Online Wallet: Ahead to Cashless Society

Online Wallet: Ahead to Cashless Society


16 October 2018

By limenotlemon

I will specifically explain Indonesia, my country, that is lately shifting its lifestyle to become a cashless society. Almost all goods and services are purchased with electronic money. We don’t have to bring our physical wallets and pay in cash. We scan the QR Code and take the products right away. To top up your online wallet also only need a debit or credit card.

Financial Technology in a Nutshell

When we talked about the online wallet, the will face a cashless society that every fintech company wants. Even my government start their move with e-toll to pay the toll fee with a single card. Financial technology not just for the bank. These days, anyone can make their own digital wallet. You, my friend, could also develop one.
Despite the minimum user who still has some cash in their physical wallet, they still want to try something new, and it’s your chance to give the experience to become a cashless society.

Different Wallet, Different Feature

There are several similarities in the feature when you compare a wallet to another. But if you want your audience to give their attention to your wallet, you should create a better feature or service. For example, you only need less than one second to open any menu in the app and top up your money with some simple steps.

Talk about Data of Non-Cash Transaction

There is always a risk for all businesses, including this one. Especially because you are (not literally) holding all your customer’s money and manage them to stay safe and sound. If there is some leak or major error, it simply leads you to the end of the story, bankruptcy. So, you need both the CFO (Chief Financial Officer) and Risk Manager to keep the cash flow (or basically the data of their money) runs accordingly.
In Indonesia, the transaction with technology increased promisingly. Statista said the Total Transaction Value in the digital payments segment amounts to US$22,427m in 2018. And the Total Transaction Value is expected to show an annual growth rate (CAGR 2018-2022) of 13.5% resulting in a total amount of US$37,238m by 2022.

The advantage of Online Wallet

Health, Water, Electricity, Rentals, Television? You name it.

Online Wallet Ahead to Cashless Society
Whatever your need is, even when you are hungry and want to buy a snicker (you are not you when you are hungry), a vending machine also uses a card scanner to fulfill your hunger. More than that, you can pay all your bills in one go. Health, water, electricity, rentals, you name it. You can pay for all of that thing as long as you get the right app.

Traceability of Online Wallet

There are two options (or maybe more) to make a good accounting in an online wallet. First, you can make a built-in transaction history, especially when you are developing a mobile app. The second is an automated e-receipt right after you finish a transaction. just like when you used mobile banking and got an email from your transaction journal.
Traceability will decrease miscount or even corruption when we talk about a massive financial system like the government’s national budget or company’s finance. Therefore, there is no such thing as lost-your-money-your-pocket.

The disadvantage of Online Wallet

There is always positive and negative side in everything. Online wallets still lacked somehow, and we still need to cover it up if we want a real cashless society.

Low Battery, Beginning of the Tragedy

Online Wallet Ahead to Cashless Society
Yep, everything digital is nonsense if you have a low battery. That said, we can’t use anything, including our online wallet, and it would be a problem if you have to use it right away. That’s why using an online wallet still has some holes that developers need to take care of.

Bug and Error

Yep, sometimes a mobile app faces some bugs and errors. This threat always haunts all of us. But as long as it’s not a major error, then your customer still could enjoy the app and transfer their money safely. In this case, you will need 24 hours (if necessary), live support to solve all errors, bugs, or even the little task like guiding them to read the FAQ.

Losing Money

The most troublesome will always be this one. Losing your money is a disaster. Especially if you just top up a million or more. Although there is a limit to an online wallet still, if the wallet is not secure, the hacker could easily sneak into your account and transfer all your money to somewhere else.

Online Wallet Development

I think we can’t use the website when talking about an online wallet. So, let’s talk about mobile app development instead. Mobile phones, as we know it, already have both software and hardware component in its development.

Security, Agility, Efficiency

Three points to build your own online wallet are these ones. Financial technology or even financial company always has risk management to manage the error margin when the mobile app goes live. Security to make it clear that you will make a powerful barrier to keep your customer’s money safe. Agility to gives a superfast service in a daily transaction. And efficiency to gives all window and your customer only need one wallet to cover all their needs.

LimeCommerce Mobile App Development

installing new online wallet in development
Fintech becomes more popular nowadays following the dream to create a cashless society. LimeCommerce experts also understand this one and want to help anyone who wants to strive their way to develop their own wallet. Managing people money, especially when using a mobile app, needs a lot of skills and supports. That’s why we are here to help.


We’ve already aware of the future of financial technology. People race one another to reach their goals. But one of the biggest goals is to make a cashless society. Although there are good and bad to use an online wallet, we still want to face that way. LimeCommerce will give the best support to make it happens. In short, let’s discuss it a bit, and we can plan the next step to make a better society.

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