A white-label digital wallet is a type of digital wallet that is provided by a third-party provider without the banding notion of the software provider. But the underlying technology and infrastructure belong to the white label provider. SDK.finance develops software solutions on-premise for payment-oriented businesses or emerging fintech businesses that are seeking an affordable and reliable solution that may cut their time to market.
This type of arrangement is beneficial for businesses that want to offer digital wallets to their customers, but don’t have the time or resources to develop their solution. By partnering with a white label provider, they can quickly get up and running with a branded digital wallet without having to invest in building their technology.
White-labeling is a typical form of relations between the development company and the client. While buying such a product, companies can choose between custom development from the scratch or buying the pre-designed solution with additional adjustments. Though there are options to discuss the purchase, the overall process consists of the following stages:
- Discovery phase. It is good practice to contact the development team of the mobile wallet provider and talk about the needs of the client from a long-term perspective. It is about allocating the key functionalities that should definitely be in place and what could be integrated later. This is the time for the check-up with reality too. There is probably no suitable developer that has all the answers and developed solutions to meet all the needs. As a result of the discovery, companies form the product requirement document.
- PRD (product requirement document) is an intermediate phase between the discovery phase and working on the MVP. In this phase of the white label mobile wallet development, both sides unify business needs into the action plan with resources managed by the priorities.
- Going down with the MVP development. The company acts upon the PRD to integrate, create or adjust the backing core and API module into one smoothly working product.
Overall, a mobile wallet can be a great solution for businesses that want to offer this type of payment option to their customers without having to invest in developing their solution from scratch.
Also read: How to Choose the Best Payment Processor for Your Business
What are the benefits of using a white-label mobile wallet?
- Increased security: With a white-label digital wallet, businesses can offer their customers increased security by storing their payment information in a secure, centralized location.
- Improved customer experience: A white-label digital wallet can also improve the customer experience by simplifying the checkout process and allowing customers to store their payment information for future use.
- Reduced costs: White-label digital wallets can also help businesses reduce costs by eliminating the need to invest in costly point-of-sale hardware and software.
- Increased sales: Finally, businesses that offer white-label digital wallets can potentially increase sales by providing their customers with a convenient and easy-to-use payment solution.
Modern fintech services offer more flexibility and agility to meet the client’s demands. So, they aim to be cross-platform and inclusive, offering both desktop and mobile versions. A mobile digital wallet gives that ability and suits best for neobanks and crypto exchanges. If you seek more advantages that a custom-developed solution may offer, learn more about our white-label mobile wallet and decide on building your business on top of it. We try to make our products adjustable by design, so we offer in-house and on-cloud deployment within any type of infrastructure, is it Azure, AWS, or any minor one. The mobile wallet may transform your business and solidify the dataflow into one ecosystem you navigate easily via the back office.