Ewallet Mobile App Development with Artificial Intelligence Cost & Key Features

Amazon Pay and Google Pay are some of the popular applications that are preferred by most of the users for making payments.

Now people don't carry their money in their pocket, rather they keep it in their smartphones. This is the main reason why most businesses of all sizes and types are inclining towards eWallet app development for better ROI and user engagement.

Market Size and Statistics of eWallet Industry

The incredible success stories of Paytm, M-Pesa, and Samsung pay are sincerely inspirational. As per reports, Paytm currently has over 150 million monthly active users with over 1.2 billion processed payment transactions.

If we look at the worldwide scenario of the eWallet industry, WeChat has more than 600 million worldwide users, followed by Alipay with over 400 million users on the board.

As there are approximately 48.53% smartphone users worldwide, the demand for digital wallet app development is on hype.

The major contribution is of people from age 15-45 years, as they prefer cashless mode for making payments.

Statista reports that by the end of the year 2024, the total transaction value in the mobile wallet industry will be worth $6,685,102 million with an annual growth rate of 12%.

This will result in an increase of total transaction value to $10,520,219 million, by the year 2025.

Also, it is expected that the number of users will rise to 1,890.3 million by 2025.

Types of eWallet Mobile Applications

Choosing the features that need to be integrated with the eWallet application depends on the type of application you want to develop.

Each application has its limitations and benefits. So, if you are struggling with which application is best for you, here is a quick read to help you out.

Open eWallet

Open eWallets are the most popular digital wallet applications in the market. These wallet applications are compatible with all types of networks and can be installed on any platform.

Having an extensive scope for all types of payments, these applications offer easy payment options.

Closed eWallets

These types of wallet applications have in-built payment features and do not support universal transactions. Closed eWallets are in the market for a long time and they share, cashback, loyalty points, and rewards only in the app wallet.

One such example is the Zomato wallet where all the cashback and rewards are added in the app wallet only.

Semi-Closed eWallets

A step ahead in closed eWallets are semi-closed eWallets. The cost of developing these types of wallets is similar to the cost of developing a wallet app like Google Pay or Paytm.

These wallets are often used to make payments on stores.

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AI to Change Mobile Payment Realm

The financial industry is undergoing a revolution and all the credit goes to transformative technologies. People nowadays are very well aware of all the data breaches and threats, so they demand a secure and safe payment environment.

As more and more data are being fed to machines, there are high chances of security breaches. One wrong move and everything is finished!

Whether it is about transferring funds or making payments at stores, online transactions are becoming the most preferred way for making payments.

By integrating Artificial Intelligence and Machine Learning, organizations can offer easy services such as:

· Improved Customer Services

· Real-time authorizations of transactions

· Complete KYC online

· Predicting Borrower Delinquency

· Changing the Ways of Investment

By integration of Artificial Intelligence, organizations can leverage various benefits of technology through broad and large-scale applicability.