5 business models for mobile wallets- make more money with our FinTech white label solution
Advancements in mobile technologies, market demographics and the universal nature of smartphones have produced the ideal passion for exploring new business models empowered by mobile payments.
We have recognized five revenue-growth models that can help you with the innovative experiments and at the same time encourage customer engagement. Also, using our white-label solution for the mobile wallet will save you a heavy financial investment.
Let’s check out these five new FinTech business models:
This is nothing but a financial transaction concerning a small amount of money. It ordinarily happens online or via a digital application. An example of this micro-payment is the “in-app purchase”. This is where the user spends for virtual objects or purchases the next level of service in the app.
In this business model usage of a product or service is metered. The customers are charged only when they use the service. An example can be the television channels where the subscribers pay only for the channels that they want to view. Another example is when industry research firms selling access to high-value content on a per-use or per-download basis.
The pay-per-use model enables your customers to pay only when they wish to use and whatever they use.
The membership business model includes users paying a subscription fee to obtain unrestricted access to a product or service. Many apps are using this subscription model these days to make their customers keep coming back to them.
This business model is a basic product or service which is presented at no cost. You can charge a fee for access to premium features, exclusive information or help.
An example of such a business model is how gaming apps provide certain services for a fee.
This business model is a social media variant of fundraising. Individuals or organizations influence others to give small contributions or investments – maybe $10, $50, $100 or more. The accumulation of dozens, hundreds or thousands of contributors is likely because of the propagation of websites that allow people and businesses to raise money.
How to develop an eWallet that would be loved by millions?
Mobile transactions evermore provide you the next level of competition for supremacy. Customers are becoming more and more dependent on smart devices.
Leading the competition of smart devices, smartphones have made a flawless space in the lives of individuals.
To develop an e-wallet that becomes popular among your users, you need to understand the user requirements.
There are various types of mobile wallets, you need to know which will suit your goal.
All you need to consider are as follows:
⇒ Online payment
Your user needs a substitute for the debit and credit cards to do the online payments. You need to provide them with a digital payment method to pay the merchants for their purchased goods with the help of a payment gateway.
⇒ Point of sale (PoS) payments
The POS system is described as a system that includes many components like hardware, software, analytics, inventory management, employee management, and reporting.
It comprises of a computer that runs on a POS software, barcode scanner, credit card reader, receipt printer, and an on-site server.
⇒ NFC tags
These tags are passive devices. This means they do not need any power supply to function. To top it, it gets activated only when it comes in contact with an active device. The best part about these tags is that they cannot carry out any processing of their own. They are only used to transfer data to an active device.
Let’s check out at its functions in detail:
- Scan & Read
The NFC tags can be used to convey information. All you need to do is put the NFC card or tag on the backside of your smartphone and all the data will get retrieved and displayed on your device.
- Write and Edit
Not just scanning and reading, the information can be written and edited too. To do that, you need to scan the NFC tag by placing it on the back of your device. When that is done, all the information will get displayed and you can make the edits if you wish to.
- Scan & Pay
The NFC system is much more than viewing and editing information. The payments can be done with this technology too. To do that the credit cards need to be placed on the back of your smartphone. Once the card is placed, the card details are fetched and payments are done.
Our white-label solution uses NFC technology to transfer and receive funds. Furthermore, it’s also used to recover extra information.
⇒ Peer-to-peer money transfer
In P2P payments the digital money is transferred from one person to another. This is done through a mediator, which is known as the P2P payment application. This type of payment requires devices with an internet connection. It is also an easy alternative to traditional payment methods.
⇒ QR codes
The QR code is a two-dimensional square-shaped barcode which has data encoded and stored in it. This data is basically linked to a website. The QR codes are used to make the payments easier and safer by connecting brick and mortar.
Our white-label solution for e-wallet development has a secure QR code embedded in it.
The payment gateway for your digital wallet app
There are several payment gateways open to be integrated into a mobile wallet to assist a user to add and send money to and from his wallet. This can be done by using their credit or debit card.
We use an absolutely reliable and secure payment gateway to integrate into our white label solution for FinTech app development.
Here are some important factors that you need to keep in mind while developing a mobile wallet solution.
1. Prioritizing Function
3. A digital receipt
4. Reward points
5. Keep the users engaged
Why should you select Coruscate as a development partner?
We are experts in FinTech app development. Our white label solutions for your Mobile wallets are powered with the latest technologies and are fully functional. They are absolutely customizable according to your business requirements. Our expert team of developers helps you from the start to finish assisting you with every need in your business. We provide you the wallets that not only benefit your users but also allow you to reap the benefits of the fast-evolving market.
If you are interested to know the functionality and cost of FinTech app development in detail, feel free to connect with us and ask for a free demo.