Digitalization has made going cashless easier with the concept of digital wallets. It is ruling today’s touchless world. According to Statista, in 2021, 4 out of 10 American smartphone users utilized contactless payments. It is powered by eWallet mobile apps or related payment getaway models.
Hence many business owners are now partnering with eWallet app development companies to create custom apps like Walmart Pay and Starbucks mobile app to buy & sell products and offer services. It ranges from grocery to booking tickets and more for their customers while supporting their business ecosystem.
As a business, investing money into digital wallet app development can help garner good profits. If you’re thinking of building a feature-rich & customized mobile app, this post will provide you with a detailed overview of all essential factors.
Table of Contents
It enables the customers to make in-store, online, and in-app payments to you. It stores their debit & credit cards digitally and connects with their bank accounts. So, they can go both cashless and cardless while transacting with you. The digital wallet also stores the gift cards, loyalty cards, discount coupons, etc. that you offer to your customers.
The market has witnessed a tremendous rise in the use of digital payment applications that facilitate touchless transactions. Here are some stats to support this trend;
And beyond a terrific pace, this trend is garnering attention from both innovators and entrepreneurs. Beyond its simplicity, scalability, and security, let’s discuss core advantages.
Now as you decide to build an eWallet application, things could become complicated for you without the right direction. So, here are a few important considerations.
Let’s discuss the specifics under each phase;
Spend time understanding the different types of eWallets and analyze how industry peers are utilizing them.
Start your digital wallet app development journey by deciding the payment options you want to offer to your customers to monetize maximum opportunities.
Depending on your unique business needs, you can incorporate advanced features into the eWallet mobile app. They include:
Mobile wallet apps commonly have the below-mentioned components. Let’s go over them.
The payment app needs the end-user to store their account/ card details for making transactions. Your application can only succeed if your existing and potential customers can rely on its robust data security structure. Your primary responsibility is to make sure their financial data and passwords stay safe. You could use pins, fingerprints, retina scans, etc., to enhance security. For this, the eWallet development team needs to use industry-leading technologies and robust security mechanisms that are difficult to decrypt.
mCommerce platforms should ensure compliance with the applicable local & global (in some cases) banking laws and regulations. Therefore, they should be developed keeping in mind the application of the eWallet framework. Having an experienced technology partner will help avoid any risks and ensure transparent transactions.
We can help you with robust & reliable eWallet software development to smoothen & speed up your end-customer transactions.
With 20 years of custom mobile app development experience and multi-domain expertise, develop on-demand enterprise-grade digital wallet app development solutions for native and cross-mobile OS environments.
Other synergies that make us stand out as an eWallet app development company include:
A Europe-based digital enterprise offering banking and financial management services approached us to build a custom solution to simplify currency distribution that allows instant fund transfers anywhere.
We built a centrally-hosted transaction platform. It manages secure fund transfer transactions while integrating reliable third-party solutions for payment processing.
The developed solution resulted in the following:
While we’ve covered most of the essentials, you must be wondering what could be the factors that influence the development of eWallet apps? To answer, it would depend on the desired app design, the complexity of features to be integrated, chosen technology stack, and target platforms (iOS, Android, or both).
A decisive aspect affecting the total eWallet app development cost is whether you are developing it in-house or leveraging a top-rated software development company’s tech expertise.
Listed below are some of the critical factors based on our experience,
The user interface is crucial to engaging and retaining customers with an online payment app. Creating an intuitive, easy-to-navigate app that runs seamlessly on every platform includes using emerging technologies that come at a cost.
The number and type of features would most certainly affect the mobile wallet app development cost. The price will be less for the most basic features as opposed to certain specific or advanced features.
The cost also depends on whether your app is developed for a single platform or several platforms. The price of a payment app designed for iOS is relatively lower than for Android. However, a mobile commerce platform is typically developed for both Android & iOS.
It also varies depending on the tech stack employed to build the mobile app. Every platform and technology has its pros and cons. It is best to consult an experienced mobile app development company about developing a robust architecture.
The pricing also differs drastically depending on the developing agency’s resources’ skill set, certifications, exposure, and industry experience.
We often get inquiries concerning eWallet development. And, while we try to address it most of the time, here are some of the most common queries, we receive. We hope it helps you as well to find the right answers.
A. We have the proficiency to build different types of apps with features, functionality and even architecture similar to Google Pay, Apple Pay, Samsung Pay, or any other based on the need. Also, depending on your unique feature list, industry focus, and business model, we can customize eWallet mobile app development to deliver a distinctive solution that is “just” for you.
A. Yes, depending on the payment gateway you choose, we can help integrate the digital wallet with your e-commerce store.
A. Yes. Utilizing our cross-platform mobile app development capabilities, we can build an eWallet app that can work across multiple mobile platforms while helping you to reduce costs and efforts.
A. We respect the privacy of our clients. Rishabh promises to protect your IP and confidentiality. As part of our standard agreement, we do sign a formal legal contract for our eWallet app development services with customers that covers technology, source code and more.
A. You can start by contacting us and brainstorming your idea with our team. We shall take it forward from there to meet your goals.
A. We can help you with every modernization and up-gradation effort. Not just the technology, we can also help you integrate new features into your existing digital wallet.<
Now that you have gathered basic information about how digital wallets and our eWallet app development can help your business, it is time to act. Rishabh Software keeps its clients’ needs and goals at the forefront while developing customized solutions. Our highly skilled and experienced team will leave no stone unturned to deliver to your satisfaction.
Leverage our experience to provide your users with a smooth transaction experience using an intuitive digital wallet app.