Over a decade has completed since we began the era of digitization. During all these years, Mobile apps have penetrated almost every industry, leaving little room for newcomers. This means that newcomers have to fight an uphill battle to win the competition in the overly intensified market.

Fortuitously, entrepreneurs have found many new & innovative ways to disrupt the overly concentrated market and top the table. One of these plans is to integrate innovative features into mobile apps so as to attract more users and beat other mobile apps that lack features.

Also Read : HOW MUCH DOES IT COST TO DEVELOP AN APP LIKE INSTASHOP?

Now, mobile app features play an essential role in building the initial user base and witnessing lasting success. Unique and futuristic app features bring convenience to users, ultimately making users modify their preferred apps.

In this blog post, we’re going to discuss everything about e-wallet apps: its business model, essential features, and cost. Since the market for Ewallet applications is also competitive, you may have to spend some time deciding on the feature set before moving on to the technical part of developing the eWallet Application.

To make learning accessible, we’ll list the functions of the mobile user application and the functions of the administration application. In general, many entrepreneurs turn their backs on the services of the administration application. But we, as the leading eWallet application development company, understand the value of the feature-packed e-wallet app and try to provide successful applications as per the specific demands of the customers.

The market of eWallet App Users

The might have heard success stories of PayPal One Touch, Venmo, Zelle, Google Pay, Mobikwik, Paytm, Phonepe, and others have been sincerely inspirational. Paytm, for example, has 350 million registered users in step with the modern-day facts of May 2019.

However, if we communicate the global scenario, then WeChat pay is the way ahead with 600 million worldwide users, which is followed by Alipay having 400 million users on its board.

In addition to this, Market Research Future has presented a Global Forecast Report that estimates the eWallet market will grow at approximately a CAGR of 15%. The market is expected to reach about $2100 billion within a period of 6 years from 2017 to 2023.

Top technologies used in developing e-wallet mobile applications

EWallet mobile apps have become smarter and more operational by integrating future technologies such as Bluetooth, Near Field Communication, QR Code Scanning, Beacon, and Blockchain technology.

Let’s discussed these techniques in some detail:

• Near Communication Field or NFC is one of the related future technologies that help to share data and transfer money pretty quickly. EWallet mobile apps use NFC technology that makes it easy for users to transfer money without the Contacts app.
• Most e-wallets are integrated with the ease of the QR code. It makes the payments very accessible. Customarily, you can send money to your acquaintances or people linked on your social networks. Here you must scan the QR code on the other person’s machine when executing the transaction.
• If you have to make payments to close people, you can choose Beacon and Bluetooth technologies. This is a safe, fast, and reliable way to make a payment.
• Over time, eWallet mobile apps also started to use Blockchain technology, which was created to launch a cryptocurrency. This method is very safe and encrypted. But many governments have not yet ratified the cryptocurrency, so you cannot implement this technology if you are creating the app for a specific region.
• Ultimately, there are payment applications designed specifically for business. With this type of electronic wallet, you can transfer a total amount without any element of risk, as there is no third party involved here.

Development of e-Wallet mobile applications: Key features

Do you want to have your eWallet mobile application? Here we discuss the key features of developing the mobile wallet app as the most successful electronic wallet app like Google Pay, Amazon Wallet and Paytm.

Features of the user panel electronic wallet

User registration

Access to the application is essential. Users must provide their information, including the mobile phone number (linked to the bank account) and email identification. He / She would get a verification code, and upon entering the system, their account will be registered. According to Government Rules, Know Your Customer (KYC) is required, so some eWallet applications may also request KYC to ensure money transfer.

Access to the application is essential. Users must provide their information, including the mobile phone number (linked to the bank account) and email identification. He / She would get a verification code, and upon entering the system, their account will be registered. According to Government Rules, Know Your Customer (KYC) is required, so some eWallet applications may also request KYC to ensure money transfer.

Bank Account Authorization

In the next step, to set up a virtual card or bank, you may need to link your bank account details. For account setup, send an SMS to the bank for verification to verify your mobile phone number with the partner bank, and then find the bank accounts in which the account will be created.

Add balance

You must add this feature in your wallet app to provide the option to add money to the wallet. In this function, users can add money to their portfolio through debit card, credit card and net banking.

