Digital payment is the transfer of value from one account to another using a digital device. The ease and speed of this payment option have increased the popularity of e-wallets. Do you want to know more about the key features of eWallet mobile apps and eWallet app development costs? Here are the answers you were looking for.
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| eWallet Mobile App Development |
eWallet Mobile App Development Cost and Features: A Comprehensive Guide to Mobile App Design
Gone are the days of cash payment. This is the age of digital payment. The ease and speed of pay have increased the popularity of e-wallets. Furthermore, the pandemic has increased the demand for eWallet mobile apps like never before. Developing a mobile app has many advantages for businesses.
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| Source: Entrepreneur Mobile Payment Statistics |
What is an eWallet Mobile App?
eWallet refers to the mobile wallet or digital wallet where you can store digital money. It is similar to net banking but with a difference. However, you have to add money to your eWallet if you want to spend. There is another way too. You can just link it to your bank account and make direct payments. You can also make payments by scanning the QR code and entering the mobile phone number of the receiver. The whole transaction can be completed within the blink of an eye.
eWallet mobile apps are not only payment apps these days. They are also more advanced and updated and use new technologies like the beacon, Bluetooth, and near-field communication, etc.
What are the Different Types of eWallet Mobile Apps?
eWallet mobile app development includes the development of three types of app. They are:
- Closed
- Semi-closed and
- Open
Closed Wallet
This type of wallet is provided by the business to the customers to make payments for the transactions made with them. You can transfer to the account of the company. A good example is amazon wallet. Ola money is also another example.
Semi-Closed Wallet
This type of wallet is used for making both online and offline payments. Payments are done through partner stores that support eWallet service providers. You can transfer funds to a reliable escrow account. One of the examples of semi-closed wallets is the Paytm wallet.
Open Wallet
This is another type of eWallet and is issued by banks and can be used as a credit card to procure goods and services. It is also used to withdraw money from ATMs. M-Pesa is an example of an open wallet.
Why Do You Need an eWallet Mobile App?
- Increase in Customers
First, Shopping and payment become easier and quicker. The ease and convenience of shopping attract more customers.
- Increase in Conversion Rate
Next, While shopping online, most people add things to their cart but don’t buy them. One of the main reasons for this is the long and tedious payment process. eWallet increases the chances of converting into sales.
- Easy to Make Refund
When the buyer returns the product, the seller can make a refund very easily. This is beneficial for both parties.
- Time-Saving
Ewallert is used not only for online buying but also for buying in physical stores. You need not wait in a queue before the cashier. The cashier is saved from the process of counting money and giving back the change. You can make payment with a simple tap or scan. So this saves time for the customer and the cashier.
- Decrease in Frauds
Using credit and debit cards has become risky these days because pranksters are able to crack passwords Comparatively, eWallets are safer and more secure. You are given one-time random codes. Moreover, the eWallet does not display account details.
- Safe During Travel
You need not carry lots of currencies while traveling. This decreases the risk of theft and increases safety. You can have a stress-free journey.
- Quick & Easy Transfer of Money
You can easily transfer money from one wallet to another without any problem.
- No Transaction Fee
No transaction fee is charged for payments and transfers done.
- Money-Saving
Most of the eWallets have an important feature and that is keeping a track of your spending habits and categorizing your spending. This helps you to formulate a budget and avoid spending on items that are not necessary.
Is Wallet Suitable for All Industries?
Yes, it is suitable for all industries but there are a few industries that are more dependent on eWallet.
1. Online Shopping Industry
Thanks to the growth in technology and to the increase in the number of smartphone users, the eCommerce industry is growing at an unbelievable rate. Everything, right from small grocery items to expensive home essentials all products is sold online. The competition is very high. Therefore, unless the payment procedure is made simple with eWallets, businesses cannot survive.
2. Food Delivery
The pandemic locked people indoors. So most people are working from home. They find it easier to order food from their favorite restaurant. The food delivery industry is also highly competitive. That is why food delivery apps like swiggy and zomato have joined hands with electronic payment gateways. Therefore, eWallets are very essential for the food delivery industry.
3. Taxi Booking
There are many cab booking apps like Ola and Uber. The users make payments through eWallets after reaching their destination. There are many payment options like UPI and GPay etc.
4. Ticket Booking
You can book tickets for buses, trains, flights, and theatres, etc. with eWallet.
5. Bill Payment
Mobile recharge, internet recharge, rent payment, electricity bills payment, and others can be made through eWallet.
Essential Features of eWallet Mobile App
There are some essential features that an e-wallet mobile app development should have.
User Panel
- User Account
This is the first and foremost step. The user cannot use the app without creating an account. So, this is important.
- Adding Funds
This feature provides the option of adding funds to suit the number and also the value of the transactions.
- Link With Bank Account
This feature is important because it makes payment easier and faster.
- Check Balance
This helps to check the balance after making payments and also after receiving payments.
- Use the Offers Available
You are assured that you will not miss any offers and redeemable points as you can see the offers while making payment.
- Transaction History
Furthermore, you can record all that you receive and pay with the help of this feature.
- Add Friends
You can invite your friends through this feature. So it is easy to transfer funds.
Admin Panel
- Dashboard
The admin can monitor the users and their info with the dashboard. Moreover, the dashboard is interactive.
- Add & Block Features
The admin can add users or block users. If there are a lot of rejected and unauthorized payments, the admin will block the user.
- Managing Users
With the help of this feature, the admin can manage the users who use the wallet very frequently.
- New Offers
Likewise, you can manage new offers related to referrals and rewards, etc
- Analytics
The admin can validate the reports and also analyze them.
Advanced Features of eWallet mobile app
Apart from the general features, there are some advanced features that can attract more users and make the app profitable and increase sales in business.
Push Notifications
Sending push notifications to the app you made is helpful to revenue up business. This is the first one. Admin uses this to inform the users about offers, rewards, and new features, and many more.Signup Through Social Media Accounts
The users can easily log in to the wallet if they have the same credentials. So there is no need to remember many passwords.Tracking of Spending
The users will be interested if they are able to track their expenses every month because tracking helps in saving.QR Code
QR code reader is needed because it helps to make payments easily.Integration with eCommerce
When the mobile app becomes popular, the eCommerce companies will show interest to link the payments of the users as they want to improve their business.Chatbot Support
This assures the best user experience and makes the users satisfied and pleased when their queries are answered instantly.Cost of Building an eWallet Mobile App
You can’t give a fixed cost for any mobile app development and the same is applicable to eWallet mobile app too. There is no fixed price because there are some important factors that determine the cost.
Design
First, If there are more graphics and navigations in the design, the cost will be more. On the other hand, if the design is just basic and simple, the cost will be lesser.
Platform
Next, if the app is developed for multiple platforms, then it will be expensive. Moreover, android app development is slightly cheaper than iOS app development.
Size
The bigger the size and the more the number of pages, the more the price will be.
Team
The mobile app development team comprises app developers, front-end and back-end developers, designers, managers, and testers, etc. If they have more experience, then their salary will be high that will, in turn, increase the price of the app.
Location
Lastly, if the mobile app development company is in the USA, the rate per hour will be high but it is less in countries like India.
However, the cost of eWallet mobile app development may be somewhere between $20000 and $150000.
Conclusion
If you are planning to build a mobile app for eWallet, you should hire the best developers after doing thorough research on their experience, profile, reviews, knowledge, and price, etc. Your dream project should be successful and so you need the best. Since you need to make a profit, go for the best
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