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Popular questions

The business model we are going to implement is quite specific, and same is for the regulatory requirements in our country. What is the Wallet Factory’s approach for delivering custom solutions?

Many technology providers sell wallets ‘as is’ or provide APIs so that companies can plug in additional functionality. This is however not what most of our clients expect because it requires extra team, efforts and resources from the client’s side, let alone the longer time-to-market. 

Our approach is quite the opposite to merely selling the platforms as is. Each of our clients has its own business model, requirements, and expectations for the desired software solution. Every market itself has its own landscape, relationships and regulations. So we provide our customers with a bespoke solution and are capable of customizing it entirely to facilitate every need.

What’s the typical workflow for customized solutions delivery?

Right after the contracting and teams setup, the project business analyst starts working with the customer directly. Alongside the business and functional requirements elicitation, there’s a parallel stage of basic design adaptation. Normally it takes several weeks and ends up with an as-is solution deployed in a test environment (R0). Then goes the stage of integrations and scheduled waves of change requests implementation. Before the pre-launch we fully test the solution, finalize the documentation and manuals, conduct the necessary client staff training, etc. After the project completion, a post-warranty stage begins where we provide system maintenance, technical support and new functionality development as per the client’s needs. We tend to keep ourselves capable of providing the ‘full throttle’ acceleration when it comes to onboarding and deployment for every new client, avoiding bureaucracy at all stages and remaining truly flexible when the capacity growth is expected.

‘Services’ and ‘Platforms’ do describe similar things in terms of functionality, let’s for example compare the eWallets service and the Digital wallet platform. What’s the bottomline difference and how to make a choice?

Well, Wallet Factory’s services are something that is backed by our platforms, located in a secure cloud. If you need to deploy the functionality within your own environment, you’ll probably need to license a platform. While services fit better to startups, small and niche companies, the platforms are designed for enterprises aiming at challenging the regional financial landscape and driving financial inclusion. The cost structure is correspondingly different: for the services we charge per active customer, while the platform ownership costs usually include the license fee, source code fee, maintenance etc.

Do you sell the source code for the platforms?

We do. And we can support your developers to speed up their adaptation.

Are you capable of creating interoperable wallet solutions, i.e. integrating with other payment systems, wallets etc.?

Of course, this is fundamental. Both close loop and open loop solutions can be created, depending on your business needs. Our solutions can be integrated with the core banking systems, payment systems and gateways, money transfer services, and diverse service providers, utility payments, 3rd party verification/KYC, AML, and BI to name a few.

What’s a typical team setup from Wallet Factory’s side?

Each particular project is led by a fully dedicated team of up to 7±2 software engineers: a scrum master (project manager), a business analyst for the requirements elicitation, Lead developer (solution architect), a senior back-end developer, a couple of mobile app developers and a QA lead.

What is a digital wallet?

A digital wallet is a mobile wallet application that stores payment information and allows users to make digital payments securely and conveniently.

 

How do mobile wallet solutions work?

Mobile wallet solutions, also known as eWallet apps, enable users to link their payment cards or bank accounts to their mobile devices and make payments through mobile payment apps.

 

What are some new digital payment methods?

Some new digital payment methods include peer-to-peer payments, mobile payments, and digital wallets.

 

What is fintech banking?

Fintech banking refers to the use of technology to offer financial services to customers. This includes online banking, mobile banking, and digital wallets.

 

What are open loop and closed loop payment systems?

Open loop payment systems are payment networks that can be used at multiple merchants, while closed loop payment systems are restricted to a particular merchant or group of merchants.

 

What is a cashless payment method?

A cashless payment method is any payment made without the use of physical cash, such as credit cards, digital wallets, and mobile payments.

 

How do QR code mobile payments work?

QR code mobile payments use a QR code to initiate a payment transaction. The user scans the code with their mobile device, which then takes them to the payment portal.

 

What are NFC mobile payments?

NFC mobile payments use near-field communication technology to allow contactless payment transactions between a mobile device and a payment terminal.

 

What is a digital wallet platform?

A digital wallet platform is a software platform that enables businesses to create and manage digital wallets for their customers and merchants.

What is customer loyalty and personalized rewards?

Customer loyalty programs offer rewards to customers who make repeat purchases or engage in certain behaviors. Personalized rewards are tailored to each individual customer’s buying preferences as they help businesses build lasting trust-based relationships.

What is personalized in-app rewards?

Personalized in-app rewards are incentives that are specifically tailored to meet the unique needs and preferences of individual customers within a mobile eWallet app. These rewards can take various forms, including discounts, points, cashback, or freebies, and are typically offered in exchange for specific actions or behaviors, such as making a purchase, referring a friend, or completing a certain task.

When used as built-in rewards programs inside mobile eWallet apps, personalized in-app rewards can contribute to the overall improvement of customer loyalty in several ways. Firstly, these rewards can create a sense of exclusivity and recognition for customers, which can help them feel valued and appreciated by the brand. This can lead to increased engagement, repeat purchases, and positive word-of-mouth referrals.

Secondly, personalized in-app rewards can incentivize customers to use the app more frequently and engage with its various features, such as adding funds to their wallet, making payments, or checking their account balance. This can increase the overall usage and retention of the app, which can translate into higher customer lifetime value and revenue for the business.

Finally, personalized in-app rewards can also provide valuable insights and data about customer behavior and preferences, which can be used to improve the overall customer experience and tailor marketing and promotional campaigns to specific segments or individuals.

Overall, personalized in-app rewards are a powerful tool for improving customer loyalty within mobile eWallet apps. By providing customers with a personalized and engaging experience, these rewards can help businesses create a competitive advantage, increase customer retention and lifetime value, and drive revenue growth over the long term.

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