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.
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.
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, paying electricity bills, etc.
- Also, by paying via these apps, once 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.
eWallet App Development: 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 everything that you must know before getting your mobile wallet app developed. So, let’s begin by talking about the must-have features to include in your eWallet app.
Must-have Features to Include in an eWallet App
An app is as good as its features. Before you plan on getting any app developed, 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 that who all are going to use your app, and hence, based on their requirements, you must create separate panels. Incase of eWallets apps, there are generally two panels created: A user panel and an admin panel.
Creating two separate panels ensure 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:
Simple Registration: 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.
Send/Receive Money: 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.
Friends Referral: A great feature to let more and more people know about your app and encourage them to use it more often.
Ratings and review: Ratings and review is a great feature to offer. This will ensure users’ satisfaction and will also let you know the areas of improvement
Profile Management: Managing the users’ profiles and to keep a track of their daily transaction is a must-have feature to offer.
Intuitive Dashboard: A dashboard from where the admin can get all the information and data about users is a must.
Detailed Analytics: 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.
Support: 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 the 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 eWallet app development cost.
How much does it cost to develop an eWallet App?
Talking about the eWallet app development cost, there is no fixed amount as such. Based on what you have in your mind, the cost will vary. This is not the case with just eWallet apps. The cost of getting a mobile app developed depends on various factors, and no one can determine the exact cost without knowing all your requirements.
However, to give you an idea, here are a few factors on which the cost of getting an eWallet app depends, and knowing about them will give you an idea of what we are talking about. 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 the platform, 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 overall 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 overall cost of your eWallet app. Bigger the team, the higher will be the cost.
Now based on these factors, the overall cost of getting an eWallet app developed for an Android platform costs somewhere around $10,000 to $15,000 whereas, the iOS platform will cost around $12,000 to $17,000 and web app cost around $12,000 to $15,000. However, this cost is for a basic app, and as you make changes in your requirements, the above factors will change, and so will the cost.
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 from 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.