There are barely two or three people out of 100 who carry cash, the rest use eWallets or digital wallets storing the data about their banking accounts on mobile devices. eWallets are the most convenient way to manage payments, be it anywhere anytime.
Some of the popular digital wallet apps are PayPal, Stripe, Google Pay, Venmo, etc. These mobile payment apps have got acceptance in most countries worldwide and people are easily moving from the traditional payment methods to highly advanced digital techniques of payments.
If you are thinking of how to make a digital wallet and are concerned about eWallet app development cost and features, then you must go for a strategized & well-thought process. It is the only way your developed eWallet application can stand apart from the existing competitors and you can get converted into the next fintech market leader.
In the below article, you will get to know about significant elements that you must consider to make your digital wallet app successful in the fintech market. Let’s read the guide to get the next bigshot fintech app:
What is Digital eWallet?
eWallets or mobile wallets facilitate consumers to no longer carry their physical wallets to have cash, cards, documents, and others. They can now use their smartphones for digital payments and to do other tasks. These mobile payment applications simply provide payment services including add-ons through networks with retailers or other service providers. For example, Airbnb and Eventbrite links are attached with Apple Pay.
Digital wallets allow their users to have faster digital transactions on more than one platform or website while saving the payment and credentials information securely. Consumers can use these eWallets by depositing money into them directly from their bank account or can link their bank account to the wallet to use the money.
Vast Expansion and Overview of Digital wallet Market
Before hiring a fintech software development company, you must get knowledge about the market growth and expansion of digital wallets. We all know the COVID-19 epidemic has affected the market largely as the market has evolved at a rapid pace due to cashless and no-contact payment solutions.
According to stats, the complete transaction value in the digital payment segment is forecasted to grow to $1,765.00 billion in the year 2022. This total transaction value is projected to evolve at 14.86% CAGR between 2022 and 2027 directed to the total value of $3,528 billion by the year 2027. Digital commerce has been counted as the largest market segment for digital payments by recording an estimated transaction value of $1,197.00 billion in the year 2022. While seeing with a comparative view worldwide, the projected total transaction value will be $3,528.83 billion in 2027.
The reason behind the growth of the digital wallet market is that mobile phones are the ones that we use to store all our information and now to do payments as well. It has provided all the users with both comfort and convenience by enabling them to use multiple payment methods.
Popular eWallet Applications Successfully Running in the Market
In the current time, when different sectors are eager to know about how to create a mobile wallet app, one should definitely know the success stories and marketing strategies of existing giants. It will help them to give tough competition to them in terms of offered benefits and security. If you are already planning to come up with an e-wallet, you must consider these below options. Let’s look at them:
It is offering easy payment services via a virtual wallet app since 1998. ‘PayPal’ has become a reliable name in the digital wallet market alongside being a payment provider for eBay transactions. The app works with just a simple PayPal account called out to be a popular payment system including the most impressive features.
Read More: How to Create a eWallet App Like PayPal
PayPal allows its users to make payments easily, all they have to do is to click a picture of their credit or debit card and upload it to their digital wallet. It has access to every bank almost, even though it is the only app through which you can send/receive money from a USA-based bank along with other overseas accounts as well. It charges nothing from users for the payment transaction.
Do you know PayPal is the parent company of the famous digital wallet app ‘Venmo’? Yes, it is true but they both are still different and have completely different working processes while carrying the same purpose.
Initially, Venmo was developed as a social commerce platform but then, it began to use as a digital wallet app. It is capable of collecting debit or credit card information while balancing Venmo accounts and sending money to other parties faster.
The main focus of the Venmo app is the social circle including splitting bills while booking a taxi or paying for dinner in a restaurant. The app can be used with the use of the internet along with taking care of users’ contact lists and other functions. While having eWallet app development services, you must keep this digital wallet app in mind to take reference.
Paytm is the most used mobile commerce platform that is providing easy and faster payment services. It is setting the bar high by having quicker and safer UPI and digital wallet payments. Since its launch in 2010, it is offering advanced payment services in 11 different languages.
The app works on a semi-closed model where users are allowed to have money in their digital wallet, or they can attach their bank accounts as well with it to make the transactions.
Customers can use Paytm to pay for their flight, train, or bus tickets, avail service from restaurants, the retail and entertainment industry, online shopping, etc. This app is partnered with various popular educational institutions and earned around $120 million via using strategies like paid promotions & advertisements. Whichever eWallet app development company you choose, ensure that it has proper knowledge about creating the Paytm clone application.
4. Google Pay
Though Google Pay hit the market lately, still it has earned more fame than any other digital wallet app in less time. Do you know how it gained so much popularity so early? It offers users all-in-one services such as receiving & sending money, buying online products, paying bills, phone recharge, paying to different merchants, and more. It also provides the option of Gmail integration to send money to your friends by using email.
This app can also be linked with American Express, Discover, MasterCard, Visa Card, and other bank accounts safely. It is the reason why Google Pay has crossed over 100 million users in such a short time. Alongside, it doesn’t have any hassle of KYC and reloading the app wallet. It will be great to create an online wallet app like Google Pay as it is easy to use, completely free, well-designed, and has a faster process.
