Small businesses are being the backbone of the economy in the modern world. As far as the American Dream is concerned, small businesses or startups are the biggest job creators. After the years of the financial crisis, the opportunity for businesses was bleak. But then the new rise of financial technology, or “FinTech,” appeared.

At the beginning of 2010, FinTech entrepreneurs identified the gaps in the small business lending market and transformed the customer experience for small business owners. Technology firms like Amazon, PayPal, and Square joined the market, and new opportunities for even more revolutionary products and services began to emerge. Banks also scrambled to catch up with the trends. 

As digital wallets are frequently becoming the origination spot for customer spendings, they will in the future become THE platform for downstream financial services. This is like producing an opportunity for startups.

The Future of Digital Wallets:

The cloud wallets are facing the existential difficulty of being caught, actually, in the midst. The most intelligent thing they can do is join themselves with a winning application wallet if they are losing in getting sufficient credentials on their own. The payment companies like Chase and Citi are in jeopardy of being condensed into irrelevance and have attached themselves to the winning application wallets like Amazon, Lyft, Starbucks, Uber, etc.

So what does this suggest for startups? Well, it will become more accessible to approach the most profitable part of the stack — lending — without getting into the enormous and impractical path of payments.

Digital wallets may eventually facilitate the long-sought “taste graph” to be built. All of this will demand the “top” of the stack open up — for Apple, Google, and other players to understand they are creating a financial platform, which is the most valuable when developers have access. 

Given the size of the market, it is a mystery of when not if, this will occur. And once it does, it’s expected to be a game-changer for the banks that for decades have depended on branches and customer branding. Also, startups who will eventually discover themselves with a capital-efficient entry point for disrupting customer finance.

What is Alexpay?

Alexpay is a platform launched by Allied Exchange Africa in collaboration with Global Tech Solutions to enable customers to transfer money from one mobile on a different network without using the internet. It is an integrated and secured avenue that aids unified, reliable, affordable and easy mobile money transfer across Ghana and the whole of Africa.

The main aim of Jacques Blinbaum from New York and Moses Kanduri from Ghana was to create a mobile platform to make sending money more affordable whilst sustaining the fast transfer speed and reliability. The mobile payment solution has been sketched to integrate the various mobile money platforms, the conventional banking network, and the established Brazilian F2b billing-payment platform.

The digital wallet aims to bridge the gap between sending and receiving money to and from loved ones. ALEXpay centers on joining friends and family in Ghana and across Africa by presenting a secure solution for day to day needs. Through this platform, the company is providing a workable solution to thousands of people in and around Ghana who have no or limited access when it comes to a bank account.

Features of Alexpay that you can add in your Mobile Wallets:

Pay and Collect Bills:

Alexpay allows businesses and customers with a simple and convenient way to make bill payments. The digital wallet allows paying for monthly subscriptions, mobile recharges and much more. 

Transfer Funds:

A good payment platform like Alexpay allows the deals with payments and receipts with ease of accessibility. The platform allows the transfer of money from one mobile money network (MTN) to other mobile money networks without any problems.

Integrate Bank Accounts:

As there is a great disconnect between mobile money accounts and Bank accounts in Ghana, people are unable to transfer money between their bank accounts and mobile money account. Alexpay solves this issue by enabling the integration of bank accounts in the app itself.

Disburse Bulk funds:

The customers can create virtual mobile money accounts to allow inflows- deposit, transfers, credits, billings, etc. and outflows like withdrawals, transfers, purchases, payments, etc. 

All in all, Alexpay offers business, merchant, government and individual customers the chance to leverage digital payment systems over mobile networks, conventional banks and physical card providers for safe, comfortable and secure financial activities across Africa.

What does Coruscate offer you for your Mobile Wallet Development?

We offer you with white label solutions having a QR-based payment option to make your transactions smooth and quick. Our mobile wallet can be utilized for payments while retail transactions and is profitable for your customers.

Features of our white label solution:

• Integrate the merchants into one platform to make their payment transactions smooth and convenient.

• QR code required to be scanned before appending someone and making the payments smooth and secure reducing the risks connected with the fraud.
• An admin module to manage the payment transactions of the users, merchants, and banks with the blockchain technology to implement better security.

Secure third-party components:

• A secure third-party payment gateway integrated with the mobile wallet directly used to make the transaction from all banks.
• A unique QR-scanning code is integrated for each mobile wallet.
• Sturdy third-party equipment to generate QR codes.
• NFC or Near field communication used for offline payments. 

Apart from these, some other exciting features are a rewarding system for your users and a budgeting tool to allow them to utilize the app in a fun way.

In a Nutshell 

There is no argument about the potential of mobile wallets and also that they are taking over the whole landscape. Also, with the advancement of technology, mobile wallet development has become more and more varied.

We can help you out with establishing a business model for your venture with mobile wallets. Connect with us for a free consultation session to discuss further mobile wallet development and ask for a free demo.