Keys to Develop Your Electronic Wallet

We are entering the cashless era; cash is less and less common. According to data provided by some top Banks, 72.7% of the population does not carry more than five coins in their wallet, which normally do not amount to more than 5 euros.

With the cashless trend covering more and more ground, not a few companies see the many advantages of creating their electronic wallet. However, you must know that you must include this technology so that its profitability is always good.

An electronic wallet is the online payment system baptized as the most efficient by various banking entities. Its reason is to simplify any virtual transaction the user wants to carry out. 

In this way, the consumer can manage their virtual accounts from their mobile or computer, reducing the need to visit the offices of their corresponding bank to a minimum. 

This tool is useful for the individual consumer and can also be implemented in companies; some already use it for issues as important as the salaries of their workers or the collections from their clients.

Many SMEs apply for these advances; according to a report by the consulting firm Oliver Wyman, in Europe, medium-sized companies invested more than 65,400 million in technical services in 2021, 28% of the total cost of companies; in particular, the banking and insurance industry invested 14,000 million.

It is important to be open to including new technologies since the consumer profile has changed. Now, he is more impulsive, buys with less premeditation, spends more, and tends to increase his purchases on the days before holidays. 

However, he is a more informed consumer who looks at previous clients’ opinions, seeks the highest quality, and pays a little more for it. What defines the new consumer is saving time; this profile avoids waiting and long processes, saves their data on the reservation website, so they do not have to enter it again on future trips, and looks for the easiest and safest way to complete your payments.

The demands of this new client are easier to meet if there are digital solutions such as electronic purses, as long as these tools have three essential characteristics. PaynoPain offers the three key aspects that every good wallet application must have:

Security: Despite the quest for speed, the customer wants to be worry-free, especially on vacation, so being able to trust the payment system used by the company is essential. 

When a technological wallet is created, security must be the first factor to consider; users must be protected from fraud or money theft and from security breaches that cause leaks of private data such as addresses or workplaces.

Agility: Time is money, and the customer knows it; payment transactions are usually the most boring part of travel and do not enter travelers’ favorite activities. 

Offering the customer the possibility of saving on travel administration time so that he can spend it on other more desirable activities will increase his satisfaction with the business and the chances he will repeat.

Simplicity: Most clients flee from the long processes of stay contracts in search of simpler processes. Enjoying it should not be a puzzle, and clients in the tourism sector know it. 

That is why offering them a more pleasant stay and greater comfort through processes that simplify tasks such as the electronic wallet will greatly benefit the company.

Also Read: How to Protect Important Documents on Your Smartphone