Custom eWallet App Development
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eWallet Mobile App Development

26 Mar 2021

Digitalization has made going cashless easier with the concept of digital wallets. It is ruling today’s touchless world. Even the recent pandemic outbreak led to increasing preference for mobile apps for making & receiving payments over conventional methods. Many business owners are now partnering with eWallet app development companies to create custom apps 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 owner, 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

  1. What is a Mobile Wallet?
  2. Different Types of e-Wallet Applications
  3. Why You Should Invest in Mobile Wallet App Development
  4. Benefits of eWallet App Development
  5. Popular Mobile Payment Methods
  6. Industries That Can Leverage Mobile Wallet App Development
  7. Key Factors to Consider During the Mobile Wallet Application Development Process
  8. Must-have eWallet Modules
  9. How Much Does It Cost to Develop eWallet Mobile App?

Before we dive deeper into the types, features, benefits and cost, let’s first understand:

What is a Mobile Wallet?

It is a virtual financial instrument that enables individuals and businesses to send and receive money using mobile apps. It can be classified into the following three categories:

1. For Banks & Financial Organizations
Custom apps that enable micro-transactions for their account holders.

2. For Retailers
Digital payment apps facilitate quick and easy transactions for their customers. They can even integrate coupons, manage discounts and promotions on different products to boost customer engagement & loyalty.

3. For Credit & Debit Cards
This mobile application helps link the credit or debit cards to make secure payments without entering the card details every time.

Different Types of e-Wallet Applications

Types of Digital Wallets

How Does it Work?

CLOSED

Exclusive payment app for store for making purchases by the customer (Walmart Pay)

Funds transfer – To the organization’s account

SEMI-CLOSED

Process payments with partner stores (Apple, Android & Google Wallets) that support payment made for eWallet service provider using the partner stores

Funds transfer – To a trusted escrow account

OPEN

Conduct transactions for different companies using the same platform. (American Express, Amazon Pay)

Funds transfer – Directly to the bank

Why Should You Invest in Mobile Wallet App Development?

The market has witnessed a tremendous rise in the use of digital payment applications that facilitate touchless transactions. The global market for digital wallets is estimated to go from $1.04 billion in 2019 to $7.58 billion by 2027. It will expand at a CAGR of whopping 28.2% percent.

Beyond its simplicity, scalability and security, here are the top 5 benefits of eWallet App Development for your business:

  1. Higher Conversion Rate: Customers lining up in a queue to pay bills? Give them the convenience to purchase products on-the-go and accelerate their checkout process with a mobile payment app. This will directly influence their buying behavior and bring you more revenue.
  2. Reduce Abandoned Carts: The most significant benefit to retailers is fewer abandoned carts. eWallets simplify and speed up the buying process, which increases the number of shoppers who complete their purchase.
  3. Low Transaction Fee: Compared to the high-interest rates of credit cards, mobile commerce platforms have much lower transaction fees. Merchants can issue a payment card of their own. It can work like a gift card, leaving the bank out of the transaction loop while reducing the transaction charges considerably.
  4. Easy Refunds: Order cancellations and returns are an inevitable part of the retail business. But with a digital payment system, you can turn them into an engaging customer experience. It facilitates quick and easy refunds to customers. This also means that your shoppers now have ready cash in their app to shop more. Business owners can then retarget these customers with product ads and encourage them to make further purchases in just a few clicks.
  5. Increased Revenue: Merchants can push personalized offers with discount codes to stay in constant touch with their customers and keep them coming back. This can be done periodically to increase sales opportunities even in the long-term.
  6. Expand Customer Base: Mobile payment applications enable banks and financial companies to reach out to potential customers quickly. Well-designed contactless payment solutions with advanced features enhance the bank’s credibility and allow business owners to perceive it as reliable and trusted. People worldwide prefer a touchless wallet. With robust security features, they will quickly switch over to you, leaving your competitors behind.

Popular Mobile Payment Methods Used Across the Globe

Before starting the mobile wallet app development process, it is crucial to understand the target audience and the payment market landscape. They come in different types. You need to know which one will best fit your business needs and enable you to monetize maximum opportunities.

  • Point of Sale (POS) Systems: It includes various software, hardware, analytics, inventory management, reporting and staff management. Ideally deployed by retail businesses, it needs a computer system that operates on POS software. It integrates features like a barcode scanner, receipt printer, credit and debit card reader & an on-site server.
  • Near Field Communication (NFC) Tags: NFC tags process payments using a contactless chip. It enables automated transactions once the card is placed in affinity with the receiver machine. Read about the top 5 NFC payment apps and their benefits here.
  • QR (Quick Response) Code: A business can store its encrypted QR code in the cloud. The user simply needs to scan the code to process the payment. This method has gained much popularity nowadays. Both restaurants and retailers are making the most of its security, simplicity and convenience.
  • Beacon: Smartphones with Bluetooth 4.0 and above can use BLE transmitters to make online and offline payments. The POS terminal can fetch the card details of the shopper and automatically process payments without any hassles.

