Cash payments for the delivery of goods or as exchanges are a thing of the past. Plastic cards have gradually replaced cash, allowing the economy to become cashless. This makes it easier for people, as they don’t have to carry money or bags. The introduction of eWallet mobile apps made payments even more accessible, as users could now use their devices to make all payments.
With the advent of eWallet app development and the need to make payments without contact in light of the pandemic, several digital payment companies and eWallet mobile applications have emerged.
What is an eWallet App?
A digital wallet is a payment system that allows users to manage and store money via a mobile application. Users can link their bank accounts and credit cards to the app to perform transactions. E-Wallets are a convenient method of paying for a variety of services. Online shopping, utility bills, and peer-to-peer transfers are all examples.
E-wallets have high security and encryption. Users can store their financial data safely. Users can also add an extra layer of security to their accounts by setting up a biometric authentication, PIN, or password. Fraudsters will find it challenging to access user information or conduct unauthorized transactions.
How Much Does It Costs to Build an eWallet Application?
Several factors influence the cost of developing an eWallet application. These main factors, which generally affect the development cost, are briefly described below.
The app’s overall features are one factor that affects the cost. If you want to develop an eWallet with basic features, the development cost will be lower. If you want to add some advanced features, the cost will increase.
Before developing the app, it is important to determine if the app will be for one platform only or multiple platforms. Developing an iOS app costs much less than creating an Android app.
The cost of hiring a fintech programmer will also depend on where you live. The cost of development is high in some regions. However, it’s affordable in others.
Developing an eWallet application with all the essential features is between $10,000 and $20,000. To create an app with advanced features, you must spend between $15,000 and $25,000.
Features of an E-wallet Mobile App Development
Here are some features you should include when developing a mobile app for your business.
The user must register on a mandatory notice, as with most apps. The user must enter their email address and phone number. The user will be sent a code of verification. He must enter the code to register the account.
KYC (Know your customer) is also used by some eWallet apps to ensure funds transfers.
Linking Bank Account
You will then link your bank details to your eWallet, where you’ll make payments and transactions. You must also add your card information, including the CVV number and expiration date.
Add Money to Your Account
Add more money by selecting the option. You can add money from your bank to the wallet. The wallet will reflect the amount added.
Receive or Transfer Fund
You can send money using an e-wallet by scanning the QR code or typing the recipient’s phone number. NFC and beacon technology can be used to send money. Payment can also be received similarly.
The EWallet Passbook
The addition of an E-wallet Passbook is essential for users to be able to track their transactions. You can also use the filter to narrow down your search.
Send Money Back to Bank
Currently, the eWallet app development solutions offer a second option whereby the user can return money to his bank account if he does not want to keep any extra cash in his wallet. Each app also has a limit on how much money can be used in the wallet each month. You cannot make any more transactions if the amount exceeds that limit. Paytm, a popular Indian e-wallet application, has a Rs 10k monthly limit.
Recharge or Pay Bills
Using the E-wallet application, you can pay for your bills, such as phone, electricity, and water taxes. You can also use the application to recharge your mobile phone or broadband internet connectivity.
You can pay your insurance premiums on time with this application. You can also use an app to pay your sales and income tax.
Train and Flight Reservations
Paytm, an eWallet app, has recently added the ability to book flights, trains, and buses using the app. You only need to enter your travel information and then follow the simple steps to make payment.
Grocery Shopping & Various Products
Apps for e-wallets are adding more features that cater to users. They offer online shopping for groceries and other accessories, clothing, household goods, electronic appliances, and mobile phones.
Discounts and Promotional Offers
You need to increase your promotions and discounts as the level of competition has increased. You can display these as separate categories, such as cashback offers, products with 50% off, etc.
This is a very important feature. You ask the user to rate your app and write if they are satisfied with the deals and offers. You can then improve your service based on the results.
Order history shows all the orders a user has placed using the EWallet app. This includes paying bills, purchasing movie tickets, or buying an item. In this instance, the user purchased an item. The app must also show the status of his order and when it is delivered. E-commerce apps can do this.
Selecting your preferred language
You should provide different languages to allow the user to choose their native or mother tongue and enjoy the services and offers of the app.
The developers should include language options based on where the primary audience of their product is located. You should add other regional languages than English and Hindi for Indian customers.
This feature is essential for the user. You need to help your customers if they have any problems with payment or other services.
You should consider adding a virtual chatbot to your service to interact better with customers.
Refer A Friend
This feature or tool encourages the user to promote your application. In return, you will offer them attractive offers and discounts for every transaction.
The application settings are also necessary, allowing the user to customize his app to suit his needs. This will include settings for profile, payment, security, etc.
How Does an E-Wallet Aid in Boosting Businesses’ Revenue?
Digital wallets (eWallets) can help boost business revenue in many ways. Business are now inclining towards opting for eWallet app development services to generate better ROI for their business.
Digital wallets allow customers to purchase more easily, increasing sales. E-wallets also offer a smooth checkout process that reduces cart abandonment and increases the likelihood of making a sale.
Enhance Customer Loyalty
Businesses can use digital wallets to increase customer loyalty by implementing rewards and loyalty programs. These programs encourage customers to repeat purchases and increase revenue for businesses.
Lower Transaction Costs
Digital wallets help businesses reduce transaction costs associated with other payment methods, such as credit cards. This can increase revenue for businesses as they retain more transaction value.
Improved Cash Flow
Digital wallets offer quicker settlement times than traditional payment methods. It can increase revenue for businesses by improving cash flow.
Expanded Customer Base
Businesses can expand their customer base with digital wallets by providing a convenient option to customers who pay via smartphones. This can attract new customers and increase revenue.
Improved Data Analysis
Digital wallets provide valuable information about customer preferences, purchasing history, and behavior. These data can be used for improving marketing strategies and increasing revenue by targeting customers and promoting relevant offers.
Different Online Payment Transactions Methods
Customers can pay online in a variety of ways. There are mainly three main methods of payment.
NFC is used in many mobile payments and digital identity verification applications. It can also be used to pair wireless devices. NFC allows devices to communicate and exchange data without a physical connection, Wi-Fi, or cellular network.
Bluetooth and iBeacon
Bluetooth and iBeacon can be used to make mobile payments based on proximity. With iBeacon, a retailer can install a low-cost network of Bluetooth devices in their store.
Cryptocurrencies, or digital or virtual currency, use encryption to secure transactions and regulate the creation of new units. Bitcoin is probably the best-known cryptocurrency.
E-wallets, digital versions of traditional wallets, store money and allow users to make purchases without physically handling cash or credit cards. PayPal, Skrill, and Venmo are examples.
Electronic Fund Transfer
EFT is an electronic transfer of funds from one account to another within or between financial institutions.
Online Banking Transfer
It involves moving money from one account to another via a mobile app or a bank’s website.
A contactless payment is when you hold a credit or debit card before a reader without inserting or swiping it.
Digital wallet apps are a great investment because of the growing popularity of digital wallets and their adoption and use by mobile devices.
The Key Takeaway
We can help you create an eWallet app using our expertise in mobile application development, payment gateway integration, and security measures. Hire eWallet app developers from JPLoft to create a secure and user-friendly e-wallet application with features like digital payments, transaction monitoring, user authentication, and data encryption. We have experience developing custom mobile apps that can help bring your eWallet app idea to reality.
Do you still dream of developing a mobile wallet application? You should contact app developers and begin working on the project immediately. Contact experienced mobile app developers and sit down to think about all the features you would like to have in your app. The best team will help you create an outstanding application.