The number of Europeans aged over 65 is set to triple in the coming decades – yet older users are being left behind by digital financial services.
How to design a digital wallet for older users
A new white paper from Netcetera says banks should adapt their digital wallets to meet the specific needs of this demographic.
Doing so will boost their inclusion in the digital revolution while boosting product use and customer loyalty.
Those aged over 65 are set to grow from 6% of Europe’s population to 15%, or around sixty million people, in the next twenty years[1].
Despite this demographic growth, older users have yet to experience the benefits of the digital revolution in financial services.
Research from Marqueta shows[2] that, although digital wallet use has surged during the pandemic, fewer than half of those aged over 65 currently use a digital wallet compared to 80% of 35-50 year-olds.
With cash use declining fast across Europe, older users need access to digital wallets to enable them to shop and use services – especially in the online environment.
Engineering experiences for older users
In the white paper, “Talking about their generation: is your mobile app ready for older users?”, we argue that the creation of a truly effective digital wallet for older users starts with product design.
Apple’s founder and guru Steve Jobs once said, “the best design is design you don’t recognize” – in other words, great design should fit users’ needs and function seamlessly to serve those needs.
When it comes to those over 65, the requirement for simplicity and ease of use is vital given most seniors’ unfamiliarity with the range of functions available on a smartphone.
In terms of designing the user interface, developers should maximize opportunities for learning how to use an app, including tutorials and pop-up windows offering assistance or repeated instructions.
Likewise, designers should avoid complex “swipe and tap” executions and focus on simple, one-tap processes.
Visual clues such as buttons and icons should feature clear colour differentiation and large text given that 10% of seniors suffer serious visual impairment owing to macular degeneration.
The white paper explains why a wallet for older users should remain as faithful as possible to the specifications of a particular operating system (such as Android and iOS) and demonstrate a flexible architecture.
This will make updates easier via new, more user-friendly operating system features.
Creating a positive user experience by thoroughly testing and researching with older users themselves is of paramount importance, since this ensures take-up of your app and adoption of new services as they are added.
Flex your solution to meet older users’ needs
The requirement for two-factor authentication (2FA) is a great example of how to flex the design of a wallet to meet older users’ needs.
Given the challenges with passwords and personal identification numbers (PINs), face ID or other biometric factors can be enabled to make 2FA easier.
Colours and fonts can be easily adapted using User Interface (UI) “widgets” created in base code, including icons, text, and other graphic elements.
Netcetera has deep experience in developing flexible wallet solutions focused on user needs and tailored user experiences.
Our ToPay Mobile Wallet solution includes a fully-modular architecture that’s compliant with both iOS and Android operating systems and with the latest regulatory and security standards, including requirements for 2FA as mandated by the EU’s second payment services directive (PSD2).
No matter how comprehensive your customization requirements, we ensure a great user experience and, by extension, widespread customer adoption of your digital wallet.
Download a free copy of “Talking about their generation: is your mobile app ready for older users?” now
[1] See Eurostat, February 2022: Population Structure and Ageing
[2] See Marqueta, “Mobile Wallets after COVID-19”
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