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.
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Before we dive deeper into the types, features, benefits and cost, let’s first understand:
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.
Exclusive payment app for store for making purchases by the customer (Walmart Pay)
Funds transfer – To the organization’s account
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
Conduct transactions for different companies using the same platform. (American Express, Amazon Pay)
Funds transfer – Directly to the bank
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:
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.
We can help you develop robust & reliable applications to smoothen & speed-up your end-customer transactions.
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:
The following functionalities can also be added when developing a custom 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.
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.
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
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.
Our team can help create feature-rich and secure eWallet Application for required devices