Digital payments and related applications are in intense demand in today’s time and are becoming an important asset across the globe. One can make quick decisions on finance-related activities instead of waiting for a long while. The reason for the rise in the demand for digital wallet mobile apps is that it is reliable, secure, and flexible. It makes the transaction processing very fast and convenient.
With mobile devices and apps hogging in the light, the payment methods have gone digital. Initially, people have started moving out of the traditional norms such as paying in cash to more advanced and faster technologies such as internet banking and paying through debit or credit cards.
But as they say that technology is on constant evolution, and it is transiting to new phases, we have witnessed the emergence of new players, and one of the most prominent players is the eWallet mobile app. Since its inception, eWallet mobile applications are setting up one record after the other.
eWallet Mobile Apps and Some Stats & Figures
The mighty successful stories of Paytm, MobiKwik, PhonePe, and others have been truly inspirational. Paytm for example, has more than 300 million registered users according to the latest statistics of July 2018. The same can be said about other mobile payment apps too. However, if we talk about the global scenario, then WeChat Pay is leading the way forward with 600 million worldwide users, followed by AliPay having 400 million users on the board.
Furthermore, Market Research Future has presented a Global Forecast Report estimating that the eWallet market would grow at a CAGR of 15% and is expected to reach around $2100 billion within a span of six years from 2017 to 2023.
The main architecture of an eWallet app
User registration: This is the major section of an app; the user can sign-in with the social network or email account credentials.
Authorize bank account: Users can select the bank details from which they want to make the transactions. They can register a particular bank account and can pay with it at any instant.
Add balance: They can add a certain amount of balance in their account according to the number of transactions to be made.
Check balance status: Once all the transactions made, the users can view their account balance and can check all the incoming and outgoing cash flows.
Transfer cash: The users can transfer the cash amount to the other concerned users by entering the account details thus, allowing in making the transactions effective and convenient.
Pay bills: Users can pay the bills via their registered bank accounts so as to maintain track of all the cash flows in a convenient way.
Accept payments: Users can receive the payments as well. Simply by sharing their corresponding account details users can accept the payments in a secure manner.
See offers: Under this section, users can see the offers while making the transactions and can redeem the points as well.
Transaction history: All the transactions made by the users are recorded and are tracked. The user can search for all the transactions with the advanced filters from the transaction history.
Invite friends: Users can invite their friends as well for sending and receiving the funds. This way it really gets easy for them to transfer the amount as and when required without asking for account details every next day.
Dashboard: All the users registered with the app along with their profile and other basic information are tracked and monitored by admin.
New offers: All the new offers are managed by the admin. Offers related to the referrals, rewards, frequent transactions are governed and monitored accordingly.
Manage the users: All the users that are associated with the app and making the transactions are tracked and monitored by the Admin.
Manage the contacts: All the users that are associated with the app, the ones making the payments very often and all the user retention and acquisition techniques are managed by the admin.
Analytics and reporting: All the reports related to the number of users associated, types of offers most availed, number of transactions incurred, app usability and bounce rates, and all other important details are generated. Admin can accordingly validate all the reports and can outline certain solutions for augmenting the visibility of the eWallet Mobile App.
Add/block features: According to the user behavior and as per the count of rejected or unauthorized payments processes admin can block the users. In the same way, he can also add new user requests depending on the number of users already aligned with the app.
Geo-location: This is one of the most useful features of an eWallet Mobile App. Although, adding this feature will raise the cost of your app, but then adding it will significantly raise the visibility and popularity of an app. With the help of GPS, users can locate the nearby users and can make the payment by just tapping on the user name. This helps to save a lot of time as no account information is required to be filled and all the transactions can be accomplished with a very simple and easy approach.
Data synchronization: Now while discussing the features of an eWallet Mobile App, data synchronization is likely to play an important role. The app is synchronized with your registered social account network and mobile number so as to deliver high-level security and accuracy. The bank account linked with the mobile number is displayed automatically hence; users are not required to fill the long bank account forms.
Booking Calendar: So, with this feature users are not required to remember the date for making the transactions. They can simply highlight the date on the calendar. On a particular date, automatically the alert is sent to the users.? This way the process of making transactions becomes very easy and keeps the users away from any payment related headaches. They can even share the calendar with their friends as well in order to make the entire payment ecosystem very effective.
In-app cameras come as great use in QR code scanning. With the help of an In-app camera, users can send the receipt of transactions to the other users. All the transactions can be confirmed within an app so as to validate all the fund transfer requests instantly.
Cloud operations: With the help of cloud operations, all the transactions can be stored in a safe and reliable form. The cloud operation helps in augmenting the quality standards of your app and enables the users in making the transaction in a very faster way. It helps to access the data in a more powerful way and captures high user attention.
