In this blog, you will learn all the details you need to know about developing your e-Wallet app.
This is going to be your step-by-step guide with all the necessary questions answered related to mobile wallet development.
Here is a small guide on what you will get in the post…
- What is a Mobile Wallet?
- Types Of E-Wallet Applications
- Various Types Of Mobile Transaction Methods
- Why You Should Develop A Mobile E-Wallet Application
- Here Are The Top Benefits Of E-Wallet App Development
- Industries Benefited From The Mobile Wallet
- Top Mobile Wallet Apps
- How You Can Earn From The App?
- Usage Of Mobile Wallets Across The Globe
- Must-Have Key Features In Your E-Wallet
- Some Advanced Features
- Points To Keep In Mind While Development
- Different Technologies Required To Develop A Mobile Wallet
- Experts You Are Required To Develop An E-Wallet App
- How Much Will It Cost To Develop An E-Wallet App?
- Factors That Can Affect The Cost Of Development
What is a Mobile Wallet?
A mobile wallet can be explained as a financial instrument that is used to receive or send money to an individual and business entity using a mobile phone.
It’s a type of e-commerce model in which ease of access and convenience is focused and developed accordingly.
You can also call a mobile wallet mobile money or e-money.
Your ordinary wallet might be have been stacked with many cards and money.
The e-wallets are a solution that offers users to save the information of their card and make payments easily by scanning a QR code or simply entering the number of the payee.
Money is deducted from the account of the payer and is transferred to the account of the payee.
Types of e-Wallet ApplicationsClosed e-Wallets
These are the apps that are exclusively made for the particular store in which customers can make a direct purchase.
Example: Walmart pay, Makemytrip, etc
These apps are used in only those stores which have contracted with the e-wallet company to use the services.
Examples: Paytm, MobiKwik, etc.
These are the most common e-wallets in which you can make transactions to different e-wallets using a single platform.
Examples: American Express, Amazon Pay, etc.
Various Types of Mobile Transaction Methods
Near Field Communication (NFC)
This chip is a based system in which you don’t have to touch anything it’s a contactless system; your card needs to be in the affinity of the receiver’s machine.
You just need to be in the range of 3 to 4 inches for making payment.
Sound Wave Based
This is a unique way of making payments in which you can make the payments with the help of a sound wave that is released by smartphones.
This feature can be used by any device like smartphones, feature phones, card swipe machines, etc.
You must be having a bank account, and every bank offers internet banking by which you can directly send the money from your account to another person’s account.
Quick Response (QR) Code
You can scan the code which is present at the store and make the payment for the purchase which you have made from the store.
Why You Should Develop a Mobile e-Wallet Application?
Technology today has carved a brighter future for e-Wallets and helping start-ups make a good deal out of their app.
The market has seen a vast rise in users, and their behavior towards adapting to this new change is commendable.
This is all visible through the statistics and the growth of this market.
Share of selected payment methods as a percentage of total e-commerce transaction volume worldwide in 2020, with a forecast for 2024.
Here Are The Top Benefits Of E-Wallet App Development
Reduced Abandoned Carts
This is the most benefit which a retailer gets with very few abandoned carts. e-Wallet helps people in easily making payments which speed up the buying process.
This result in more customer completing the order.
Low Transaction Fees
In comparison to the credit cards charges which are very high, e-Wallet has very nominal transaction fees which can be waved off.
Merchants can issue their own cards.
Order cancellation and returns are very typical parts of the retail business.
But with the help of digital payments, you can easily convert them into a positive side.
Retailers can provide personalized offers to the customers with some discount codes and make them come back for more footfall.
These offers can be provided to the customer periodically.
Higher conversion rate
Provide customers with the facility to purchase products on the go and help them with the ease of mobile payment apps.
This will increase their buying and get you more customers.
Industries Benefited From The Mobile Wallet
As most of the people in India owns a smartphone and majorly all looking to buy products online from e-commerce application.
When people buy products they wish to make safe payments and e-wallets provide safety which helps in boosting the sale of products on e-commerce sites.
Food and Grocery
You know the current situation in which the food & grocery industry is booming due to pandemics.
