7 WAYS TO OPTIMIZE YOUR DIGITAL WALLET FOR BETTER EFFICIENCY

13th December 2021

Digital wallets are simple to use, secure and have become a natural extension of our life. Digital wallets are well on their way to becoming the most common means of payment, with easy registration and login, extensive merchant and consumer payment processing functionality, and a user-friendly interface. Let’s take a closer look at the technology of the digital wallet.

Humans swiftly adapted to the new, socially distant environment after the spread of Coronavirus turned the globe upside down in 2020. We blinked, and everything was occurring online, from the comfort of our own homes, whether we were working on our day jobs, shopping for groceries or watching TV.

To stay up with the "no-touch" method of working, many firms had to go through a digital transformation. Consumers benefited from significant technical disruptions that enabled financial inclusion and payment digitisation. With businesses moving online, many end-users began using digital payments to pay bills for the first time, pushing the total number of digital payments completed globally in 2020 to a staggering 70.3 billion!

A digital wallet, to put it simply, is an online service that allows individuals and organisations to conduct electronic transactions. It's also known as a "mobile wallet," because it keeps information for multiple payment methods (e.g., debit/credit card credentials), as well as other goods like driver's licenses, airline passes, movie tickets, and gift card coupons. Users can, however, utilize such wallets to purchase anything or conduct any transaction swiftly from their mobile phones.

7 ways to optimize your digital wallet for better efficiency

1. Minimum Payment Journey

In the expanding competition of digital payment trends, a short trip from payment inception to payment completion will be a strategic success. The user would prefer a payment method that has the least number of steps to complete. If you offer a digital payment solution, such as a mobile payment app or a peer-to-peer payment app, it will be considered a USP if you can complete payments with minimal effort.

2. Maximum Tie-Ups Across Systems

As the popularity of online commerce and eCommerce grows, more people are becoming interested in using digital payment systems. With the growing popularity of cashless payment systems, it is desirable to include as many banks and financial institutions as possible so that customers do not encounter any difficulties when using peer-to-peer payment apps. If a cashless digital payment system wishes to add a new user, the involvement of every bank in the digital system is the most important necessity. Apart from banks, mobile payment apps have an opportunity to tap into the market of all small shops, retail chains, and businesses.

If a user is extremely familiar with digital wallet features but not with digital payment possibilities in the traditional market, there will be a significant gap, and such loose ends can harm the entire digital payment trend and its success. As a result, a partnership between retailers and digital service providers is critical to improving the digital payment system effectiveness. This will make the digital payment method more accessible both online and offline, as well as more visible to clients, hence increasing the adoption of the digital payment system.

3. An Incentive/Loyalty Programme

We've seen companies provide discounts or freebies to customers who use their products or services through traditional payment methods. Cashless payment systems could benefit from the same strategy. If you offer reward or loyalty points to your service's users, they are more likely to utilise it more frequently than the average.

Consumers, for example, would prefer to pay with a digital wallet rather than cash if they knew a specific mobile payment app would reward them with cash back or a discount. Such reward schemes/loyalty programs also aid in the growth of a digital payment system's client base as well as the firming up of its market position in a competitive market.

4. Compatibility

Any digital payment method should be cross-platform compatible. Consumers would be inconvenienced if the digital payment system only works with a specific platform and a limited set of systems and does not work with others. If my cashless payment option is not accepted by this platform, he or she would always be in a pickle. As a result, providing such a cage would result in low user retention in the long run for digital payment system providers. Adoption of such a payment method by such suppliers runs the danger of limiting their potential market and customer base. To address this issue, any digital payment solution must be open to all platforms and services, rather than being limited to a single type of platform or service.

5. Educate Consumers

Consumers are hesitant to adopt new methods or systems out of fear of losing control or comfort. When money is involved, such behavior becomes more prevalent. When it comes to digital payment methods, consumers' primary concern is whether their funds are being transferred safely. Even though the digital payment trend is on the rise, there is still a sector of traditional clients who are hesitant to use digital payment solutions. As a result, it is critical to inform potential customers about the digital payment method.

Any digital wallet solution should and must educate both existing and prospective clients about the security and convenience of digital transactions vs traditional payments. They should be taught and encouraged to adopt a cashless payment system in a variety of ways. Customers must develop trust and confidence in digital payment solutions for them to switch from traditional cash payments to new digital payment trends.

