No wonder the world around us has changed a lot. With the advent of mobile apps and smartphones, we all have started to rely on them. Even our mode of payment changed. From paying cash to paying via mobile app, we have come a long way.
Apps like Google Pay and Amazon pay are quite popular among users. Not only these apps are in trend but also a preferred mode of payment for many. Not many people these days prefer keeping cash in their pocket but rather keep it in their smartphones. And this is the main reason why the demand for eWallet app development is increasing among both start-ups and large-scale enterprises.
Today, in this article, we are going to talk about eWallet app development, the must-have features to include in your eWallet apps and the cost of developing an eWallet app. But before that, let’s have a close look at what these digital wallets are and how they can benefit your businesses.
What is an eWallet?
eWallet or the digital wallet is a mobile app that allows users to store their money online. Just like net banking, one can use this money to pay their shopping bills and a lot more. All you have to do is add money to these wallets from your bank, link your wallet to the merchant’s website, and you are good to go.
eWallets make money transactions easier with the help of scanning the QR code or just entering the mobile number of the person they want to transfer funds to. The process can be considered a matter of a few seconds. The eWallet is comprised of all the financial details of the user, hence it becomes more significant to make it fully secure and encrypted by applying a PIN or password.
Get to Know About the eWallet Market Growth and Statistics
Since these apps store all your financial details, eWallet app developers ensure maximum safety while creating such mobile app solutions. All the information that you add is in encrypted form. Though many popular eWallets have their web version too, the mobile version is the most used one.
According to Statista, the total transaction value in the mobile wallet segment is expected to reach US$6,685,102m in 2021 and show an annual growth rate (CAGR 2021-2025) of 12.0% resulting in a proposed total amount of US$10,520,219m by the year 2025. Also, the number of users is expected to rise to 1,890.3m by 2025.
With the advancement in mobile devices and apps, payment methods have also been digital and easy to use. People have shifted from those traditional ways of payment to these digitally improved and faster ways such as credit/debit cards, internet banking, and others. In the below graph, including stats are representing the data associated with mobile wallet services consumed by US consumers as of December 2016. While surveying this, it is evaluated that there is a 14% usage reach of the Google Wallet. Following it, Apple Pay holds a 12% usage rate. Among all, PayPal was counted first with 76% usage.
Digital wallet app development is highly in demand these days. This is because approx. 48.53% of the world’s population owns a smartphone. And the main contribution is from the people ranging from the age group of 15-45 years. These people are quite tech-savvy and prefer using a cashless mode of payment.
Benefits of Using eWallet Apps
Many big companies have already launched their digital wallet app and are enjoying the profits from every transaction that a user makes. Not only these apps are good for businesses but also for users. Here are some of the benefits that these digital wallets have to offer:
- These eWallets are highly safe and secure as all the information stored is in cryptic form. Also, one can set their own passwords and biometric locks while using these apps for extra security.
- Users find using these apps easier and simpler as compared to making payments via cards. Digital wallets offer a fast and reliable money transfer facility. Also, one can send money directly into their bank account without any hassle.
- By using these eWallet apps, users can avail a variety of money-saving offers like cashback, discounts, and many more exciting deals.
- Not just paying their shopping bills, these apps can help users to book their tickets, phone recharge, pay electricity bills, etc.
- Also, by paying via these apps, one can manage and monitor their monthly budget well.
Industries like retail and eCommerce, healthcare, restaurant and food, banking and finance, etc. are enjoying the benefits of digital payments, and now more and more businesses operating in these industries are looking for a reliable on-demand app development company to get apps like these developed.
Now that we have seen a gist about eWallet and what these apps can do, let us move to how to get an eWallet app developed.
Different Types of eWallet Applications
While going through the details on how to build an eWallet app, you must get an understanding of diverse kinds of eWallet apps. They are as follows:
These types of wallets are specifically released by some particular business or platform to enable users to secure transactions. These can be used easily and conveniently by both individuals and enterprises and are helpful to keep records & respond to refunds, returns, and cancellations. Some instances of these types of wallets are Ola Money and Amazon Pay.
Though it is not as famous as others due to its intrinsic restrictions, semi-closed wallets are somewhere the same as closed wallets. These offer numerous advantages such as offering support for several merchants working in a chosen location. These wallets offer both offline and online transactions. These include Paytm Wallet Oxygen and Citrus.
If you are looking to develop eWallet app like PayPal, you must go for an open wallet. It alleviates the restrictions of both closed and semi-closed wallets. These are associated with banks and users can use these for multi-purpose such as transactions (sending or withdrawing the amount) without any limitations. It can include apps like Google Wallet and PayPal.
IoT wallets are basically acclimated to IoT payments. These apply pay-as-you-go pay payment systems showing how the technology can be used at its best. Bitcoin is the most suitable example of it.
While thinking about how to develop mobile wallet app, have you ever thought that there can be a wallet primarily for cryptocurrency transactions? A crypto wallet offers secure transactions in comparison to others due to its information encryption. Electrum, Coinbase, and Exodus are some of the best examples of it.
