Payment through digital wallets has become an integral part of our lives for the past many years. People are embracing eWallet mobile apps because the payment method is faster and more advanced.
The demand for eWallet mobile apps is surging high in the present time. Millennials and people between the age of 15 to 45 years are quite tech-enthusiasts. They prefer a cashless mode of payment.
According to a study by globenewswire.com, the global market of the mobile wallet was estimated at 1.04 billion USD in 2019. And by the year 2027, the market is expected to rise at 7.58 billion USD with a CAGR of 28.2%.
The rising demand for the eWallet application has paved the path of multiple opportunities for mobile app development companies. You can connect with them to build innovative apps that are integrated with advanced functionalities.
But, before we dive deep into the development process of the eWallet mobile app, let us first give you a fine idea of the types of mobile eWallet applications.
Different Kinds of eWallet Mobile Apps
Open eWallets Mobile App – Apps like Google Pay and Paytm are the most suitable examples of open eWallet mobile applications. These types of apps are easy to use, and the users of apps can make multiple transactions.
Closed eWallet Mobile App – Evident to its name the closed eWallet mobile apps allow users to make payment on a particular application. The best example of this is Walmart Pay, where users can users are not allowed to use any other payment mode except the Walmart Pay mode in its application.
Semi-Closed eWallet Mobile App – These types of mobile wallets are quite special because they allow users for both online and offline buying. Users can make purchases at the stores that have tie-ups with eWallet issuing companies.
Some interesting facts and figures on Global eCommerce payment methods
Digital wallets and mobile eWallet dominated the global eCommerce payment transaction methods with a 41.8% market share. This number is all set to grow to 52.2% by the year 2023. With this, digital wallets will become the most popular online payment method across the world.
Here is the graphical representation of the major payment methods across the globe between 2019 and 2023:
Which industries get benefited from eWallet mobile applications?
On-Demand Restaurant Solutions – eWallet mobile apps work as a catalyst in the growth of food and restaurant solutions. People can easily make payments of the restaurant bills without actually visiting the food store.
eCommerce and Retail – Since the past few years, the retail and eCommerce industry have been pivotal in bringing businesses and customers closer. All thanks to digital payment methods. The emergence of the eWallet mobile solution has just taken the user experience to the next level. From booking a ticket for movies to buying home décor, everything has become super easy with eWallet mobile app development.
Banking & Finance – With the advent of eWallet mobile solutions, performing everyday banking tasks becomes easier and more fun for the users. One can avail and execute all banking operations through these apps while sitting in the comfort of their homes. Through such apps, banking and financial organizations can easily track their customers’ activities and keep them updated with the latest offers.
Taxi Booking Solutions – Waiting for the taxi on a taxi stand, and making payment in cash is just old school. The advent of mobile apps has revolutionized the taxi booking industry. The integration of eWallet in it has just elevated things. On-demand taxi booking mobile apps with eWallet solutions integrated will make your ride hassle-free and cash-less.
How Do Mobile Wallets Function?
The rise in the eCommerce world has unapologetically bolstered the ecosystem of eWallet mobile applications.
You can integrate multiple payment options with your eWallet mobile app. Here are some of the most important options through which you can make an online payment:
Internet Banking – It is one of the most common digital payment methods nationally and internationally. Users of an app must have an account with a bank. To make a payment, users first have to add the details of the payee then they receive an OTP to add the payee.
iBeacon Waves – This is one of the unique forms of contactless payment methods. Apps integrated with Bluetooth and iBeacon identify the nearby friends who wish to make payments. Businesses are embracing these technologies at a fast pace in the present time.
Near Field Communication – This is a child-enabled payment method that is also known for its contactless payment procedure. Users can make a payment without touching any device within the proximity of three to four inches. In the time of the Covid-19 situation, where social distancing has become the new normal, the demand for this contactless payment method grew exponentially.
Here are some more popular mobile payment options. The name includes QR codes, sound-waves payments, mobile banking, Blockchain payment, direct career billing, and mobile banking.
The World’s Top Mobile Wallet Applications
- Google Pay
- Samsung Pay
- Pay Simple
- Apple Pay
Reasons To Build Mobile Wallet Application for Business
In 2020, the digital payment reached 726 billion USD, according to a study by Capgemini and BNP Paribas. Denizens from developed and developing nations are embracing mobile wallet technology with all open arms.
The rise in the demand for digital payment has opened the doors of success and growth from mobile wallet app development.
From a small size business to an enterprise level organization, working on a seamless, easy, and contactless mode of payment is preference for all. As a matter of fact giants like Samsung, Apple, and Google have already developed their mobile app wallet and leveraging substantial benefits out of it.
Here are some top benefits of the eWallet mobile application for businesses:
- Businesses offer their customers a quick fund transfer facility to customers.
