clients’ associated payment cards give the mobile wallet businesses a percentage of every purchase their users make through the application. Some companies, for instance, receive 0.15% of every transaction. Therefore, you can configure fees and limits for your payment services.
Mobile wallet payment solution features
A mobile wallet payment solution has been gaining popularity with businesses that are looking for convenient and secure ways to enable customers to make payments. Mobile wallets offer several advantages for businesses, including better customer satisfaction, improved customer loyalty, and increased sales.
One of the key features of mobile wallets for businesses is the ability to process payments quickly and securely. Mobile wallets use encryption technology to protect customer data, which allows them to process payments quickly and reliably. Another feature is that payment software also allows businesses to track and analyze user information to gain valuable insights. Businesses can use data collected from a mobile wallet payment solution to understand user behavior and preferences, providing them with financial services according to customer needs. In addition, companies can send personalized offers and promotions to users, which increases engagement and drives sales.
Finally, mobile wallets allow businesses to accept payments from customers in different currencies. It can be a great benefit for businesses that operate in multiple countries or that have customers located in different parts of the world. By accepting payments in different currencies, businesses can increase their customer base and expand their reach.
As a result, mobile wallets provide businesses with several key benefits, including faster and more secure payments, the ability to track customer transactions, loyalty rewards, and the ability to accept payments from customers in different currencies. These features make a mobile wallet payment solution an attractive option for businesses looking for a convenient and secure way to accept payments.
SDK.finance mobile wallet payment solution
SDK.finance mobile wallet payment solution is created to help your business speed up the launch of your mobile wallet app development. Using our payment software, you can engage and retain your customers and obtain additional revenue by delivering a mobile wallet application experience to your customers wherever they are.
SDK.finance mobile wallet software allows you to build an advanced application to meet your customers’ financial needs, thanks to its scalability and cutting-edge technology stack. This payment solution can help you reduce development time and costs, accelerating the release. You can also integrate your digital wallet app software with the existing core banking system or use it to launch a standalone product through an API-first approach.
Using mobile wallet platform functionality, you can easily manage transaction fees and limits for operations. KYC management is also available, so you can provide users with verifications. There are two variants of using SDK.finance payment software: the cloud version with a subscription-based pricing structure and an on-premise version with the source code license, available for a one-time, flat fee, so you can choose the right solution for your business needs.