It is also one of the wallets that concentrate on safe transactions. These types of biometric wallets comprise biometric authorization strategies such as fingerprint and facial recognition to reduce fraud. These apps comprise Samsung Pay and Apple Pay.
Nowadays, digital wallets integrate AI capabilities to enhance their performance. For example, some wallets include their own chatbots to assist users with ease and instantly solve any kind of query relevant to a specific transaction. These are comparatively more secure and faster while preventing deceptive activities.
NFT-based wallets are used to fulfill the purpose of storing and transacting NFTs. Commonly, these coincide with cryptocurrency wallets, hence these can also be used for cryptocurrencies. Examples include Trust Wallet, MetaMask, and Math Wallet.
Must-have Features to Include in an eWallet App
Before you plan on getting any app developed or its features, you must research well about what is the purpose of your app. You must focus on integrating the most vital features that users will require while using the app. If you cannot decide everything by yourself, take help from a proficient eWallet app development company as they are the ones who have both expertise and knowledge of developing such kinds of apps.
It is important to understand who all are going to use your app, and hence, based on their requirements, you must create separate panels. In the case of eWallets apps, there are generally two panels created: A user panel and an admin panel.
Creating two separate panels ensures that both users and merchants can use the app smoothly and have access to all the features. Here is a list of some of the features that you must ask your eWallet app developers to include in these panels:
Get to know about the required features to add to the user panel so that app users can avail all the provided services conveniently. They are as follows-
Users must be able to easily register on these apps and must be able to create a complete profile of themselves. This makes it easy as every time using the app, they will not have to enter all the information again.
Since this is an eWallet app, users must be able to both send and receive money smoothly. Also, they must be able to add their contacts for future payments. You must focus on keeping the process as simple as possible but without compromising on security.
Check Balance Status
Another great feature to have in your eWallet app. One must be able to see the remaining amount in their account or the wallet.
Add Cash via Debit/Credit Card
Adding cash via debit card or a credit card is a must-have feature so that users can easily transfer their money from their bank account to their digital wallet.
Integrate Bank Accounts
Integrating bank accounts is important so that users can easily add card details. This data is exceptionally private so be extremely cautious while entering the sources of info.
View Last Transactions
It gets essential to add an eWallet passbook feature so that clients will have the option to check their daily or monthly transaction history. This is a must-have feature so that users are aware of their spending.
Send money back to the banks
This is a great feature to offer as not many apps these days have it, and even if they do, they charge for it. You can let your users send money back to their linked bank account if they do not wish to keep an excess amount in their wallets.
Offers and Deals
You can also give additional offers and discounts, in the form of cashback and vouchers, to users using your app. This will not only increase user engagement but user loyalty too.
A great feature to let more and more people know about your app and encourage them to use it more often.
Ratings and reviews
Ratings and reviews are great features to offer. This will ensure users’ satisfaction and will also let you know the areas for improvement.
Like the user panel, the admin panel also has some essential features that help the admin to manage all the functions within the app. Have a look below-
Managing the users’ profiles and to keep a track of their daily transactions is a must-have feature to offer.
A dashboard from where the admin can get all the information and data about users is a must.
Admin must have all the information about the app usage. Who all are using the app and for what purpose, everything must be closely monitored to make your app a success.
Create Deals and Discounts
To encourage more app usage, creating deals and offering amazing discounts is a great option.
This is one of the crucial features keeping in mind the user’s needs. Users may require help in case of stuck payment or payment failure.
Verification and Authorization
Being the owner of your eWallet app, it’s your responsibility to ensure users’ security. Verification and authentication must be done at every step to ensure that everything is going fine.
Apart from these basic features, there are some advanced features that you must ask your mobile app developers to include in your digital wallet.
These days, integrating chatbots is a must as your users may need help at any time. CHatbots are of great help when there is no actual human available or if any user is looking for any assistance after business working hours.
The in-app camera will help users to scan QR codes and pay their bills. Also, it comes really handy while taking screenshots, in case one needs to have proof of the payment made.
This will improve the security of your app. Every time a user wishes to make a payment a one-time password must be sent to their registered mobile number.
This is a great feature as users can easily get notified of the payments made and received or even the latest deals and offers, in the app itself.
Now that we have seen the features to include, let’s move on to the eWallet app development cost.
Read Also: A Complete Guide for E-Wallet App Designing
eWallet App Development Process: Everything You Need to Know!
If you are planning to get a mobile payment app solution developed for your business, you are at the right spot. Here we are going to discuss every step that you must go through to know how to build an eWallet app. So, let’s begin by talking about these steps eWallet app.
Market Research and Discovery Phase
In the discovery phase, collected details will help in determining the aspects to be included in the solutions and overall digital wallet app development cost. This step also comprises market research including all the competitors, app prototyping, latest trends, and tech stack. It will help you to know what should be included in your eWallet app and what should not.
Digital wallets must include a responsive, interactive, and user-friendly interface to attract a large number of audiences. eWallets with easy-to-use UI led to smooth and faster transactions while managing the funds efficiently. UX design of the app must be discussed at the time of the research phase so that users’ app requirements can be defined properly. It will highly affect the users’ journey; hence it should consider majorly.