6. Standardization Across Devices And Browsers

Different types of gadgets can have the same variation. As a result, it is critical for a digital payment system to standardise and make its payment process uniform across all browsers, devices, and gateways. When performing digital payment, sensitive information such as a credit card, debit card information and passwords are used. As a result, redirection/pop-ups/OTP verification should be consistent across all browsers and highly secure against potential threats. Users' trust in digital payment systems will be bolstered because of this uniformity.

7. Minimum Redirect

We've seen that you've been transferred to different pages numerous times to finish your digital payment. It could be a bank's page, a payment gateway's page, an OTP page, or something else entirely. Such diversions put the user's patience to the test while they wait for their payments to be completed. Such redirections further raise the likelihood of payment failure because they lead to many pages, posing a security risk as well as payment failure scenarios. As a result, a digital payment solution should always create as few redirects as possible during the payment process.

Practices for Increasing the Security of Your Digital Wallet

1. Enable Passwords On Your Devices:

Before using your phone, tablet, or other devices, be sure that passwords are enabled. Take advantage of the extra layers of security provided by these gadgets. Password managers can help you develop strong and unique passwords. Adding two-factor authentication to your device and app security will give your already secure device an extra boost.

2. Use Secure Network Connections:

Be aware of the networks to which you are always connected to. It is critical connecting to only those networks that you can trust. Use public Wi-Fi networks sparingly. Passwords are required for more secure WiFi connections, which are easily recognizable as "WPA or WPA2." Anyone can connect to highly insecure WiFi, which is sometimes referred to as a "WEP" connection.

3. Install Apps From Sources You Trust:

Apps aren't always what they seem. It's possible that you'll get more than what you asked for. A free game could not be a game at all, but rather software meant to steal your personal information. Reading customer ratings and reviews might provide you with some insight into the app's reliability.

4. Keep Your Private Stuff Private:

Never discuss sensitive information with people you don't know. This includes responding to email requests, answering phone calls, and giving control to people you wouldn't ordinarily hand over a physical wallet to. Private information such as passwords or payment account details will never be requested by financial service providers or support workers.

5. Keep Login Credential Secure:

Don't write down or save information necessary to access digital wallets in an unencrypted file. Your data and credentials could be misused if you have easy access to them. Even if the source program, device, or database is compromised, it is critical to store passwords in a method that prevents them from being obtained by an attacker. There are now various frameworks and apps that include built-in capabilities for securely storing passwords.

6. Create a Unique Password For Your Digital Wallet:

Don't use the same password for your digital wallet features as you do for your email or social media accounts. Unauthorized access becomes more likely because of this. Instead, create a password that is easy to remember but difficult to guess for your digital wallet. This will improve the security of your digital wallet.

7. Identify Who To Contact If There Are Issues, Before One Arises:

Make sure you know how to fix any issues as quickly as possible and who is accountable for any suspicious transactions on your account. Consider the following scenarios: your phone is lost or stolen, a single card in your wallet is gone, and your account has been hacked or may have been hacked.

EVOLET’s Digital Wallet with Mastercard

EVOLET has a lot of features, including a bonus preloaded Mastercard. It allows the user to conduct a variety of additional cashless transactions without fear of going over budget. Users benefit from reduced top-up prices for selected telecom carriers, as well as the ability to reload for family and friends living abroad. Reloading does not just apply to mobile credits, but also cash credits. They can shop online for themselves and their families in other countries using EVOLET. This is feasible thanks to Mastercard, which is included with the e-wallet.

They can also use Mastercard to pay for e-hailing and other local products and services. This expenditure will contribute to Malaysia's GDP and offer Malaysian merchants a new platform to market their items to an international market through these migrant workers. The Mastercard is also a method to solve lower-income populations' financial inaccessibility, which EVOLET aims to target next. Malaysians who use EVOLET can top up their accounts at Public Bank ATMs or through FPX. The extra benefit is that top-ups are merely RM1.00 and there are no card-to-card transfers. Business owners have also seen the benefits of EVOLET for their business, as EVOLET offers easy to use tools to make your salary payment system seamless and efficient.

EVOLET is a digital wallet app for migrant workers.

Learn more at https://evolet.io/