e wallet app development cost
- Mobile App Development

eWallet App Development – Cost and Key Features

The process of the evolution of money has probably been one of the most worthwhile phenomenons in the history of the world. From exchanging goods with each other to manufacturing coins and notes and the whole economic system we have now reached its most efficient avatar. We’re here talking about the digital money and wallet system which has reformed the ways in which modern payments are being made. 

Everything is practicing a little evolution almost everywhere and so is technology. From hard cash to net banking and credit/debit cards the world is now transacting with eWallet apps. The success stories of such apps can be seen in the newspaper cutouts of sections about apps like Paytm, MobiKwik, PhonePe, etc. The numbers of the year 2018 suggest that Paytm alone had a user base of 300 million registered users as per the graphs of the month of July. Adding further to this note, you must know that other apps are playing the field as well. If we talk about the scenario globally, WeChatPay and Alipay have been leading with 600 and 400 million users respectively. 

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This doesn’t end here. Market Research Future’s Global Forecast Report has stated that the eWallet app market is expected to increase its fortune by reaching $2100 billion in a period of six years 2017- 2023 and its CAGR is expected to grow by 15%. 

What are the technologies used in an eWallet app development?

With time ewallet apps are becoming smarter, more innovative, and more functional. All of this is the reap-show of integration of technologies such as near field communication, Bluetooth, Beacon, QR codes. 

Let’s discuss the technologies that make digital wallet app development so popular- 

  • NFC or Near field communication is a technology that is futuristic and facilitates information sharing along with providing ease in sending money without having to share other data.
  • Digital wallet app development companies make sure to integrate the assistance of QR codes which allows users to send money while scanning the code. With this, you can send money to your friends, family, business teams, etc using social media.
  • In cases when the person you have to send money to is in close proximity with you, you can share funds with technologies such as Bluetooth and a beacon. Compared to other methods and technologies, this is faster, more secure, and more reliable.
  • With the technology getting advanced every single second that passes by, ewallet apps have also been adapting to advancements, as a result of which they have opened their doors for blockchain technology. This measure has been taken to move forward for blockchain technology which is known to be more secure and is encrypted. However, one must know that blockchain still is not legalized in many countries which explains why its implementation is still under the pipeline yet futuristic. 

What are the types of e-wallet app?

Now that we know the significance and scope of e-wallet apps, it is time to understand the types of e-wallet apps that are developed by a ewallet application development company. At the broadest categorization, ewallet apps are of three types- 

Open Wallet Apps 

These apps are the most accessible type of ewallet apps. Users can install these apps using their smartphone and after the installation and registration process, they can use the app to carry out transactions pretty much anywhere at any time. Common examples of such apps are- PayPal and Apple Pay. 

Semi-Closed Wallet Apps 

Like we mentioned previously, open wallets can be used by anyone. However Semi-Closed Wallet Apps come with certain restrictions. With Semi-closed Wallet apps, users are only enabled to make transactions that are for certain stores and outlets. 

Closed Wallet Apps 

Think about the apps that you use to make payments when you visit a specific store, for example, Walmart. These are the kind of apps that are developed for one single company or organization. 

Key features of an E-Wallet app

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For you to understand better the features that an ewallet app development company integrates into an app, we have divided the features into three-panel features. Their panels are- 

  1. User Panel (Features for the users)

  • Registration
    To avail ewallet services any ewallet application development company ensures that users first have to register themselves on the app. The registration process is a few taps long and can be completed by using email or phone numbers and both in some other cases. Few apps like Paytm have taken initiative to verify customers through KYC (know your customer) process.
  • Linking bank account
    After registration, you can link your bank account details with the wallet of the app. For this, you have to enter bank details like cardholder name, card number, CVV, etc. This process is really secure and facilitates transactions for greater user ease. 
  • Adding money to wallet
    A top digital wallet app development company makes sure to integrate the option of adding money to the wallet. This gives you a virtual wallet that you can use anywhere you like and anytime you need it. 
  • Passbook
    Passbook is a significant and advanced feature of any ewallet app. It is like a small directory that contains all your past transaction history. You can search specific transaction details with the help of some filters that can help you narrow down the search.
  • Money Transfer
    Nowadays the eWallet applications are likewise offering an extra alternative where the client can send the cash once more into his ledger on the off chance that he doesn’t keep an abundance sum in the wallet. Also, moreover, each of the applications has drawn a month-to-month line for utilizing the wallet.
  • Payments
    With ewallet apps, users can make payments for various services such as electricity, water, fuel, insurance, mobile recharges. These apps make it very handy to pay for such amenities and also remind via notification when the next due date arrives.
  • Notification
    Notifications of an e-wallet application allow users to not miss important promos, offers.
  • Reviews
    Users can submit their ratings and feedback to the service providers as per the user experience they get. 