5. Amazon Pay
The app was launched in 2007 and can be called a division of Amazon.com used as an online payment platform. Amazon Pay enables users to pay online and get exclusive offers and cashback. The main focus of this digital or virtual wallet was on Amazon’s customer base as it gives them the option to pay for the products from Amazon accounts. Thus, it is considered the best and much more convenient when it comes to online shopping.
Though be it anything, mobile recharges, ordering food, booking tickets, and so on, this app is beneficial for all. The company also has a partnership with the fintech firms such as ZestMoney to facilitate users with no-cost EMI payments on the platform. Amazon Pay can be accessed in most countries and also have Blockchain integration to provide a secure transaction.
Checklist to Consider for the Success of Your eWallet
While getting mobile app development services, businesses are always anxious about whether their app is going to be successful or not. If you have got a unique and amazing idea to enter the mobile wallet market, then it is going to be worth it for sure as this market has huge potential for every newbie. To make it big by being the next market leader, you must work hard on some significant points. What are those points? Get to know them below:
Choose a Reliable and Experienced Firm
At the time of digital wallet app development, the foremost priority of any business must be to hire a top fintech app development company. Associating with an experienced and leading company will help you in terms of different aspects, firstly they must know how to modify your thoughts and plans into interactive and responsive eWallet app design that users will get attracted to. Your chosen firm should know about the necessary compliance to follow while creating the eWallet app. They must be experts in developing different types of eWallets such as Closed-loop wallets, Semi Closed-loop wallets, and Open-loop wallets.
Analyze the User Intent
Before you start considering the most popular digital wallet apps for references, you must know why people need these kinds of apps and what services they are expecting exactly. When you will get a clear idea about the user intent, you will be more able to align the solutions with the target audiences by including what they want. All the above, it is still necessary to create the app with zero-liability protection, better security, great user engagement, and more. When you develop a user-centric mobile wallet application, it will be easy for you to steal the attention of audiences. Users must feel high-level comfort while using the application that only comes from the easy app navigation.
The Adoption Rate of Digital Wallets
At present, N number of industries are there that have accepted and adopted fintech app development services & other relevant services open-handedly. These industries comprise entertainment, retail, healthcare, automotive, BFSI, electronics, transport, and others like Education, IT, etc. These industries explain the ways how these eWallet apps have interrupted Fintech.
In this reference, the Retail and eCommerce industry has been on top of the list that has unleashed the diverse mobile payments and relevant aspects. Next, BFSI is planning to facilitate users with a wallet system. There are various mobile wallets available now that allow users to transfer money directly from their bank accounts. BFSI sector prioritizes it due to its provided benefits. Not only this sector, but mobile wallets have also benefitted a lot of other industries as well. It is the reason the adoption rate of digital wallets is going high day by day, be it in any sector.
In the media and entertainment sector, it is helpful for mobile wallet integration in the system or gets partnered with a mobile wallet service provider as businesses offer subscriptions mostly. Hence, it becomes convenient for users to submit the subscription fee monthly, quarterly, or yearly.
Technologies play a significant role in the working of an app, and it is something that decides the app’s success. Businesses must hire eWallet app developers who are both skilled and experienced to provide you with an efficient solution integrated with an advanced technology stack. It is technical offerings that help an app to be different from others and make people use it. Ensure your chosen developers have an understanding of the latest tools and technologies such as Blockchain for enhanced security, chatbot, etc. to augment the users’ experience. Users can be facilitated with options like peer-to-peer payments, co-branded credit cards, remittances, recurring investments, and seamless & secure wallet-to-wallet transactions.
Understand the Necessary Compliances
When it comes to storing app users’ personal data and banking details, it automatically becomes obligatory to provide them assurance about data confidentiality and security. Talking about this, following the necessary compliances, rules, and regulations is essential to make the app trustworthy. Choose a reliable firm or expert eWallet developers that have knowledge about all these compliances according to the specific application. For eWallet apps, enterprises must follow AML, KYC, and GDPR rules relevant to their operative countries. For a safer side, businesses can go for fintech app development compliant with PCI DSS (Payment Card Industry Security Standard).
Cost Assessment of Creating an eWallet App
While thinking about how to create eWallet, there comes an obvious concern about the eWallet app development cost. There can be considered several factors to determine the overall cost including the app’s complexity, app features, chosen platform, wallet type, app functionality, development team, and tech stack. Based on these, the eWallet app development cost will be around $15,000 to $40,000 comprising basic features. If you are planning to add up some advanced features and make it more robust & scalable, then the estimated cost can go higher.
In the above blog, we have tried to address all the essential aspects considerable for eWallet app development and its success. Although, if you got succeed in finding a leading mobile app development company that has rich knowledge and experience in this domain, then everything will go smoother and flawless. It is good if businesses are thinking to invest in a fintech app as it holds the future. In upcoming years, these digital wallet apps have the capability to replace all the traditional payment methods and will bring new trends in this field.
We all are moving to a cashless era, hence, to be in this race, various businesses are taking help from well-known companies. Among all, SemiDot Infotech is also a reliable name in this domain. We have dedicated and professional eWallet developers who can help you turn your revolutionary thoughts into a great and unique e-wallet app to grab the attention of audiences. Contact our firm and leave everything to us!