It is the most vital phase that will affect the eWallet app development cost. In this stage, eWallet app developers will write code for developing an app for the business as per their selected platform. Here having a well-established digital wallet app development company will help businesses a lot throughout the process. the cost for Android and iOS platforms will be different as per the needs.
Another most crucial step of the app development process is testing the created application. It is necessary to check whether the eWallet app is working properly or not. The app will be tested on different parameters such as performance, speed, etc. After going through all the tests, if there are bugs and glitches, they will be removed while improving the overall app performance to deploy it on the chosen platform.
App Launch and Maintenance
After getting assurance from the QA team, the app will be ready to launch for public use. To ensure that the app is used by your target audiences for a longer time, businesses must consider post-app launch maintenance. Also, they need to keep an eye on all the upcoming technologies and trends to update the digital wallet accordingly.
Monetization Model Applied to eWallet App Development
The purpose behind eWallet app development is not only to succeed in the market but to get profit and high revenue as well. For this, the monetization model is the most suitable and highly adoptable idea applied by businesses to avail benefits. Get to know about different money-making strategies below:
In this monetization model, their businesses allow other bank service providers to display their ads on the platform. It brings the large customer base of that particular service to their platform and in return, they get a fixed commission, and it drives their business as well.
It is necessary to ensure that the business is working smoothly. Hence, in this commission-drive model, the app owner charges a specific fee from every user whenever they transact any money to a second party or bank.
This strategy allows new ventures to conduct their services mutually over the already sloped platform. eCommerce enablement comprises various options to give returns to the marketplace. As there is available a lot of audiences, it has more opportunities for eWallet transactions and enterprises.
How Much Does It Cost to Develop an eWallet App?
The cost of getting a mobile app developed depends on various factors, and these factors are necessary to determine the exact cost. Before talking about the cost to develop an E-wallet mobile app, you must know about these factors. So, let’s dive in:
1. App Development Platforms
This is one of the main factors that determine the overall eWallet app development cost. Based on what platform you choose, the whole app development process, tools and techniques used, changes, and this changes the cost too.
For example, if you go with Android wallet app development, the tools and technologies used will be different. The app will be based on Kotlin or Java, and special Android app developers who are experienced in working with these technologies will be working on your project. Since there are more Android phones available in the market, the task of a developer increases, and hence, the cost is slightly more than that of iOS apps.
On the other hand, if you go for iOS wallet app development, the app will be developed using Objective C or Swift, and a team of iOS app developers will be working on it. Talking about the cost to develop an iOS app, it is comparatively lower than that of an Android one.
If you want an app for both platforms, you can always go for cross-platform app development as the cost of getting a cross-platform app developed is lower than that of the native apps. We will talk about the overall cost of the eWallet app development later.
2. App Design
App design is as important as writing the code. The design of an app attracts users and increases user engagement. And if you want your digital wallet app to be a success, you must focus on its UI/UX elements and make it as simple and interactive as possible. However, the more complex the design gets, the cost of designing an app increase. You must hire UI/UX designer to get your app designed and check for navigations and graphics. The same goes for mobile wallet app development. The more complex design you choose the more you will have to pay.
3. App Size
The size of an app defines how many features and modules you want to integrate into the app. If you plan to get a small-scale app with fewer features, both the time and effort required will be less, and hence, the cost will be less. According to the experts, app size plays a significant role in determining the eWallet app development cost and has a great impact on it. So, if you are planning to get a large-scale e-wallet app, with too many features and screens, you will have to pay a little extra.
4. App Development Team
A developer is not the only one working on your project. There is a whole team of designers, developers, project managers, app testers, etc. that work on your project. Based on their experience and skills their hourly rate differs and this brings a difference in the complete cost to develop an eWallet app. The bigger the team, the higher will be the cost.
Apart from these above parameters, there are other factors as well including experience and location of your chosen eWallet app development company, app complexity, technology stack, and others. While providing an estimation of the E-wallet app development cost, it will vary based on your requirements and added features & functionalities. Above, we have already described all the factors that can differ the overall cost. If you want any changes to the basic E-wallet app, then it would cost you higher for sure.
Now based on the above-described factors, the overall cost to develop an eWallet app would be around $10,000 to $12,000 for the Android platform whereas, for the iOS platform, it would be around $12,000 to $15,000. If you want to get develop a cross-platform E-wallet app, it will cost you around $15,000 to $25,000. These cost evaluations are for an E-wallet app with basic features. Making any changes in your requirements will change the above factors as well, and therefore, the complete cost will differ.
Developing an eWallet app developed is a challenging task as not all mobile app development companies can do it properly. Creating a quality digital wallet App takes time, immense skills, dedicated resources, and expertise. And getting it developed by proficient eWallet app developers is the only way to get it right the first time.
Now that you are aware of the whole eWallet app development process, we are sure you will be able to hire app developers that are not only trained to do so but also have a rich portfolio of developing such kinds of apps. Digital payment is a growing industry, and this is the right time to invest in it.