People are afraid to step out of their houses to buy products that’s the reason they are ordering products at their homes.
And these apps are providing online payment options to the customers which makes it convenient for customers.
You board a cab and making a cash payment for the ride is gone ways and in the current scenario, it’s unsafe as well.
Now people are more concerned about their health, they have started paying the money through e-wallets which is safe and hassle-free.
Online Bill Payment
Those were the days when you used to go to the electricity board office to deposit your outstanding bill of the month.
Nowadays you can easily do this in the comfort of your home.
Almost every e-wallet has this facility nowadays.
Ticketing & Booking
This industry has not left any stone unturned in making the e-wallets successful in the ticketing and booking industry.
You can easily make the booking of the plane, bus, train, etc easily from the e-wallet.
Top Mobile Wallet Apps
Here are some of the top eWallet applications around the world
How You Can Earn From The App?
There are various ways you can earn from the application, here are a few of them:
As you know that all the applications provide space for advertisement on their platform and this is considered to be one of the main sources of income for any app.
When a person using the app for any transaction, the app company earns some commission on every transaction this is the most common way of monetization.
You can allow users to start their own business and sell products online through your app.
When a seller sells any product they earn money and you can charge some commission from them for the online space which you are providing.
Usage of Mobile Wallets Across The Globe
You can easily see the graph in which you can see the usage of mobile wallets across the globe, with different parameters like in which country the usage is high and where is low, increase in the user with the time, spending capacity of the people as per the age and many more.
Must-Have Key Features In Your e-Wallet
When you are developing your e-wallet app the key features which should be there are:
Features of the user panel
- Registration via social profile
- Add/authorize bank account
- Add & transfer money
- Check account balance
- Pay Bills or set auto pay
- Budget management tool
- View transaction history
- POS integration
- Accept payments
- Send invites and get referral points
Features of Merchant panel
- Log in to an interactive dashboard
- Create/edit profile
- Add/manage products
- Generate QR code
- Manage customers
- Add promotional offers & discounts
- Offer loyalty points and rewards
- Manage staff & employees
- Manage EMI payment options
- Push notifications
Features of Admin panel
- Secure login to an interactive dashboard
- Manage Users
- Real-Time Analytics
- Manage Users & Merchants
- Add New Offers
- Manage/extend security
- Revenue Management
- Users data control
- Reporting & Auditing
Some Advanced Features
Some advanced features which should be there in the e-Wallet application
- Multi-factor authentication
- In-built marketing tool
- Inventory, voucher & document management
- Multi-currency & multi-language support
- Wearable integration
- Card insurance linked to a digital wallet
- Centralized CRM dashboard
- Promotional tool
- Location-based services
- Chatbot support
Points To Keep In Mind While Development
User data security
Your app should be encrypted completely in such a way that there is not any chance of breach of data collected from the users.
A single leakage of any sort of detail can negatively affect the reliability of the app.
You should comply with the rules which are laid by regulatory, your app should be built according to the frameworks laid by regulatory.
This will help in avoiding the risk in the future, conduct transparent and fair transactions.
Risk of Fraud
You should be well prepared to avoid any sort of fraud risk with the app. Your app will be dealing with the transaction of money fraud is likely to happen.
You have to make your developer crystal clear regarding the future risks.
Different Technologies Required to Develop a Mobile Wallet
Various technologies will be used in the development of the eWallet app with their features.
Experts you are required to develop an e-wallet app
- App developers
- Front-end developers
- Back-end developers
- Quality Analyst
- UX/UI designers
- Business Analyst
- Project Manager
How much will it cost to develop an e-wallet app?
If you want to develop a basic app then it will cost you around $25,000 to $50,000
In comparison to the more complex app which will have advanced features can cost you somewhere around $90,000 to $1,50,000.
For the basic app which includes basic features, it will cost you around $ 25,000 to $ 55,000 and the advanced app can cost you between $1,00,000 to $150,000.
For the basic app which includes basic features, it will cost you around $ 20,000 to $ 45,000 and the advanced app can cost you between $ 80,000 to 150,000.
Factors that can affect the cost of development
Now it’s your turn…
You have gone through all the points related to developing a mobile wallet.
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