Architecting a mobile wallet:
There is no doubt that today, as a society, we are more dependent than ever on our cell phones. Our smartphone is at the heart of the way we communicate and communicate. They are really an extension of us.
This article aims to provide an interesting insight into how we should approach mobile money portfolios in emerging markets. The perspective is wider than conventional implementation vendors today. The online and offline worlds are just facing the problem of the currency markets, where traders avoid electronic money for tax reasons and end up paying attention to various factors that need to be explored in the perspective of continued engagement. ie traction with the ecosystem.
Why read this article? Simple obsession!
If you are not obsessed with all aspects of your product/service, you can also skip this article. There are two types of visionaries:
• Those who just want a product and just want to market it.
• Those who seek perfection. They are looking for your product, which reflects what users want and is not based on personal opinions or rumors.
If you are the first, I suggest that Imgur waste time. If not, read on.
Insight into behavior
The first and most important concept is behavior. Accepting users and repeatedly using a mobile wallet is a behavior. A classic mistake made by service providers is to ignore the behavior and point out that it is an insignificant variable for the overall design solution.
Behavior is everything.
If you study and model behavior, you can work in the opposite direction of a process, with different sources, which in turn is the blueprint for your solution.
Personal expenses depend on the user
The way you and I spend money is very different. Mobile money and wallet providers today bet on person-to-person (or peer) transactions as their primary business. This is the lowest point on the payroll.
The need for P2P transfers will always exist. Consider the following example: Someone in city A sends money to his family in city B. This is the underlying market in which mobile money operators and wallet providers are interested. It’s simple, fast, and uncomplicated.
However, the scenario becomes interesting when the person on the other side receives the money (say the spouse receives it), and this is how they spend the money to make it interesting.
a typical rural housewife who receives money from her husband does an average of 23 transactions per month with the money (not counting small cash transactions).
The telecommunications operator/wallet was therefore only part of the transaction when he received the money.
There are 22 transactions at stake! But it would only be available to those who understand how he spends his money.
The fast-food industry is undoubtedly the best example of a simple vertical that really understands the behavior of buyers. Behind the scenes, fast food restaurants are investing millions in an effort to understand the socio-economic (and sometimes even socio-political) structure of the customers they serve. Your deep knowledge of user behavior is likely to surpass anyone with limited access to your customers.
The industry can standardize the product offering by giving the user the option to customize their order (e.g. pickles and tomatoes in Whopper).
It all starts with discussion groups/group discussions.
It is essential that a completely neutral (but well-informed) party is involved in the direction of the focus group. You need to separate the answers or validations that the company is looking for and, in turn, start with an empty (fresh) space. Try not to participate in a focus group and repeat what has already been discussed in meeting rooms or at points indicated by your marketing department.
People: who are my customers? What do I know?
People are an area that many neglects. Because? Because it’s a lot of work. A meticulous process in which you must separate profiles and work on creating individual characters for your customers.
Individuals are the design of any design solution. They answer questions like who, why, what, where, when, etc.
There are literally 10,000 resources on the internet that explain how to build a character (don’t forget to watch it on YouTube too).
People are role models. It serves as a mini-resume for your clients. Never hire someone without looking at their resume; in the same analogy, never try to set up a product/service without having the characters of your customers.
my money against your money
The way we buy and pay is different for each of us; Publishing personas is proof of that.
My income/expenses and my financial behavior are different from yours. Even after obtaining an exclusive fingerprint, the characters can be grouped into certain socioeconomic classes.
Behavior is not a mechanical system, it’s a human system – it’s about people. Satisfaction is also necessary if it forces us to ask the same sentence/question, that is, we buy/spend everything else in life. The weak point (classes of groups and customers) is not rocket science. This equates to an organization’s ability to model these classes into a single monetary operating system.
Digital inclusion before financial inclusion
A controversial point and considered very natural is the aspect of digital inclusion.
You cannot have financial inclusion without digital inclusion.
That’s exactly why Internet giants spend millions of dollars on infrastructure, education, and usability/compliance methods to ensure that their potential customers connect directly to the digital inclusion movement.
Not all wallet providers can offer a mechanism to include digital inclusion, but you can certainly be a catalyst for that. You can give your users a reason to take a step toward digital inclusion if you offer something that requires them to take extra steps.
In Urdu (my mother tongue), there is a word “Zaroorat” (literally translated “(a) necessity”). As long as you can package the need and the need, customers will be attracted to your platform/offering.
Solve the money dilemma in delivery
India, Pakistan, Mexico, Vietnam, Bangladesh, etc. these are just a few examples of savings that require a lot of money on delivery. When users buy products online, they prefer to pay cash on delivery. It is preferred both by retailers, who do not have to pay storage fees and by customers.
What if online transaction costs dropped to zero? Yes, completely free. You now have the digital equivalent of money (related to spending / receiving money).
Various surveys and studies have shown that merchants will sign up for services with a zero rate policy. This allows them to securely accept payments that are settled immediately in most cases.