With the advent of mobile devices and applications, payment methods have become digital. Initially, people moved from traditional standards such as cash payments to more advanced and faster technologies such as internet business and debit or credit card payments.
But as they say, technology is constantly evolving and moving into new phases. We have seen a new player emerge, the eWallet mobile app, setting one record after another.
The resounding successes of Paytm, MobiKwik, PhonePe, and others are truly inspiring. Paytm, for instance, has over 300 million registered users, as per the latest statistics in July 2018.
The identical can be said of other mobile payment apps. But if we talk about the global scenario, WeChat Pay leads with 600 million users worldwide, followed by AliPay, 400 million users.
Market Research Future also presented a global forecast report estimating that the e-wallet market will grow at 15% and expects to reach approximately $2.1 trillion over six years from 2017 to 2023.
| Technologies used to develop e-wallet applications.
E-wallet applications are becoming more intelligent and more potent with integrating future technologies such as near field communication, Bluetooth, Beacon, QR code scanning, and Blockchain technology.
Let's look at these technologies in detail:
Near Field Communication or NFC is one of the future technologies that allows sharing information and transferring money quickly. E-wallet applications use NFC technology, which makes it easier for users to send money without using contacts.
Most e-wallet applications are integrated with the QR code. It is effortless to make payments. You can usually send money to your known acquaintances or people connected to your social media. You need to consider the QR system on the other person's device when making the transaction.
If you need to make payments to people in your vicinity, you can choose Bluetooth and Beacon technologies. It is a fast, secure and reliable way to make the payment.
Gradually, e-wallet applications are also starting to use Blockchain technology, which is designed to initiate crypto-currencies. This method is very secure and encrypted. However, many governments have yet to legalize crypto-currencies, so you cannot implement this technology if you build the app for a specific region.
Finally, there are payment apps specifically developed for business purposes. This type of e-wallet allows you to transfer a lump sum without risk, as no third party is involved.
The Main Characteristics of the eWallet mobile application
For a better understanding, it will be helpful to divide the main features of the eWallet application into three areas:
- User preferred features
- Main features of the administration panel
- Additional features
Key features from the user's perspective
portfolio application
1| User registration
As with most applications, the user must first register for an account. They must use their mobile phone number and email address. He will receive a verification code, and by entering this code, he will register his account. Some e-wallet applications also use a KYC (Know Your Customer) system to ensure funds transfer.
2| Linking the bank account
Next, you link your bank account details to your e-wallet, where you make purchases and other adjustments. You can attach your card details, CVV number, and expiry date. This knowledge is highly secret, so be very careful when entering it.
3| Adding the money into the account
You must allow them to add money to their wallet. They can handle their card features and use a secure 3D PIN, password, or ATM PIN to add money.
4| Transfer or receive funds.
With an e-wallet, you can send money to someone by entering the recipient's number or scanning a QR code. You can also use NFC technology or beacons to send money. You can receive cash in the same way.
5| eWallet brochure
It is essential to include an eWallet that allows users to check their transaction history. You can use the filter option for a more detailed search.
6| Sending Money to Bank
Today, e-wallet applications also offer an additional option that allows users to send money back to their bank account if there is not enough money in the wallet. In addition, each application has set a monthly limit on the amount of money that can be used from the wallet. If the amount exceeds the limit, you will not be able to make any more transactions. For example, Paytm has a monthly limit of 10 000 SR.
7| Pay or debit a bill
The eWallet app enables you to pay your essential bills, such as electricity, water, and phone bills, conveniently. You can also use the same app to charge your mobile phone or broadband connection.
8| Paying for Insurance
The app allows you to pay your premiums on time. You can also use the app to pay your income and sales tax.
9| Flight and train bookings
Recently, e-wallet applications such as Paytm have made it possible to book flights, trains, and buses using the app. All you demand to do is enter your travel details and follow simple instructions to make the payment.
10| Buy groceries and other products
E-wallet apps extend the user experience, allowing you to shop online for groceries and other goods such as accessories, clothing, household appliances, electronics, mobile phones, and even cars and bicycles.
11| Special offers and discounts
As competition increases, you need to offer promotions and discounts to attract more customers. These can be displayed separately, such as cashback offers, 50% discount, etc.
12| Ratings and Reviews
This is an important feature where you can ask a user to rate your app and write a review telling you if they are happy with the offers and promotions. Based on this rating, you can improve your services.
13| Order History
Order history shows the details of all orders made by the customer using the eWallet application, whether it is spending a bill, booking a movie ticket, or buying goods. When customers purchase goods, they should also be shown the order status and delivery date, just like e-commerce applications do.
14| Choosing the Preferred Language
You need to provide a choice of languages to choose the language that suits them best.
Costs of Developing Mobile eWallet Applications
Now we come to the real question. How much does it cost to detail an eWallet application? You should be aware that the cost of an application depends on many crucial factors. These may include the application platform, the design and integration of the application, the MVP, the testing, and the application's release.
In addition, the choice of the company developing the application, the pricing model, and other factors will affect the cost of the application. To answer your question, the cost of an eWallet application is between $70,000 and $80,000.
| Conclusion
With the paradigm shift to a world of digital payments where cash is no longer needed, eWallet apps have transformed the financial and industrial sector.
We have observed how great eWallet applications have been very successful in this information and technology age where everything is changing rapidly.
So it is time to take the next step and offer users a magnetic experience and reap the best benefits.
If you are attending a reliable and cost-effective application development company to build your next unique eWallet application,If you are looking for a developer there are many app development companies in India that can help in building cost-effective e-wallet applications for your business.