Without a doubt, the concept of digital payments and digital eWallet development is sweeping the globe. Due to the current situation, people prefer to make transactions using eWallet Mobile Apps or payment gateway models.
As a result, powerful technologies such as NFC, Bluetooth, Blockchain, and others are being used to implement the concept of eWallet and more secure mobile apps. In the coming decades, the mobile wallet architecture is likely to dominate the market. Let’s delve into the details –
What is an eWallet app?
Simply put, an eWallet app development is a digital alternative for securely storing your financial information from debit/credit cards and bank accounts. It also allows you to store online cash equivalent assets such as cash coupons, rewards points, loyalty cards, virtual currencies (such as bitcoin) and much more.
How does it work?
Credit card data, debit card data, banking information, and payment platform connectivity are all stored in an e-wallet app. It is simple to use and quick to complete. This eliminates the need to retrieve physical wallets and cards.
When a customer visits a payment page on a website or in an app, the E-wallet can provide payment information on the spot, allowing for quick and easy transactions. Consumers can create an account with an E-wallet app that they can access at any time. eWallet app development services are used in various situations, by various types of businesses, and by various types of consumers. Companies and consumers alike would benefit from using E-wallets now that e-commerce is a global industry.
Why Should You Develop a Mobile e-Wallet Application?
Today’s technology has paved the way for a brighter future for e-Wallets and has aided start-ups in making a profit from their app.
The market has seen a significant increase in users, and their adaptability to this new change is commendable. All of this can be seen in the statistics and the market’s growth.
In 2020, a percentage of total E-commerce transaction volume was allocated to selected payment methods, with a forecast for 2024.
Scope & Market Growth of E-wallet App Development in Coming Future
- According to the Mobile E-Wallet Apps Market Forecast and Opportunities, the E-wallet App market is expected to reach US$6.6 billion in 2020 and $255 billion by 2025, with a CAGR of 15.2 percent between 2020 and 2025.
- According to research, the global e-Wallet market is expected to grow 15% to $ 2.1 trillion by the end of 2023, with a CADR of 15%.
- According to a study conducted by Juniper Research in 2017, the amount of money spent through these wallets would increase by 32%.
Benefits Of E-Wallet App Development
- Reduced Abandoned Carts
This is the most benefit a retailer receives from having a small number of abandoned carts. People can use an e-Wallet to make payments more easily, which speeds up the purchasing process. As a result, more customers will complete their orders. Hire UI/UX developers to get the maximum benefit.
- Low Transaction Fees
In comparison to the high transaction fees charged by credit cards, digital wallet development has very low transaction fees that can be waived. Merchants have the ability to create their own cards.
- Easy Refund
Order cancellations and returns are common in the retail industry. However, you can easily turn them into a positive side with the help of digital payments.
- Increases revenue
Retailers can provide personalised offers to customers, such as discount codes, to encourage them to return and spend more money. Customers can receive these offers on a regular basis.
- Higher conversion rate
Allow customers to purchase products while on the go and assist them with the use of mobile payment apps. This will increase their purchasing power and bring you more business.
Types of Mobile eWallet Applications
Closed eWallet
Have you heard of Walmart Pay and noticed that payments made through the app can only be used to buy products from that app? These businesses have been around for a while, but the E-wallet payment system was only recently added. These wallets can only be used for one app and cannot be used to make other types of online transactions.
Semi-Closed E-Wallets
Users have more power with this type of E-Wallet than with closed eWallets. Users benefit in this case by being able to use these wallets to make payments at stores that have signed an agreement with the e-wallet company. These may be available in select outlets only, rather than all of them. As a result, it’s known as half-closed or semi-closed e-wallets.
Open E-Wallets
These are the most widely used E-wallets because they can be installed on Android, iOS, or both if they are compatible with all networks. These are simple to operate and increase the number of transactions. Users have primarily used apps in this category, such as Google Pay and Paytm.
Features of eWallet Mobile App
User Panel Features:
- User registration can be done using an email address or a social media profile.
- Add a bank account and authorise it.
- Amount to be added
- Check the balance of your account.
- Pay bills or set up automatic payments.
- Budget management tool for transferring money
- Bills should be split.
- View the history of your transactions
- Integration with a POS
- Send requests for payment.
- Please accept payments.
- Send out invitations to earn referral points.
Merchant Panel Features:
- Access an interactive dashboard by logging in.
- Manage/add products
- Create a QR code
- Customers must be managed.
- Discounts and promotional offers can be added.
- Provide incentives and points for loyalty.
- Staff and employees should be managed.
- Control your EMI payment options.
- Notifications via push
Admin Panel:
- Login with a secure password to access an interactive dashboard.
- Organize Users
- Analytics in Real-Time
- Organize your users and merchants.
- New Offers Can Be Added
- Extend/manage security
- Management of Revenues
- Users have complete control over their data.
- Auditing and reporting
How Much Does It Cost To Develop a Mobile Wallet App?
The cost of the apps, on the other hand, may vary depending on a number of factors, including the following:
- Geographical location.
- The app will be built by a team or an agency.
- Platform – ( like Flutter app development for android and iOS application).
- Number of features to be included in the app Complexity of the design.
Also Read: – Build Your Dream App With Top Flutter App Development Companies in Los Angeles!
A simple mobile wallet app can cost anywhere between $ 25,000 and $ 50,000 to develop, while a more complex e-wallet app with advanced features can cost anywhere between $ 90,000 and $ 150,000.
Conclusion –
It takes time, skills, dedicated resources, and effort to create a high-quality eWallet App. Now that you’ve learned about all of the important aspects of eWallet app development, it’s time to hire a professional iOS and Android app development firm to get a fully functional eWallet solution.
We ThinkStart Pvt Ltd is a prominent on-demand mobile app development company in the USA. Having onboard very talented and expert developers. We can develop an on demand custom app for you which will skyrocket your business.
Get in touch with us to get a quote for your custom mobile eWallet solution.