Balance check

Users can verify their available balance with this feature. Besides, they can also check the balance of their bank account.

Money transfer

Sending money is now much more comfortable than ever. This feature also helps you to submit your payment to someone by scanning the QR code or typing the recipient’s number. In addition to that, you can also use NFC or Beacon technology to send money.

Money transfer

Send money back to the bank: Sending money back to the bank account is a useful feature. Wallet mobile applications that provide this feature allows users to send money to their bank account. You can make limited transactions in one month, after exceeding the limit you cannot return money to the bank.

Bill Payments

With the digital wallet mobile app, the user can pay essential bills like credit card bills, mobile bills, electricity bills and more in the most convenient way.

Offer notifications

Competition between new companies has increased. You must also provide this feature in your e-Wallet application to stay in the game. This feature will help its users to know the offers of the services or products. The various offer that you provide can be in the form of a refund, free shipping, discounts and happy hours.

Invite friends or referrals

It is one of the top features of the mobile wallet application, where you can ask your e-wallet users to spread their experience or word of your app that they can be offered discounts, refunds and discounts on every transaction.

Transaction History

Transaction history is known as eWallet Passbook, where users can check their transaction history.

Postpaid Features

You can consider this feature to grab the attention of customers. It is a digital credit for customers, which can be used to buy things on credit for which customers can pay money in the next month.

QR Code

Make the payment more convenient by implementing this function in your mobile application. Most of the eWallet applications are integrated with this function. With this, users can send money or pay by scanning the QR code.

Multilingual

The function will break the language barriers. Implementing this feature in the digital wallet application will help your users to pay and buy in their preferred regional language.

Features of the e-Wallet application administration panel

Interactive Dashboard

An interactive dashboard will help the administrator manage everything related to the transaction, user account, inventory management and more.

Manage user accounts

The administrator manages all users and merchants associated with the application. The administrator can also add and block users and merchants. They can also handle the daily transactions that occur through the electronic wallet.

Management limits

The administrator can manage the transaction limit for users and merchants.

Real-time analytics

All activities are managed in real-time such as available users, number of transactions, new users, access to applications and all other important things by the administrator. Through this, the administrator can plan more strategies.

Offering loyalty rewards

Again, it’s a great idea to attract your customers. You can provide attractive offers and bonuses to increase your app usability.

Revenue Management

The administrator can get daily, weekly and monthly sales reports and can plan further accordingly.

Some other advanced features to consider

Data sync

The app syncs with your registered mobile phone number to provide high accuracy and security to users and merchants. All financial transactions and personal information of users are protected.

Camera In-app

The in-app camera is here to scan QR codes. How the user can pay by scanning the QR code through the camera in the application.

Mobile integration

Due to the increasing demand for mobile devices, you must also provide this feature in your app to increase your application uses. Through this, customers can transfer money using their smartwatch.

Geolocation

This is the best feature of the eWallet mobile app as the user can locate it near the digital payment receiver stores.

Push notifications

Whether it comes to transactions or relevant notifications about offers, instant notifications are an essential feature of keeping customers connected to services.

Cloud architecture

By applying this feature to your app, you can keep all records related to a transaction in safe mode in cloud storage. It also helps to access data more reliably and powerfully.

Development of e-Wallet mobile applications: Cost

The question now is how to create an e-wallet application. Also, how much does it cost to build an electronic wallet application with all these features?

Developing a mobile wallet application can be a simple and challenging task. So there are many mobile application development companies. Still, you should choose that company that has a proven track record in developing mobile wallet applications.

The cost of creating a mobile wallet app with basic features ranges from $ 20,000 to $ 30,000. While the mobile app with all of these discussed features will cost you approximately 45,000 to 50,000 USD, You can also ask from trusted app development companies to know the precise cost for an app like Google Pay, Amazon Pay, and Paytm.

Let’s Wrap Up

With the paradigm shift to the era of digital or electronic payment, where no more cash is needed, eWallet mobile applications have transformed the economic & financial sector.

We have seen how some eWallet mobile applications have been hugely successful in this information & technology age where everything is changing at a brisk pace.

If you want to have your mobile wallet app, you can hire app developers having rich expertise in creating various e-wallet payment solutions.