Crafting digital wallet perfection
Creating a mobile, or digital, wallet has been a tough task for the payments industry so far. There’s been questions about how it should work, should it accept cards from other issuers? Should the industry work together to create one solution, or is it better to divide the market and try and win out?
Honestly, nobody really knows yet, but some companies have had a pretty good stab at it. One example is BBVA’s groundbreaking mobile app that uses NFC HCE for its transactions on Android, and NFC tags for iPhone. There’s also the argument that Bitcoin users have also cracked the ideal mobile wallet, and the payments industry could do with actually taking a look at it. Whatever your opinion on the matter is, MasterCard has come up with the five must-haves for any digital wallet, and presented it in a rather fetching infographic to catch your eye.
First things first, it has to be Safe and Secure
Consumers need to be able to trust who’s supplying them with a digital wallet, without this they might as well be throwing their money into a hole in the ground. There are multiple levels of security, but the most secure wallets will have multiple layers of protection at every step, providing security questions and using mobile verification via text.
MasterCard says to look out for wallets from financial institutions as they can already be trusted with your financial details. And it’s crucial to avoid wallets that want to link directly to your bank account. It’s not idea when it comes to getting your money back in the event of fraud.
Secondly, wallets have to work anywhere
What’s the use in creating a wallet for your users if they can only pay in certain ways, and if they only work in certain places or portals. If you’re going to build a digital wallet, it needs to work on a phone, PC, tablet and at home or on a train.
It has to do more than just make payments
You’ve probably heard this one before, but it’s true, a wallet should do more than just provide a different way to make a card payment. Physical wallets do far more than just store a payments card, your digital one has to do the same, if not more. A digital wallet could help with completing everyday tasks, providing reminders, or easy ways to pay off bills or others with little to no fuss.
It can’t deny users rewards
While I, personally, don’t believe this is a crucial element, MasterCard believes that – just like using credit cards today – rewards are tantamount to driving use. When using a digital wallet it makes no sense to remove these incentives despite using the same account attached to the card they usually use. If you want to drive digital wallet adoption, it’s time to stop revoking those rewards and actively encourage them instead.
Finally, and most importantly, it has to be simple and easy to use
Your digital wallet shouldn’t require absurd levels of knowledge to operate. It has to be intuitive and simple, giving a great experience every time.
Take a look at MasterCard’s infographic on digital wallets below.