Planning to build a mobile wallet
app solution for your business? Well, you have landed on the right spot. The
global payments market today is growing at a lightning pace today. It will be
worth $5.2 billion by the end of 2020. The popularity of smartphones and
convenience to make payments anytime, anywhere without the need of carrying
cash has made mobile wallet applications a buzz among masses today.
As a business or startup, putting
your money into e-wallet
app development can surely provide good profits to you. But, how to build a
reliable and secure mobile wallet? This is the question, most businesses face
when planning to build their custom mobile wallet solution.
Well, don’t worry! The article below will provide you with a detailed
overview of mobile wallet application development - from project visualization
to app launch, and everything in between.
But, before we move towards the
eWallet app development process, let’s first understand:
What is a Mobile Wallet and How Does It Work?
eWallet is simply a digital
alternative to store multiple payment methods like credit/debit cards, virtual
currencies (e.g. Bitcoin, Ethereum) along with online cash options, i.e.,
coupons, rewards points, loyalty cards, etc.
So how do mobile wallets function
exactly? Well, you, as a user, can enter a mobile wallet by simply entering
your PIN, password, or biometric information through fingerprint or eye
recognition. Mobile wallets belong to the category of financial apps so eWallet app developers employ secure methods for processing mobile payments.
Some of the most popular mobile payments options are listed below:
NFC (Near Field Communication)
Bluetooth and iBeacon
QR Codes
Sound-waves payments
Mobile banking
Payment Mobile Apps
To know more about these
technologies, visit our blog:
From millennials to Gen Z
generation, the demand for eWallet applications is growing tenfold every day.
Mobile wallets usage from people is evident during online payments, in-store
payments, PoS purchases, etc.. The reasons behind such rapid popularity of
mobile wallet apps include convenience, easy-to-load money options and quick
money transfer facility.
“The global payments market will be worth 3.8 billion by the end of
2024 at a CAGR of 23.2% between (2019-2024).”
Different Types of E-wallet?
A variety of mobile wallet
applications are available in the market today. Some of the most popular
e-wallets include:
Wallets that use mobile carriers
to send and receive users’ money.
Wallets that use near field
communication (NFC) and other methods for contactless payments.
Wallet that process user payments
using internet.
Wallets that use SMS to initiate
payments transfer.
E-Wallet App Use Cases:
Online commerce payments – When user transactions are completed
over the internet and users receive a receipt for the same.
Mobile P2P money transfer – When money gets debited from a mobile
wallet users’ account and gets transferred to another user account.
Point of Sale (POS) payments - Mobile payments that happen at the
physical or brick or mortar storefronts. These payments are initiated on the
wallet user request.
Top Global Mobile Wallet App Examples with Number of Users
Why Build a Mobile Wallet App for Your Business?
More than 7 billion people have
access to smartphones today. Most of them belong to millennials and gen Z
generation and like to make monetary transactions via NFC-enabled mobile
devices or eWallet apps.
According to a survey. More than
1 billion people are expected to use mobile payment apps globally by 2020. So,
it’s an ideal opportunity for every business - from startups, SMBs to large
enterprises to build an intuitive mobile wallet app for their users and make
profits.
In fact, the majority of the
corporate giants like Apple, Walmart, Samsung, etc. have already built a mobile
wallet app and are reaping profits from every user transaction on their app.
Benefits of E-Wallet Mobile Wallet App For Your Business
Provide quick fund transfer
facility to your customers.
Provide money-saving avenues to
customers in the form of promotional offers, discount, cashback and much
more.
Encouraging customers to set up
automatic payments for receiving timely payments.
Offer faster money load options
through credit/debit card and net banking options.
Industries That Can Benefit From E-Wallet App
Retail
& eCommerce Solution Businesses: eCommerce companies can build a
secure eWallet app to provide customized offers, bonuses, rewards points and
much more to customers.
