When it comes to digital wallets, millions have become billions, with the number of digital wallet users rapidly increasing from 900 million to 1.48 billion between 2020 and 2022. While the COVID-19 pandemic certainly accelerated its growth, many experts believe that digital wallet development was inevitable.
Regardless of industry, more and more businesses are leveraging digital wallet app design to reach new audiences while improving customer experience and overall value. However, getting the most out of these digital finance solutions begins with high-quality design. Here are the top picks from Star’s Design experts.
4 Digital Wallet Design Strategies
With these indispensable examples from leading companies and best practices, our digital wallet solutions can reach new heights.
Onboarding is simple. Because onboarding can make or break an app’s user retention, it should be at the top of any digital wallet product’s checklist. Remember that the rules are made by the consumers, so your onboarding process must be frictionless, simple, and user-friendly. So, how does this look? Paypal’s digital wallet app design has only 9 simple onboarding steps, with each frame cuing users with clear navigation and content flow. Revolut, on the other hand, employs storytelling tools to guide users even before onboarding begins. The key here is to incorporate features that will give your app a competitive advantage over others, which can include designing an easy way in the UI and UX to take photos of required documents in-app and even.
Consider going beyond wallet functionality. Making a digital wallet relevant beyond its basic financial function is critical these days. This entails linking your wallet product directly to other lifestyle services and brands. In terms of design, the best way to anticipate your audience’s specific needs is through customer journey mapping, or CJM, which uncovers behavioral drivers and allows businesses to think beyond their sales funnel basics. This is a five-step circular process that can be applied to almost any product or service. When applied within the FinTech ecosystem, the ability to make things faster, simpler, and less stressful for users while adhering to financial institution regulation and security standards is always the top priority.
Trust is pre-installed. Getting users to trust a product, especially a new brand or service, is difficult but necessary for the development of any digital wallet. Transparent communication through UX and UI product design is the future. Again, these design tips emphasize the importance of removing friction in UX design, making your products relatable and transparent, and prioritizing cutting-edge security that users can rely on. Experts from Star, Paidy, and Onfido share their insights on how to best harness the power of design to build and strengthen trust and enduring customer loyalty in a landmark episode of Shine: a podcast by Star.
Create captivating experiences. There are many great design features that can transform your digital wallet app design to achieve the highest user engagement. Use vector graphics to visualize data; include gamified elements such as progress displays, badges, and rewards to make your app stand out and encourage users to return to the app; and develop a UX design strategy that considers both short-term and long-term applications. This could include anything from being able to invest and save through a single app.