eWallet refers to a mobile wallet or digital wallet in which digital money can be stored. It is comparable to Internet banking, but it has its differences. If you want to spend money, then you need to add funds to your eWallet. There is also an alternative that allows you to make payments directly. Just link your bank account to the eWallet mobile app. In addition to this, the user gets the facility of making payments by scanning the QR code and entering the mobile number of the recipient. And the transaction will be completed in an instant.
These days, eWallet mobile applications do not remain payment apps. With advancements and the use of new technologies like beacons, Bluetooth near-field communication, etc. It has become more than just payment mobile applications.
What are the different types of e-wallet applications that exist in the market?
After knowing the significance and scope of e-wallet apps, we move further to learn about the different types of e-wallet app development services that experienced e-wallet app development companies offer. Fundamentally, there are three types of e-wallet applications. Let’s shed some light on each of these e-wallet mobile application types.
Open the Wallet applications
Users can install these apps on their smartphones, and once the installation and registration processes are done, they can use the app to conduct transactions at any time and in any location.
Semi-closed wallet applications
As mentioned previously, open wallets are accessible to anyone. However, semi-closed wallet applications have some restrictions.
Closed wallet apps
Closed wallet apps are those eWallet apps that are used to make purchases at specific retailers. For example, Walmart
What are the Benefits of an e-wallet? Why are a large number of enterprises investing in e-wallets?
A large number of companies are making their way to developing their wallets. Google Pay, Apple Pay, and Amazon Pay, among others, are a few examples of top giants already having their own e-wallets in the market. Whenever a user conducts a transaction using their e-wallet, they garner a share of the profit from each transaction. In exchange, each company provides consumers with a host of exciting offers for using their wallets.
Unavoidable benefits of e-wallet development
- e-wallet app development provides customers with several incentives, including cash back, complimentary meals, shopping vouchers, and much more. This means that wallet users are rewarded for conducting numerous transactions.
- Customers can use wallets for various needs of theirs. Either for purchasing groceries, paying electricity bills, recharging mobile phones, booking taxis, flights, and more.
- Once the user has purchased/downloaded these wallets, he/she will automatically be provided with a monthly transaction history to keep track of the money spent on different expenses.
- After uploading their bank information, users can use these e-wallet apps quickly and conveniently. Using these e-wallet apps is way easier than using a debit or credit card.
- e-wallets are secure payment gateways. The information entered is secure. Also, the users can use biometric passwords and locks to offer additional security.
eWallet app development featuresﾠ
Here is a list of must-have features that an eWallet mobile application must have if you are looking to build a full-fledged eWallet app.
User app features
Signup/Login: This feature allows users to register and log in to the eWallet app using their email ID and social media accounts.
Bank Account Setup: Using this feature, users can add their respective bank accounts in the e-wallet app.
Add Balance: This feature allows users to add money to their wallet from bank accounts, debit or credit cards.
Money Transfer: With this option, users can transfer money to their contacts using their contact number or account details.
Bill Payments: This feature enables users to pay their bills. For example, DTH, electricity, credit cards, etc.
Offers & Discounts: This facility gives users the ease of checking individual offers and discounts provided on the app.
Refer & Earn: With this option, users can refer their friends or family members to join the app and get rewarded for complying with already set guidelines
Transaction History: This option provides users with the facility of checking a detailed record of their previous transactions.
Split Bills: This feature gives users the ease of splitting bills among other users or friends.
Merchant app features
Intuitive Dashboard: This feature provides merchants and sellers the ease of having a comprehensive view of their als, purchases, transactions, etc.
Profile Management: Using this functionality, sellers can edit their profile, including their name, bank account details, shop address, etc.
Add Products: This option allows sellers to add various products to a custom wallet app for customers.
Create a QR Code: This feature allows sellers to create a QR code using the app to receive payments from customers.
Customer Management: With this option, sellers can simply manage various customers while going through their transaction history.
Withdraw Money to Bank: This feature makes it possible for the sellers to withdraw money from their wallets to their respective bank accounts.
Offer Discounts & Coupons: With this option, merchants can run various in-app offers for customers and offer discounts on their products.
Loyalty Points: This feature enables sellers to offer loyalty points to specific customers on specific transactions.
Admin side features
Intuitive Dashboard: A user-friendly and intuitive dashboard gives the admin a comprehensive view of all the vital information related to the app.
User Management: This feature gives administrators the power to manage different users and modify their rights.
Merchant Management: Using this feature, admins can add, delete, and edit merchant profiles.
Revenue Management: This option enables the admin to manage the total revenue generated by the app.
Offers Management: With this functionality, the admin can monitor all promotional offers in mobile wallet apps.
Security Management: This feature gives the admin the right to regularly track the security aspects of eWallet apps and update them if necessary.
Real-Time Analytics: This feature gives the admin authority to generate customised reports containing in-depth information about the performance of the eWallet application.
eWallet App Development Cost
The cost of eWallet app development solutions depends on several factors concerning your project requirements. The app type, platform, number of app features and functionalities, Integration of advanced features, eWallet app development team, its location, and much more. Therefore, it is not possible to quote an exact cost for any wallet app development project. Only an experienced eWallet app development company or eWallet app developers can provide an estimated app development cost. That too, after knowing your project requirements, business goals, and objectives with the app solution.ﾠ
Generally, the cost of developing an e-wallet app for the Android platform is anywhere from $,15,000 to $25,000, whereas creating an e-wallet app for the iOS platform will cost you around $18,000 to $30,000. A cross-platform e-wallet app, on the other hand, will make you spend a sum of around $15,000 to $40,000. The price range mentioned here is for the development of an e-wallet app with basic functionality. The more sophisticated app with advanced features and functionalities will attract a hefty amount. So, it’s better to consult with a renowned e-wallet app development company that has been offering e-wallet app development services for years.
Conclusionﾠ
An increase in the demand for e-wallet app development has completely revolutionised the market. However, online and mobile banking have already been available on the market for a long time now. Still, e-wallet mobile applications have made transactions, whether offline or online, easier and faster. So, if you are planning to launch an e-wallet mobile app of your own, it is the right time. The only thing you need to do is consult with a top-notch wallet app development company to bring your wallet app idea into reality.