Banking
& Finance Organizations: Banks users can easily execute their
day-to-day banking tasks from mobile wallet applications at the comfort of
their home. Banks can also run various promotional offers and keep their
customers updated about important upcoming events.
Shipping
& Logistics Solution Businesses: Most of the taxi-app businesses
today allow their customers to pay via digital wallets. Hence, is an excellent
opportunity to build an eWallet app to support your already existing business.
Food &
Restaurant SolutionBusinesses:
eWallet apps make paying for the restaurant bills, movie tickets, and even at
the online food ordering apps and supermarkets, easier than it sounds.
e-Wallet App Development Guide: Everything You Should Know
Essential Features of A Mobile Wallet App
To build a full-functional
eWallet app, you must incorporate the following set of features. Ask your
development partner to add these basic features into your app:
User Side Features
User Registration: Users can register on the eWallet app using
social media or email accounts using this option.
Bank Account Set-up: Users can add their respective bank accounts
on the e-wallet app using this feature.
Add Balance: Users can add money into their wallet from bank
accounts, debit or credit card with this option.
Money Transfer: Users can transfer money to their contacts using
their account details or number using this option.
Bill Payments: Users can pay their bills, i.e., DTH, electricity,
credit cards, etc. with this option.
Offers & Discounts: Users can check individual offers and
discounts available on the app with this facility.
Refer & Earn: Users can refer their friends or family to join
the app and get rewarded as per conditions.
Transaction History: Users can get a detailed record of previous
transactions with this option.
Split Bills: Users can divide their bills with other users or
friends.
Merchant Side Features
Intuitive Dashboard: Merchants and vendors can get a holistic view
of their ales, purchases, transactions, etc. with this feature.
Edit Profile: Vendors can edit their profile details like update
name, bank account details, shop address using this functionality.
Add Products: Vendors can add various products on the custom wallet
app for customers.
Create QR Code: Vendors can create a QR code using the app to
receive payments from customers.
Customer Management: Vendors can manage different customers while
viewing their transaction history.
Withdraw Money to Bank: Vendors can withdraw money from wallet to
their respective bank accounts using this feature.
Offer Discounts & Coupons: Merchants can run various offers and
provide discounts on their products on the app for customers with this option.
Loyalty Points: Merchants can also provide loyalty points to
specific customers on specific transactions using this feature.
USA:(+1)-510-404-8049
E-wallet App Development: Cost, Features, Technology Stack and More
Planning to build a mobile wallet app solution for your business? Well, you have landed on the right spot. The global payments market today is growing at a lightning pace today. It will be worth $5.2 billion by the end of 2020. The popularity of smartphones and convenience to make payments anytime, anywhere without the need of carrying cash has made mobile wallet applications a buzz among masses today.
As a business or startup, putting your money into e-wallet app development can surely provide good profits to you. But, how to build a reliable and secure mobile wallet? This is the question, most businesses face when planning to build their custom mobile wallet solution.
Well, don’t worry! The article below will provide you with a detailed overview of mobile wallet application development - from project visualization to app launch, and everything in between.
But, before we move towards the eWallet app development process, let’s first understand:
What is a Mobile Wallet and How Does It Work?
eWallet is simply a digital alternative to store multiple payment methods like credit/debit cards, virtual currencies (e.g. Bitcoin, Ethereum) along with online cash options, i.e., coupons, rewards points, loyalty cards, etc.
So how do mobile wallets function exactly? Well, you, as a user, can enter a mobile wallet by simply entering your PIN, password, or biometric information through fingerprint or eye recognition. Mobile wallets belong to the category of financial apps so eWallet app developers employ secure methods for processing mobile payments.
Some of the most popular mobile payments options are listed below:
To know more about these technologies, visit our blog:
Learn More: Cost and Features Involved to Build E-Wallet App Like Google Pay
Growing Demand for Mobile Wallet Applications
From millennials to Gen Z generation, the demand for eWallet applications is growing tenfold every day. Mobile wallets usage from people is evident during online payments, in-store payments, PoS purchases, etc.. The reasons behind such rapid popularity of mobile wallet apps include convenience, easy-to-load money options and quick money transfer facility.
