Demonetization is a phenomenal step by the Indian government and it has ushered a revolution for the economy. The frequency of cashless transactions has increased and people have opened up to the concept of e-wallets and online payments. The adoption of m-commerce emerges as the best solution for the cash crunch caused by demonetization. Consequently, the mobile app domain is now poised for huge growth. In addition to making cashless payments easier and simpler, mobile apps promise a whole new, exciting experience for the users. At the same time, these apps are empowering businesses too, by generating revenues and developing a client base for them.
Here is how mobile apps need to gear up for the challenges related to the emergence of a cashless economy:
Focus on User Experience
With demonetization, the general public has been suddenly forced to make use of mobile apps. Many of these people are not entirely comfortable with the concept of making payments using e-wallets. As a result, user-experience is something that app developers have to focus on. They have to take care of the user perspective as well as look to develop cross-platform apps, which can work on mobiles as well as desktops and tablets.
Another improvement that is required in mobile app domain in the wake of demonetization is that of offline functionality. A common problem that is encountered by app users is that of network issues. Many of them are unable to complete their transactions because they need to be online during the entire process. Mobile App developers need to work to resolve this issue by enabling digital wallets to operate without data connection too. This feature would result in better accessibility of e-payments to the Indian users.
Target-based Apps for High User Engagement
When businesses decide to go online, they must make in-depth research of the market to make sure that the app gets them high user engagement. The app needs to consider the target audience and make sure that they get a seamless experience as well as a hassle-free interface. At the same time, it is vital to secure higher ranks on Google Play Store as the domain for mobile payment apps is expected to witness stiff competition in the coming time. Language is another barrier that challenges the mobile payment apps as most of these are biased in favor of the English-speaking population. As the economy goes cashless, app designers need to realize the significance of going vernacular in a country where regional languages are dominant.
As mobile apps have become the new way to pay, the popularity of Android instant apps is on increase. People may need to make instant payments for services and utilities, which is possible only with such apps. As the name implies, there is no need to download and install these apps; rather they can be used on the go, saving time, mobile data and memory space.
As the economy is coming to terms with the idea of the majority of transactions going cashless, they know how vital it to be comfortable with mobile payment apps. IT is not only going to help them understand the technologies better but also experience the thrill of it all.