- Improve user experience by offering them promotional offers, discounts, cash-backs, etc., and help them in saving their money.
- Businesses can also induce their clients to leverage payment automation that enhances seamless cash flow.
- eWallet mobile apps provide faster money load options through net banking options.
Essential Features and Architecture of eWallet Mobile Application
User Panel Features
- User registration
- Add banking account
- Add money
- Check balance
- Pay bills option
- Transfer money facility
- Budget management tool
- Bill splitting
- Transaction history
- POS integration
- Send payment requests
- Receive payment
- See offers
- Invite friends
- Referral points
Merchant Panel Features
- Merchant login/signup
- Interactive dashboard
- Add product
- Manage product
- Staff management
- EMI payment
- Generate QR code
- Customer management
- Push notifications
- Add promotional offers & discounts
Admin Panel Features
- Safe login/signup
- Interactive dashboards
- User management feature
- Real-time analytics
- Reporting & auditing
- Revenue management
- Add new offers/discounts
- Merchant management
- Manage security
- Users data control
Advanced Features of eWallet Mobile Application
GPS – Geo Location – This feature makes the transaction smooth by helping users to locate other nearby users.
QR Code Reader – With the help of this feature, the transaction process becomes rapid and easy. It is convenient for all types of mobile eWallet app users.
Data Sync – The data sync not only improve the security and accuracy of the app but also enable your app to synchronized registered users’ social account network.
Booking Calendar – The calendar feature will help you remember the date when they have to make the payment. It will improve cash flow and make the payment process effective and smooth.
CRM System – Have your mobile wallet app integrated with a strong CRM platform like Salesforce. It will help you build a strong relationship with your customers, improves customer experience, and helps them round the clock without making them stuck.
For businesses, CRM brings lots of amazing benefits such as real-time analytics, predictions, organized and structured data, etc.
eCommerce Integration – Once your application becomes successful among the community of users, you can also start selling your products on this platform.
Virtual Card – Through this feature, users of the application can create a virtual card within the app and without actually entering account details – unlike debit/credit cards – they can make payments and perform transactions.
Here are the names of some more advanced features that you can include in your eWallet mobile application –
- Chatbot Support
- Promotional Tools
- Online Bills and Recharges
- Wearable Integration
- Real-Time Analytics
- Loyalty Programs
- Cloud Operations
- Digital Receipt
- Loyalty Program
How You Can Monetize Your eWallet Mobile App?
Are you wondering how to make money from your eWallet app? Then here is the answer you are seeking. You can earn money through your digital wallet app in the following ways –
eCommerce Enablement – eCommerce integration is one of the most common yet effective ways to earn money through your eWallet mobile app. You can start selling products & services on your application. You can also come into the contract with other businesses to let them sell their products and services on your platform, and you can get a part of their profit as commission.
Commission – When a user makes a transaction, an app owner will receive a percentage out of it.
Ads – This is the most common yet most effective way of creating some money through an app. Provide a space on your app for the third-party vendor to publish their ads on your app. Every time their ad display to users, a certain amount will be given to you.
Technology Stack Required for eWallet App Development
- Payment – PayPal, Stripe, Braintree, and PayUMoney
- Cloud Environment – HBase, Cassandra, and MailChimp Integrations
- Push Notification – Urban Airship, Twilio, Push.IO, Amazon SNS
- eMail Management – Mandrill
- Real-Time Analytics – Big Data, Apache, Hadoop, and Spark
- SMS, Voice & Phone Verification – Nexmo
- Cloud Environment – Azure, Salesforce, Google Cloud, AWS
Team Members That Are Required for eWallet App Development
- App Developers
- Business Analyst
- Front-end Developers
- Back-end Developers
- UX/UI Designers
- Quality Analyst
- Project Manager
How Much Does It Cost To Develop a Mobile eWallet App?
The cost of the development of the eWallet mobile app depends on multiple factors. One of the major factors is the required man-hours. Another factor depends on the location from where your mobile app development company is. In the USA the cost of the resource is somewhere around $150 per hour, where in Europe it is 130 dollars per hour.
Apart from location, some other factors include features, designs, complexity, total development hours, support platform, the technology used, and many other factors.
Still, to give you an idea of the cost of eWallet app development, we would say that the price range falls between $20,000 to USD 50,000.
For basic eWallet app for the Android platform it ranges from $20,000 to $40,000. For iOS platform, it costs around $25,000 to $50,000.
The Final Words
The future of the eWallet mobile app is quite bright. Several mobile app development companies are doing numerous innovations in this domain, and it is the right time that you hire a mobile app development company for your project.
FEXLE Services is one of the best eWallet mobile app development companies with a team of experienced and seasoned mobile app developers. You can connect with the professionals at FEXLE and discuss your project and take it to the next level.