In the past decade, we have seen digitalization has taken over the world. Digital payment systems increased with mobile devices and apps. Thanks to digital transformation, E-wallet mobile app has started dominating the online payment market and is increasingly being preferred for quick and fuse-free transactions.
The Market Research Future has presented a Global Forecast Report which estimates that the E-wallet market will grow at a CAGR of 15% and is expected to reach around $ 2100 billion by 2023.
This is an easier way to get rid of the waiting time to pay bills or transfer money than the traditional method.
Technology is on continuous development and shifting to new stages; we have seen the emergence of a new player like eWallet mobile app, setting records one by one.
Following the popularity of digital wallet apps, many startups have built their app platforms in response to this growing demand.
The success stories of Google Pay, Paytm, and PayPal are an inspiration for many mobile app development companies and entrepreneurs. This type of mobile wallet app has changed the mode of payment.
If we talk about the global scenario, WeChat Pay is leading with 600 million users worldwide, followed by AliPay.
Here, in this article, I will describe the unique features and process of E-wallet Mobile application development. So, let’s get started.
When developing an E-wallet app, the number one priority of developers should be to provide a secure environment for all e-transactions.
With the introduction of e-wallet apps, many fake apps are also wandering.
Therefore, there should not be any type of accident or any third-party intervention; the entire process of e-transactions should be highly secure.
Before we explore the features of mobile app development, let us explore various methods and techniques, which are used to conduct e-transactions through mobile phones.
What are the E-wallet Payment Methods?
If you have decided to develop an E-wallet, it is essential to determine which mobile wallet you need. Apart from the payment method, the features with which your mobile application is integrated will also affect the overall mobile app development.
iBeacon and Bluetooth
This method helps you to identify all your nearby friends for making payments. The iBeacon and Bluetooth technologies help make all e-transactions faster and extremely secure.
These technologies are still evolving and are very much indulge with a current community of users.
Near field communication (NFC) is probably one of the best technologies being used to transfer funds and share information with a convenient approach. These days, most E-wallets are using NFC technology for making all payments in a contactless manner.
QR Codes are one of the widely used technologies these days. You can use the QR code to transact with people you often meet with or with people who are part of your social community or office.
The only requirement of this method is to scan the QR code of another person’s smartphone. Thus making the process of transactions quick and straightforward.
This is the best payment method if your E-wallet app is being built for business needs only. Your business can collaborate with local merchants and other businesses and transfer funds quickly.
With a customized mobile app, massive amounts of the transfer become safe and quick and also ensures that no third party is involved.
Today, the most developed trend for online payments is through an E-wallet which is powered by a blockchain. This is due to its immutability and high security. Due to the advantages of blockchain, the blockchain development companies in India have been in great demand.
These types of mobile applications are mainly used by government and financial institutions as they have to spend massive amounts now and then.
Features of an E-wallet Mobile App Development
Here are some features you should incorporate while developing a mobile wallet app for your business:
As this happens with most apps, the user has to register their account on a mandatory note. Users have to use their email ID and phone number. He will receive a verification code, and upon entering the code, his account will be registered.
Some e-wallet apps also use KYC (Know Your Customer) to secure the transfer of funds.
Linking Bank Account
In the next step, you have to link your bank account details to the e-wallet, from where you will be making transactions and other payments.
Further, you have to add the details of your card like CVV number and expiry date.
Add Money into your Account
You have to provide an option to add more money to the wallet. You can add money to the wallet from the respective bank. After adding that amount, it will be reflected in the wallet.
Transfer or Receive Fund
E-wallet offers you the option of sending money to someone by either typing in the number of the recipient or scanning the QR code. You can optionally use NFC or beacon technology to send money. And, payment can be received similarly.
The E-wallet Passbook
It becomes essential to add an E-wallet passbook so that users should be able to monitor their transaction history. Additionally, you can make use of the filter option to go for a much leading search.