2. Admin Panel 

  • Dashboard
    All the admins are given one single dashboard using which admins can keep a check on all the registered users. Furthermore, the admin can also monitor the notifications that are being sent to users using the dashboard.
  • User Management
    Admins need to maintain the record of user activities such as taking an account of the daily transactions done by the users. This is possible using user management tools that a top digital wallet development company integrates in the apps.
  • User Analytics
    This tool is used by the admin to stay updated with the latest analysis using which the admin can plan futuristic strategies. This further allows the admin to know the actual numbers of app users and monitor the performance and functioning of the app to create a broader user base and generate more revenue.
  • Promotional Offers
    Promotional offers are given to users by the admins to promote the use of the app. For instance, the admin can make a promo code using which users can earn a cashback or reward when s/he transfers money or makes bill payments using the app.
  • Add or block users
    The admin is given the option to add or block users. Admins can restrain a particular user from using their apps if it is found out that the concerned user is a con engaging in activities like cybercrime, phishing, scams, etc. 

Advanced Features 

Advanced features 

1. QR Code reader

With this feature, users can scan the QR code reader of the receiver and send the money without any hassle.

2. In-app Camera

This component makes the QR Code perusing perpetually consistent. With this clients scan the QR Codes for processing payments and transfer KYC archives too.

 3. Virtual Cards

This is an exceptionally mainstream highlight in advanced wallet web application improvement for quicker exchanges, which permits clients to claim a virtual card that works very much like an average credit/debit card.

4. Integrating Wearable Devices

This is an exceptionally mainstream highlight in advanced wallet web application improvement for quicker exchanges, which permits clients to claim a virtual card that works very much like an average credit/charge card.

5. Digital Receipts

This feature allows users to exchange details of transactions and other payments in digital receipts which can be sent through email or SMS. 

6. Geo-Location

One of the advances of money transfer app development, this feature allows users to search for users nearby with GPS. This helps in processing transactions with just a few taps. 

7. Tokenization

Keeping in mind the security aspect of ewallet mobile app development, one-time code is generated just before transactions. 

8. Promotional Offers

With more need for ewallet apps in the world, the competition is high between developers. You can give your app an edge by offering discounts and promotional offers. 

Benefits of Using e-Wallet Apps

ewallet app development company

eWallets portable applications are breaking all the records and each and every other entrepreneur is anticipating having their own e-wallet applications for the market. Be that as it may, there are different individuals who will comprehend the advantages of these advanced installments. Subsequently, we have written down the top advantages that you can profit from these applications.

1. Digital Wallets Are Time Savings 

Smoothing out the shopping experience is simple with ewallet apps, regardless of whether you need to look at and need to book flight tickets for your next trip everything is adjusted likewise. The right e-wallet application will assist you with trips with no errors. The chip-card exchange may require as long as 10 seconds though e-wallet applications require 2 seconds for transactions to process. 

In the event that we talk about the speed of the transaction, inside a squint of an eye your installment gets handled! Through this, you can save a great deal of time and can likewise save yourself from remaining in a long line.

2. They Offer Extended Functionality 

Smoothing out the shopping experience is simple with ewallet apps, regardless of whether you need to look at and need to book flight tickets for your next trip everything is adjusted likewise. The right e-wallet application will assist you with trips with no errors. The chip-card exchange may require as long as 10 seconds though e-wallet applications require 2 seconds for transactions to process. 

In the event that we talk about the speed of the transaction, inside a squint of an eye your installment gets handled! Through this, you can save a great deal of time and can likewise save yourself from remaining in a long line.

3. Digital Wallets Helps You with Rewards

There are various people who are using automated wallets who get the prize in every portion of the trade. The prize, yet unique e-Wallets also offer cutoff points, coupons, and even cash back to attract new customers. Besides, you can in like manner interface progressed wallet benefits with check card centers for extra purchasing.

4. e-Wallets Can Manage Multiple Cards Efficiently

We’re all familiar with the frustration we face when our chance comes finally to pay after a long queue and our debit card won’t simply work. Well, the good news is, you can spare yourself from this frustration and embarrassment using mobile wallets.

The wallet apps let you set up details of your several cards in one place and further assist you in making easy transactions 

Don’t you think this is frustrating when you are standing in the queue and your debit card has no balance? After that, you take another card, and again it shows no balance? Okay, Wait! This is such an exhausting instance when you are standing in the payment line and taking out multiple cards for payment and at the same time, you find out you forgot the card pin and others don’t have sufficient funds. 

Here, mobile wallets can be the savior. How? These wallets help you to set up various cards in one place and make your transaction easier without failing. This is a convenient method to sort out financial goals.

5. They Help In Tracking Your Expenditure 

Do you know how much you spent on your trip last weekend? Are you aware of the transaction you had at the gas station? Wait, do you know how much your last month’s transaction was? Okay hold on, the right e-wallet app can help you in tracking your expenditure in one place without missing on a single detail. You can also break down the expense category according to the date, time, and record.

Frequently Asked Questions

Ewallet apps are the wallets in your mobile using which you can send/receive money to anywhere and anytime you like. This facility allows users to carry out transactions while saving time and effort. Furthermore, these apps are really secure yet are easily accessible. 

There are various factors that determine the e wallet app development cost. An ewallet app development cost can vary upon variables like the platform you require an app for, features you need, location, etc. However to give an estimate, the e wallet app development cost is around $35k to $50k

Just like the cost, the time required for developing a wallet app depends upon a number of variables such as- characteristic, features, number of developers you hire, etc. However if you talk abou an average, it takes around 4-5 months to develop an ewallet app. 

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