“The global payments market will be worth 3.8 billion by the end of 2024 at a CAGR of 23.2% between (2019-2024).”
Different Types of E-wallet?
A variety of mobile wallet applications are available in the market today. Some of the most popular e-wallets include:
E-Wallet App Use Cases:
Online commerce payments – When user transactions are completed over the internet and users receive a receipt for the same.
Mobile P2P money transfer – When money gets debited from a mobile wallet users’ account and gets transferred to another user account.
Point of Sale (POS) payments - Mobile payments that happen at the physical or brick or mortar storefronts. These payments are initiated on the wallet user request.
Top Global Mobile Wallet App Examples with Number of Users
Why Build a Mobile Wallet App for Your Business?
More than 7 billion people have access to smartphones today. Most of them belong to millennials and gen Z generation and like to make monetary transactions via NFC-enabled mobile devices or eWallet apps.
According to a survey. More than 1 billion people are expected to use mobile payment apps globally by 2020. So, it’s an ideal opportunity for every business - from startups, SMBs to large enterprises to build an intuitive mobile wallet app for their users and make profits.
In fact, the majority of the corporate giants like Apple, Walmart, Samsung, etc. have already built a mobile wallet app and are reaping profits from every user transaction on their app.
Benefits of E-Wallet Mobile Wallet App For Your Business
Industries That Can Benefit From E-Wallet App
Retail & eCommerce Solution Businesses: eCommerce companies can build a secure eWallet app to provide customized offers, bonuses, rewards points and much more to customers.
Banking & Finance Organizations: Banks users can easily execute their day-to-day banking tasks from mobile wallet applications at the comfort of their home. Banks can also run various promotional offers and keep their customers updated about important upcoming events.
Shipping & Logistics Solution Businesses: Most of the taxi-app businesses today allow their customers to pay via digital wallets. Hence, is an excellent opportunity to build an eWallet app to support your already existing business.
Food & Restaurant Solution Businesses: eWallet apps make paying for the restaurant bills, movie tickets, and even at the online food ordering apps and supermarkets, easier than it sounds.
e-Wallet App Development Guide: Everything You Should Know
Essential Features of A Mobile Wallet App
To build a full-functional eWallet app, you must incorporate the following set of features. Ask your development partner to add these basic features into your app:
User Side Features
User Registration: Users can register on the eWallet app using social media or email accounts using this option.
Bank Account Set-up: Users can add their respective bank accounts on the e-wallet app using this feature.
Add Balance: Users can add money into their wallet from bank accounts, debit or credit card with this option.
Money Transfer: Users can transfer money to their contacts using their account details or number using this option.
Bill Payments: Users can pay their bills, i.e., DTH, electricity, credit cards, etc. with this option.
Offers & Discounts: Users can check individual offers and discounts available on the app with this facility.
Refer & Earn: Users can refer their friends or family to join the app and get rewarded as per conditions.
Transaction History: Users can get a detailed record of previous transactions with this option.
Split Bills: Users can divide their bills with other users or friends.
Merchant Side Features
Intuitive Dashboard: Merchants and vendors can get a holistic view of their ales, purchases, transactions, etc. with this feature.
Edit Profile: Vendors can edit their profile details like update name, bank account details, shop address using this functionality.
Add Products: Vendors can add various products on the custom wallet app for customers.
Create QR Code: Vendors can create a QR code using the app to receive payments from customers.
Customer Management: Vendors can manage different customers while viewing their transaction history.
Withdraw Money to Bank: Vendors can withdraw money from wallet to their respective bank accounts using this feature.
Offer Discounts & Coupons: Merchants can run various offers and provide discounts on their products on the app for customers with this option.
Loyalty Points: Merchants can also provide loyalty points to specific customers on specific transactions using this feature.
Admin Side Features