Many companies are struggling to create mWallet application strategies that will best take advantage of this year's holiday shopping season. John Stewart, vice president of technical services for Kony Solutions, Inc., explains that by working with an experienced vendor most companies could launch a mobile wallet application within months. If there isn`t a clear deployment strategy, there are application development pitfalls that retail and financial companies can fall into. Kony Solutions, Inc. a mobile application platform provider with Write Once, Run Everywhere technology, having created mobile wallet applications for Fortune 500 companies, offers a solution for retailers and financial companies to overcome the complexities of developing an mWallet strategy.

Prioritize Core Functionality

When developing a digital wallet strategy, It is crucial that companies understand not all mobile wallet functions will have value for them .Strategic development of mWallet applications must take into account customers' mobile habits and brand expectations.

Make Security Your Top Priority

According to ABI Research (News - Alert), a consumers' greatest concern is the safety of their confidential information. Security must be a top priority in mobile application development and having a comprehensive data security model is key. Every transaction must be encrypted using application level authentication and industry standard mechanisms and adhering to industry benchmarks for secure transactions, such as the Payment Card Industry (PCI (News - Alert)) Data Security Standard (DSS).

Future-Proof Your Mobile Investment

To get the most out of your investment, applications must be fully functional and remain relevant as the market changes.  A workable solution to constant updating would be leveraging a single application definition - enabling simultaneous development and changes across all operating systems, future-proofing the application and offering ubiquitous deployment.

Choose Your Mobile Application Developer Wisely

The company you choose to create, host and manage your mobile wallet application, should have a proven track record of success. They should be a trusted provider within the industry and experienced in mobile payment technologies, offering all services from strategy development to deployment and ongoing maintenance.

Make Sure Your Application Is Competitive

 Harnessing a device's native functionality combined with web 2.0 features is key to creating a competitive application. Brian Riley, TowerGroup research director said that because consumers integrate mobile applications into their daily lives, it is important these companies introduce mWallet applications in anticipation for the flood of mobile purchasing this holiday season.