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:
- 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 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 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.