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Five Steps to Creating a Successful Mobile Wallet Application in Time for the Holiday Shopping SeasonKony Solutions Explains How to Avoid the Pitfalls of the Development Process and Create a Successful mWallet Application (July 19, 2010)
SAN MATEO, CA -- (Marketwire) -- 07/19/10 --
- The mobile wallet is a value added functionality of all elements of the conventional wallet leveraged via mobile technology.
- IMS Research predicts that the number of mobile wallet users will reach 800 million by 2010.
- Many companies are struggling to create mWallet application strategies that will best take advantage of this year's holiday shopping season.
- Kony Solutions, Inc., the mobile application platform provider with Write Once, Run Everywhere technology, offers five ways to avoid the pitfalls of developing a mobile wallet application, from how to choose the right vendor to the best ways to future-proof your mWallet investment.
Consumers are increasingly reliant on their mobile devices for daily activities. As such, the mobile wallet, a value added functionality of all elements of the conventional wallet leveraged via mobile technology, has become an important part of the mobile application portfolio for retail and financial companies. IMS Research predicts the number of mobile wallet users, also known as the digital wallet, eWallet or mWallet, will reach 800 million by 2015. Although some brands, such as Citibank and Target, have successfully launched mWallet applications, many retail and financial companies are struggling to create mWallet strategies that will offer valuable return on investment for this holiday shopping season.
"Often companies find the mere mention of mobile wallet to be overwhelming. In actuality, most could launch a mobile wallet application within months by working with an experienced vendor," explains John Stewart, vice president of technical services for Kony Solutions, Inc., the mobile application platform provider with Write Once, Run Everywhere technology. "However, there are mWallet application development pitfalls that retail and financial companies can easily fall into if they don't have a clear deployment strategy."
Having created successful mobile wallet applications for Fortune 500 companies, Kony Solutions outlines the best ways for retailers and financial companies to navigate the complexities of developing an mWallet strategy and create successful applications in time for the holiday shopping season.
Prioritize Core Functionality
When developing a digital wallet strategy, it's important that companies understand not all mobile wallet functions will have value for them. The mWallet includes a variety of functionalities, like storage of personal information, a loyalty program and mobile transactions. Strategic development of mWallet applications must take into account customers' mobile habits and brand expectations. For example, Citibank's mWallet offering enables mobile transactions, credit card rewards tracking and a branch/ATM locator, all of which is valuable to its customers, but only leverages certain mWallet functionalities.
Make Security Your Top Priority
According to ABI Research, consumers' greatest concern with mobile wallet applications is the security of their confidential information. As such, security must be a top priority in mobile application development to ensure wide adoption. Having a comprehensive data security model is crucial; every transaction must be encrypted using application level authentication and industry standard mechanisms and adhere to industry benchmarks for secure transactions, such as the Payment Card Industry (PCI) Data Security Standard (DSS).
Future-Proof Your Mobile Investment
The greatest threat to mWallet application development is the ever-changing mobile landscape. To optimize an mWallet investment, applications must be fully functional on all devices and remain relevant as the market changes. Offering mWallet on-device applications, not just mobile web, is important to meet consumers' expectations of sophisticated functionality and ease-of-use. However, constant updating can become overwhelming from a time and cost perspective. Leveraging a single application definition can be a viable solution, enabling simultaneous development and changes across all operating systems, reducing time to market, future-proofing the application and offering ubiquitous deployment.
Choose Your Mobile Application Developer Wisely
When choosing a vendor to create, host and manage your mobile wallet application, the company should have a proven track record of success. They should be a trusted provider within the industry and well versed in mobile payment technologies. Additionally, the vendor should offer end-to-end services, from strategy development, to deployment and ongoing maintenance.
Make Sure Your Application Is Competitive
As the holiday season approaches, more companies are launching mobile applications. Leveraging a device's native functionality in conjunction with web 2.0 features is key to creating a competitive application and offering a unique mobile shopping experience. Harnessing the power of a handset's native features, including camera, contacts, social networking and location-based services, enables a more engaging experience for consumers and will increase application adoption.
"Consumers continue to integrate mobile applications into their daily lives, expecting sophisticated capabilities from their favorite retail and financial brands," said Brian Riley, TowerGroup research director. "It's important these companies introduce mWallet applications in preparation for the influx of mobile purchasing this holiday season."
For more information on how to implement a mobile wallet strategy for this holiday shopping season, visit http://www.konysolutions.com/resource-center/.
About Kony Solutions
Kony Solutions provides a suite of products and support services that enable Fortune 500 companies to offer consumers feature-rich mobile applications in less time and at lower costs than any other solution available. Kony's proprietary Write Once, Run Everywhere single application definition enables applications to be designed and developed just once, in a device independent manner, and deployed across multiple channels, including on-device applications, mobile web, SMS, web gadgets, desktop applications, and mobile operating systems. The Kony Mobile Application Platform leverages the Write Once, Run Everywhere technology for designing, developing, deploying and managing mobile applications.
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