Wearable integration: This is definitely the feature for which the users are nowadays looking for. Users can integrate their app with the smart wearable devices and can monitor all the payments on the wrist. It adds greatly to the user convenience and at the same time defines a new approach and trend for making the payments with a really easy and convenient approach.
Create virtual cards Almost all you have is a credit/debit card. But with the advancement in technology, the eWallet mobile app will allow the users to create a virtual card as well. This virtual card looks very similar to the credit or debit card and can be used within an app. Users are not required to enter the account details, just the username and password is sufficient for making the payments. This can be said as one of the best attributes of an eWallet Mobile App.
Tokenization: It works great for improving the security of the transactions. It generates a one-time code and hides the information pertaining to credit/debit card information from the merchant.
Push Notifications: Push technology helps in keeping the users attentive and engaged. They can be kept informed about the different rewards, points, other deals, and alerts the users whenever a transaction is made or requested.
QR code: Simply scan the QR code of the users’ mobile and make the payments with a highly effective and convenient approach.
Digital Receipt: For all the accomplished transactions, a digital receipt is generated. The same can be shared via Phone, email text, or within an app.
Categorization and portability: Users can categorize the different transactions and card details as per their convenience. They can easily add money and can share it over both online/ offline modes.
Loyalty Program: Offer rewards on every successful referral. Users get loyalty rewards and at the same time, it helps in increasing the app visibility.
- Twilio For Push Notifications
- Nexmo For SMS, Voice, and Phone Verification
- Braintree & PayPal For accepting payments
- GWT For Powerful Programming
- Datastax For Data Management
- Mandrill For everything related to emails
- ZBar bar code reader- For scanning the QR code
- Debian The universal Operating System Database
Things To Consider Before Hiring eWallet App Development Company
There are many factors that affect the eWallet mobile app development process. Finding the right mobile app development company is a crucial part that offers an innovative concept, unique ideation, and the one that works with passion.
The selection of a right eWallet mobile app development company will drop the cost and time framework for developing an eWallet Mobile App up to 40%.
Therefore, before starting working on the app development strategies of an eWallet Mobile App, the firms and the business must validate and verify the past track records and the time required and invested by the Mobile App Development Company for building an eWallet mobile app. It is always advisable to compare all the reputed development firms on the grounds of experience, goodwill, and costs.
Other than finding the Mobile App Development Company there are some key persons as well that actually undertakes the responsibility of developing the app from scratch. Find them below and check if they are imbibed with the true passion for developing your eWallet Mobile App. Project Manager: Owing to this position it is mandatory that the person should know all the guidelines for engineering an out-of-box eWallet Mobile App. She/he should be able to identify what is best for the client’s business model and must be able to figure out the best possible solutions.
Required Team Structure
Developers:- They are the actual creators of your mobile app and take the complete responsibility for crafting out just the perfect solution for making your app a clear winner in the cut-throat competition prevailing out there. Of course, the technical team can be composed of Android App Developers, iOS App Developers headed by the skilled and experienced project managers.
Designers:- Designers are the one that actually takes the essence of your app to a whole new level. A beautifully designed app for sure will attract the users, no doubt how strong it is on the behalf of development. So, it is imperative that you find the right team of UI/UX designers that can comprehend the core idea of your mobile app
Testers- An app befits your business in case it is true to quality. Thus, the role played by the team of QA experts and testers cannot be undermined. An app full of bugs is clearly abandoned by the users. Therefore, having a good testing team is a must as they test it by applying all sets of unique combinations and making all the possible efforts for finding the bug. In case the apps face them all without failure, for sure it can achieve the monumental success across all the market standards.
Team Engagement Model (Offsite, Onsite, Hybrid)
Depending upon the physical location of the business, individuals or the operators can select from any of the three below engagement models Offshore is the way when the operator or entrepreneurs want the project to be completed from the remote location. Onsite is when the business individuals want the project to be done in the office premises.? So as per the guideline, the required and allocated eWallet Mobile App developers are sent to the office along with the assigned work. Hybrid is the mix of both and is opted when the business persons want to compete for the app within minimum time. During office hours, developers are sent to the office and after that, the team works from a remote location.
What is the price of developing an eWallet Mobile App?
Most of the companies charge as per the man-hours they put in developing the app. In regions like North America for instance, the price is around $150 per hour, in Europe it is $130 per hour, and in and the companies situated in Australia charges around $190 per hour. According to the statistics, India is the most affordable county for engineering the quality eWallet mobile apps at the price of $25 -$ 80 per hour. The cost of developing an eWallet Mobile app is around $25,000 to $50,000 and apps that have extensive features such as Paytm can cost up to $100,000 to $150,000.