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 ewallet 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 enterprise mobility services which are offered by the app development companies where you get professional & expert app developers who 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:
Growing Demand for Mobile Wallet Applications
From millennials to Gen Z generation, the need for on demand app development services has grown 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 (As recorded by the end of 2019)
Ali Pay ———> 1.2 Billion+ Users
WeChat ——-> 1.15 Billion+ Users
Apple Pay —–> 441 Million+ Users
Samsung Pay –> 51 Million+ Users
Amazon Pay —> 50 Million+ Users
Google Pay —–> 39 Million+ 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 product engineering services providers, 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 Sofware 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
To build a full-functional eWallet app, you must incorporate the following set of features. Ask your mobile app development company 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
Intuitive Dashboard: Admin can get a comprehensive view of all crucial information related to the app via the dashboard.
User Management: Admin has the authority to manage different users as well as modify their rights
Merchant Management: The admin has the right to add, delete, modify merchant profiles using this feature.
Revenue Management: Admin can have a look at total revenue generated through the app with this option.
Real-time Analytics: Admin can get customized reports with detailed insights into the performance of the eWallet app.
Offers Management: Admin can monitor all promotional offers on mobile wallet app with this feature.
Security Management: Admin can regularly track the security aspect of the eWallet app and update if required.
Team Structure: Ewallet App Development
You need to build a team with the following skills:
- Business Analyst
- Project Manager
- App UI/UX designer
- App Developers
Point to Remember: The complexity of your e-wallet app and your delivery schedule will help you determine the exact headcount for each position in your team. For example, a complex e-wallet app with advanced features might require you to hire 2 to 3 app designers, developers, etc. Having a project manager with sound knowledge of modern project management methodologies is a must too.
Technology Stack Needed For Building Mobile Wallet App
Front End Development – Swift, Java, CSS, Bootstrap
Database – MongoDB, Casandra, HBase, Postgres, MySQL
How Much Does it Exactly Cost for Ewallet App Development?
The overall cost to build a basic e-wallet app will cost your around $20,000 to $50,000. However, if you are looking to build an advanced app with complex features like Alipay and Paypal, it will cost between $90,000 to$150,000.
E-wallet App Development Cost for Android
The overall cost to build an e-wallet app for Android platform ranges between $20,000 to $45,000. However, for building an advanced app like Google Pay or Alipay, it can cost between $80,000 to $150,000.
E-wallet App Development Cost for iOS
The approximate cost to build an e-wallet app for the iOS platform is $25,000 to $55,000. However, for building an advanced app like Paypal or Alipay, it can cost between $100,000 to $150,000.
E-Wallet Web App Development Cost
E-wallet web application or website has fewer features compared to a full-fledged mobile wallet app. It also requires less time and members of app development. So, the overall cost to build an e-wallet website will range between $25,000 to $50,000.
Factors That Affect the Cost of E-Wallet App
You must know that the geography of your chosen e-wallet app development company plays a critical role in deciding the final cost of your app. The dedicated software development team to an individual software developer for developing ewallet app charges vary significantly in different countries (see image). For instance, US app developers have a high cost (up to $250/per hour) compared to their counterparts (up to $80/per hour) in Asian countries like India.
Apart from this, a variety of other factors also affect the mobile wallet app final cost. These include app design, features, complexity, total development hours, support platforms (Android, iOS or both), developer experience, etc.
Ready to Turn Your App Idea Into Reality?
Building a quality eWallet App takes time, skills, dedicated resources, and effort. Now that you are aware of all crucial aspects of eWallet app development, it’s time to hire an expert iOS and Android app development company to get a fully-functional eWallet solution.
Drop us a line to get a free, no-obligation quote for your custom mobile wallet solution.
FAQs: E-wallet App Development
1. What is eWallet and how does it work?
eWallet is simply a digital alternative to store your financial information related to debit/credit cards and bank accounts in a secure manner. Also, it helps you store online cash equivalent assets like cash coupons, rewards points, loyalty cards, virtual currencies (e.g bitcoin, bitcoin) and much more.
2. How do I create an eWallet App?
To build a secure and top-class eWallet app, you should partner with an experienced IT consulting firms like A3logics. Check out the company portfolio, past record, industry expertise, technology stack, client testimonials, etc. to choose the right development partner.
3. What is an eWallet Example?
Some of the top global eWallet solution providers include Alipay, Apple Pay, Samsung Pay, Google Pay, Paytm, etc.
4. How much does it cost to build an e-Wallet App?
The overall cost to build an eWallet app with basic features ranges between $20,000 to $50,000. However, to build a complex app like Alipay, it can cost you somewhere around $90,000 to $150,000. Remember, the final cost of your eWallet app is affected by various factors like app design, features, complexity, developer geography, experience, target platforms (Android, iOS or both), etc.