Industries That Can Leverage Mobile Wallet App Development

Retail & eCommerce

  • Offer an omnichannel experience
  • Expand your reach & increase conversions
  • Speed-up the checkout process
  • Run reward programs and promotions

Banks & Financial Establishments

  • Enhance digitized services for retail customers
  • Create a speedy & secure payment infrastructure
  • Enable customers to avoid the inconvenience of cards
  • Facilitate anytime-anywhere fund transfer

Telecom Companies

  • Provide niche services worldwide
  • Sell more voice and data services
  • Advertise with integrated messaging platforms
  • Autopay facility with different payment modes

Transportation Companies

  • Pre-paid top-ups
  • Digital vouchers
  • Split bill facility
  • Cash back offers

Looking For an eWallet Solution?

We can help you develop robust & reliable applications to smoothen & speed-up your end-customer transactions.

Key Factors to Consider During the Mobile Wallet Application Development Process

  1. Security: 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. It is your primary responsibility to make sure their financial data and passwords stay safe. For this, the eWallet development team needs to use industry-leading technologies and robust security mechanisms that are difficult to decrypt.
  2. Digital Receipt: After every financial transaction, users need confirmation about its status. Therefore, you need to integrate a digital receipt that instantly notifies the end customer if the transaction was successful or not. These receipts can be sent to the user’s registered email address or on my mobile phone as SMS updates.
  3. Regulatory Compliance: 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 application of the eWallet framework. Having an experienced technology partner will help in avoiding any risks and ensuring transparent transactions.

Must-have eWallet Modules

If you want to develop a fully-secure & user-friendly mobile commerce platform that caters to your customer needs, make sure you’ve chosen a eWallet app development company who can help integrate the following modules into your solution:

ADMIN PANEL

  • Secure login
  • Role-based access control
  • Data control
  • Merchant management
  • User management
  • Real-time analytics
  • Revenue management
  • Security management
  • Add & edit new offers

MERCHANT PANEL

  • Intuitive dashboard
  • Create/edit profile
  • Add & remove products
  • Create QR code
  • Customer management
  • Employee management
  • Make withdrawals
  • Discount coupons
  • Reward points
  • Promotional offers
  • Push notifications
  • EMI payment option

USER PANEL

  • Easy registration
  • Link bank account
  • Add balance
  • Transfer money
  • Make bill payments
  • Avail offers and discounts
  • Check balance
  • Track reward points
  • Set autopay
  • View transaction history
  • Split bills
  • POS integration
  • Receive payments
  • Send invites
  • Earn referral points

Advance Features of eWallet

The following functionalities can also be added when developing a custom app

  • Multi-factor authentication
  • In-built marketing tool
  • Inventory, voucher & document management
  • Multi-currency & multi-language support
  • Card insurance linked to a digital wallet
  • Centralized CRM dashboard
  • Location-based services
  • Chatbot support
eWallet Mobile App Dashboard

How Much Does It Cost to Develop eWallet Mobile App?

It will 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.

If you plan to go with an experienced company, let’s discuss the various factors contributing to the total eWallet app development cost.

1. App Design
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.

2. Integrated Features
The number and type of features would most certainly affect the cost of highly functional app creation. The price will be less for the most basic features as opposed to certain specific or advanced features.

3. Platform
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.

4. Technology Stack
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.

5. Experience and skill set of the Development Agency
The pricing also differs drastically depending on the developing agency’s resources’ skill set, certifications, exposure, and industry experience.

Why Partner with Rishabh Software

We understand your unique business needs with two decades of experience in custom mobile app development coupled with multi-domain expertise. Our team is fully equipped with resources that can transform your business idea into a profitable mobile commerce platform.

We can build fully customized and highly scalable mobile apps configured for consistency between mobile devices, tablets and desktops. Rishabh offers on-demand enterprise-grade customized eWallet app development solutions for native and cross mobile OS platform environments.

Here are some of the other synergies make us stand-out as an IT solution provider.

What You Get by Teaming Up with Rishabh Software

  • Agile development process to consistently deliver a secure app version
  • Experience in creating an appealing interface with impeccable functionality
  • A dedicated development team for cross-platform solutions
  • Extensive integration experience in NFC, QR codes & OTP-based transactions
  • Accurate business foresight & real-time reporting with a 24×7 customer service

To Conclude

E-wallets have undoubtedly revolutionized the market. While online and mobile banking has been around for a long time, digital payment apps have made it even easier and faster to transact both – online and offline. Therefore, wallet service providers will continue to stay in the market for long. They will have to keep innovating and changing their business model.

To win the competition, Rishabh Software is at the forefront of converting your eWallet solution into a moneymaking business. But, if you are still unsure and have an overcast of questions, don’t hesitate to reach out.

Exploring eWallet App Development?

Our team can help create feature-rich and secure eWallet Application for required devices