Send Money Back to Bank
These days the E-wallet app is also offering an additional option, where the user can send money back to his bank account if he does not keep extra cash in the wallet.
Furthermore, each app has set a monthly limit for using the wallet. If that amount exceeds the limit, you cannot do more transactions. For example, the monthly limit for Paytm is Rs 10k.
Making Bill Payments or Recharge
The E-wallet app facilitates you to pay your essential bills such as electricity, water tax, and phone bills in the most convenient way. Besides, you can also recharge your mobile phones or internet broadband connectivity using the same application.
Paying for Insurance
The application provides you with the facility to pay your insurance premium timely. Moreover, you can also pay your income and sales tax with the help of an app.
Flight and Train Reservations
In recent times, e-wallet apps like PayTm have introduced the facility to book a flight, train, and bus reservations using the app. All you have to do is to input your travel details and follow the easy steps to pay.
Shopping for Grocery & various Products
E-wallet apps are expanding user-oriented features, and in this context, they are offering online grocery shopping along with other categories of items including accessories, apparel, household items, electronic appliances, mobile phones, and even cars and bikes are offered.
Promotional and Discount Offers
As the level of competition has become higher, you need to offer promotions and discounts to lure more customers. These can be displayed as separate categories under the name cashback offer, items under 50% discount, etc.
Ratings and Reviews
Now, this is an important feature where you ask the user to rate the service of your app and also write a review of whether the user is satisfied with the offers and deals. Based on the analysis, you can improve your services for the better.
The order history displays the details of all orders that a customer has made using the E-wallet app, whether it is paying bills, booking movie tickets, or shopping for an item.
In the case, he has purchased an item that you also need to show the status of his order and when it will be delivered. This is something e-commerce apps perform.
Selecting the Favored Language
You have to provide a range of different languages so that the user can choose their mother tongue or native language and can easily enjoy using the app services and offers.
Language choices should be added based on the region where your primary target audience is residing. For example, for Indian customers, you need to add all major regional languages other than English and Hindi.
This is one of the essential features keeping in mind the needs of the user. If your customers face any problem related to payment or any other service, then you need to offer help to your customers.
It would be commendable if you include a virtual chatbot service to better interact with your customers.
Refer a Friend
This is a type of promotional feature or tool where you ask or urge the user to spread the word for your application, for which they will be offered with lucrative offers and attractive discounts on every transaction.
Application settings also become vital as it allows the user to customize the app according to his needs. This will include profile settings, payment settings, and security settings, etc.
With a drastic shift towards digital payment; the term cash-in-hand is becoming obsolete. E-wallet apps have revolutionized the financial and economic sectors.
In recent years, we all have seen how E-wallets mobile app development has become significant in this age of information and technology.
You can opt to hire app developers from India. They will help you to build a reliable E-wallet mobile app so that you can give a captivating experience to your users and get the maximum benefits.
Frequently asked questions:
Q1. What is the cost of developing an eWallet Mobile App?
Ans. The cost of developing an eWallet mobile app depends on many factors. The pricing model and other aspects control the pricing of the app. The cost of developing an eWallet Mobile app would range from around $25,000 to $50,000.
Q2. I want to create an eWallet mobile app, How much time will it take?
Ans. There are many factors to find out how long it takes to develop an e-wallet mobile app such as application platform, app features, design, testing, and many more. Once you select an app development company, it will tell you the exact time needed by discussing in detail.
Q3. Where can I hire a developer to make an eWallet mobile app?
Ans. You can hire the best app developers at PixelCrayons. The company has done almost 13800+ projects that clearly reflects how experienced skilled developers at PixelCrayons are.
Q4. What are the advantages of eWallet app?
Ans. There are many advantages that an eWallet app offers:
- Simply accessible
- Ensures timely payments
- Range of uses
- Fast transfer of funds
Q5. What will be the future of eWallet mobile apps?
Ans. Mobile wallets will gradually become more common with both customers and organizations. However, the market is likely to change in several ways in the coming few years.