At present, we are following the concept of making digital payments. Because of the present condition, individuals prefer using the payment gateway models or eWallet Mobile Apps for making transactions. Now, a question might arise regarding how to develop wallets such as Venmo, Paytm, Paypal, Google Pay, Apple Pay, etc. These apps are quite popular because they provide a safer ecosystem, which helps to make the payment reliable and fast. These days, the folks don’t like to stand in queues for making a transfer or depositing cash. To avoid these types of financial tasks, the idea of the eWallet Mobile App has been adopted by the users, and mobile app development companies are likewise making plans to develop their customized financial solutions.
Consequently, powerful technologies like Bluetooth, NFC, and Blockchain have implemented the idea of eWallet at present. Mobile wallet architecture will likely be dominating the market in the future. Our world is becoming digital gradually day by day. An eWallet app development company leveraging the potency of digital wallets for safe, easy, and fast payments is quite common.
Industries Depending on the Development of Mobile Wallet Apps
1. On-demand grocery and food delivery
There is no doubt that the on-demand grocery and food delivery industry has made a huge advancement in recent years. Individuals tend to make payments online thanks to the convenience of getting essential products delivered right at their doorsteps. It would be simpler for the consumers to pay and generate better profits by including eWallet features with their on-demand food and grocery delivery apps.
2. eCommerce industry
Smartphones happen to be an integral part of our daily lives right now. It is possible to get everything delivered to your home by only clicking the mouse. Recently, the eCommerce industry has become quite popular and has helped bring the sellers and the purchasers closer to each other. Start-ups and small companies have improved their efficiency and performance thanks to the eWallet app development. eCommerce and payments have become safer and easier due to the trends in eWallet applications.
3. Apps for booking tickets
While creating a wallet such as Google Pay or Paytm, it will be a good idea to include a ticket booking app with your mobile wallet since it will allow you to travel easily.
4. Apps for booking taxis
It might be the fact that you don’t have adequate cash for booking a taxi. However, you need not worry about that. Virtually every taxi booking app comes with an eWallet feature that will allow you to enjoy your ride in the cab. In this way, you can make payments easily despite not carrying adequate money, and you can reach your destination on time.
5. Pay bills online
Customers simply adore this mobile eWallet feature. Bill payments online are accepted by most companies, and reminders are also sent by them quite frequently. In this way, customers find it simple to remember their schedules and make timely payments.
Mobile eWallet Application Types
1. Closed eWallets
You must have come across Walmart Pay and have observed that it is possible to make payments via the mobile wallet only if you buy products on the app. Although the company has been operating for quite some time, the eWallet payment feature had been included afterward. Therefore, you can use these wallets only for a specific app, and they cannot be used for making other payments online.
2. Semi-Closed eWallets
This one provides more leverage as compared to closed eWallets. The users can use these wallets for making payments at the outlets that have signed a contract with the eWallet company. You will find this feature only at some specific stores. Consequently, it is known as semi-closed or half-closed eWallets.
3. Open eWallets
These eWallets are the most common, and you can easily install them on Android phones or iOS phones. These are not difficult to use and can make innumerable transactions. Apps such as Paytm and Google Pay are examples of open eWallets.
Monetization opportunities provided by eWallet Apps
1. Commission on billing
The application used by an individual receives a certain percentage for every transaction that the user makes. Being amongst the most typical ways of monetization, it is extremely common to open eWallets.
2. eCommerce enablement
Users can use these wallets to start their business and market items online via their apps. It is likewise feasible to enable other companies to sign an agreement with you and market their items on a platform you provide. A portion of the profits which the company makes will go to you. In this way, apart from attracting new clients, your platform can boast an excellent user base allowing more brands and businesses to notice it. In addition, you might be contacted by the clients to allow them to include your payment gateway in their app.
It is known to all of us that the survival of applications depends on advertisements to a great extent. Therefore, it will be possible to provide space on your application to 3rd-party brands while generating an income as well. The charges incurred for showcasing the ad will depend on the space on which it is placed and the time for which it is displayed.
Creating mobile wallet app across the world
Below, we have mentioned several well-known e-wallet mobile apps on the market at present.
- Amazon Pay
- Google Pay
- Samsung Pay
- Apple Pay
- Wallet Factory
Advanced Features of Mobile Wallet App
1. Push notification
The app owners can use this feature to receive notifications of every transaction out there. Thus, the users can comprehend all the details of their account and the cash transacted via their account.
Geo-location is amongst the most significant features of an eWallet Mobile application. The addition of this feature will increase the e-wallet app development expenses of your application; however, it will likewise enhance the popularity and visibility of an app to a great extent. The GPS will allow the users to locate any user nearby and will be able to make payment by simply tapping on the name of the user. In this way, plenty of time can be saved since no account info will be required, and it will be possible to accomplish all transactions very quickly and easily.
3. Data synchronization
It is a fact that data synchronization is extremely important when it comes to the e-wallet mobile app features. This app has been synchronized with your registered mobile number and social account network number, which provides top-notch accuracy and security. Moreover, the users don’t need to fill the lengthy bank account forms since the account associated with the mobile number will be automatically displayed.
4. In-app camera
This feature is extremely useful when it comes to QR code scanning. It will be possible for the users to dispatch the transaction receipts to other users with an in-app camera. Thus, one can confirm all the transactions within an app for instantaneously authenticating all the fund transfer requests.
5. Booking calendar
Users will not be required to bear in mind the transaction date thanks to this particular feature. The date can simply be highlighted on the calendar. The alert will be sent automatically to the users on a specific date. In this way, it becomes extremely simple to make transactions. It will also be possible for the users to share this feature with their buddies as well.
6. Wearable integration
Users are looking for this feature right now. It will be feasible for them to incorporate smart wearable gadgets with their apps, and they will be able to track every payment on their wrist. This is extremely convenient for the users when it comes to making payments on time.
7. Create virtual cards
It is a fact that almost every user can boast of having a debit card or a credit card at present. However, it is also possible for the users to make a virtual card using the e-wallet mobile app technology. One can easily use this card, which is quite similar to a debit card or credit card, within an app. The users don’t need to provide their account details. Simply, the password and username will be enough for making payments.
8. QR code
You need to just scan the user’s mobile’s QR code and make the payment conveniently and effectively.
9. Digital receipt
A digital receipt will be generated for all accomplished transactions. One can share the same through email, text, phone, or within an application.
These features mentioned above have enabled the e-wallet mobile app developers to enter the present market with innovative and unique solutions that help them stay ahead in the competition.
What are the expenses for creating a mobile e-wallet app?
The majority of the businesses will be charging according to their man-hours for developing the application. For example, the price is approximately $150 every hour in North America and approximately $130 per hour in Europe. On the other hand, the organizations located in Australia will be charging around $190 every hour.
As per the recent statistics, India happens to be the most inexpensive nation when it comes to developing top-quality e-wallet mobile applications at the cost of only $30 to $70 every hour. Therefore, approximately $40,000 will be required to develop a mobile e-wallet app, and those having innovative features like Paytm might cost as much as $150,000.
It might be that you are making plans for developing a mobile wallet application in the future. In that case, you need to come in touch with some experienced and reliable app developers without any hesitation at all. Think of all the features that you like to incorporate in that app and hire a competent team for that purpose.