With the world becoming digital, everything is changing. The arrival of smartphones and mobile applications has made humans rely on them. Whether it is about paying for a bar of chocolate, or a vehicle, now everything can be done via mobile phones. From paying through cash to making payments online via mobile applications, we have come a long way.
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 2021, 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 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.
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.
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.
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. KYC procedures are now no longer complex, slow, and ineffective. Below mentioned are how AI can be used in payments.
One of the finest uses of AI technologies in payments is for improving the user-end interaction by protecting the transactions with a security chargeback layer. As traditional methods are no longer capable of detecting fraudulent activities, the fraud detection system needs to be updated regularly with time. To make sure that transactions are secure, all the transactions need to be observed without any scope of error. Machine Learning and Artificial Intelligence are integrated into fraud detection systems to make sure that all the payment processes are safe and secure. The system automatically improves itself by learning from fraudulent techniques to cope up with various tactics of fraudsters.
Reduced False Declines
As per the reports from the BI intelligence, false declines are non-fraudulent transactions and a major source of losses for companies than fraudulent transactions. Payments integrated with machine learning have predictive capabilities to reduce unnecessary false declines. In 2016, falsely declined transactions caused a loss of $8.6 billion, whereas the loss due to actual frauds was around $6.5 billion.
Saves Time and Efforts
To offer services in less time and effort, mobile applications enable the user to shop without any hassle. Speech-recognition, pre-order via text, and making fast payments through bits, users can purchase anything from the shop with the help of wallet applications. This will eliminate the need of going to shop and waiting in the queue for making payments, just go and grab the item.
Must Have Features of eWallet Mobile Application
A mobile application is as good as its features. Before beginning with the development process, you must perform market research to know the purpose of your app. You need to integrate the most vital features in your application if you want to win the market. If you cannot decide everything by yourself, you can take help from a professional eWallet app development company as they have resources to develop a robust and seamless wallet mobile application.
As the app will be used by various persons, you need to create separate panels as per the user. An eWallet mobile application has 3 panels: user, merchant, and admin panel.
Developing a separate app for each panel assures that every user can have access to all features. Here is a list of some of the most appealing features that you must include in your wallet app panels:
User Panel Features
The very first screen on which the user lands. To access the features of the app, the user needs to create an account through a mobile number.
Connect Bank Account
Users can add the desired bank from which they want to transfer funds. They can add more than one bank account and pay with it at any instant.
This feature enables the users to add required money into the wallet from a connected bank account for a fast and quick transaction.
At any instance, the user can check the available balance in-app wallet or bank account directly from the wallet application.
Through this feature, users can transfer the funds to the receiver by entering the receiver’s account details or mobile number.
All the bill payments can be done easily through the wallet application under this feature.
Just like sending funds, users can also securely receive funds by simply sharing account details.
All the payments transferred and received, bill payments, and cashback details are stored in the transaction history. Users can view all the transactions by applying advanced features.
9. Invite Friends
Users can also ask their friends to download the app for sending and receiving money easily. This makes the transaction process easy by eliminating the need of entering account details every net day.
10. Offers and Deals
While making payments from the wallet application, users can select offers and deals and can redeem the points later.
Merchant Panel Features
1. Intuitive Dashboard
This feature offers a holistic view of the purchases, total transactions made, to the merchant.
2. Edit Profile
Vendors can update their details such as name, bank account details, shop address, etc. using this feature.
3. Add Products
Merchants can update various products on the wallet application for the users.
4. Create QR Codes
To receive payments from customers, vendors can create a QR code for quick and hassle-free transactions.
5. Customer Management
Merchants can manage the details of the customers while viewing their transaction history.
6. Withdraw Money to Bank
All the received funds from customers can be transferred directly into the bank through this
7. Offer Discounts and Coupons
To engage more customers, vendors can offer discounts and cashback on every transaction they make.
8. Loyalty Points
Offering loyalty points can also help the merchants in attracting customers to the app.
Admin Panel Features
The details and basic information of all the registered users, and merchants are available on the dashboard. The admin can also monitor the app analytics from the dashboard.
2. New Offers
To encourage and attract customers towards the wallet application, the admin creates new offers and deals in the app.
3. Manage the Users
All the user activities such as personal details, transactions made, behavior is tracked and monitored by the admin.
4. Revenue Management
Through this feature, the admin can check the total revenue generated on a daily, weekly, and monthly basis.
5. Analytics and Reporting
All the details related to the total number of registered users, most availed offers, transactions incurred, app usability are analyzed by the admin through the admin dashboard.
6. Add/Block User
By monitoring the behavior of the user in the wallet application, the admin can block the user from the app. Similarly, they can also add new users to the app, depending on the users already aligned with the app.
Advanced Features of eWallet Application
Apart from above mentioned features, there are some additional features also that will make your app more reliable and flexible.
1. QR Code Reader
To make the transaction fast and easy, users can directly scan the QR code of the receiver. This feature is very popular in wallet applications.
2. In-App Camera
This in-built feature allows the users to scan the QR codes for faster payments. Users can also upload KYC documents and selfies through this feature.
3. Virtual Cards
Just like usual credit/debit cards, users can also create virtual cards. These virtual cards enable users to make faster transactions without entering details every time they make a payment.
4. Integration with Wearable Devices
Integrating the feature of connectivity with wearables, users can easily monitor all the transactions by directly looking at their wrist. This will make the app more reliable and will define a new approach for making easy payments.
5. Digital Receipts
Users can share the details of every transaction in the form of a digital receipt through email or SMS.
This is one of the greatest features of the eWallet application. Although integration of this feature will raise the development cost, it will also significantly increase the visibility and popularity of the app. By turning on GPS, users will be able to search nearby users for making transactions with just a few taps. They do not have to enter account information and the transaction will be completed with a simple and easy approach.
It is the most beneficial feature for improving the security of the transactions. A one-time code is generated for transactions and the credit/debit card information gets hidden from the merchant.
8. Promotional Offers
Since the competition n the eWallet industry s high, each one has to attract customers by offering various discounts and promotional offers. The latest offers and discounts can be posted on the homepage so the users can easily avail themselves.
9. eCommerce Integration
Once the app becomes popular in the market, various eCommerce brands contact to sell their products on eWallet platforms. By offering discounts on eCommerce products, user engagement can be increased on the eWallet app.
10. CRM System
The Customer Relation Management System assists the user at any point in time. So, if the user gets stuck at any point, they can talk to the customer executive in any case of issue.
Technology Stack for eWallet Mobile App Development
· SMS, Phone and Voice Verification: Nexmo
· Cloud Environment: AWS, Azure, Google Cloud, and Salesforce
· Data Management: Datastax
· Real-Time Analytics: Big Data, Hadoop, Apache, and Spark
· Payment: PayPal, Stripe, PayUMoney, and Braintree
· Database: MongoDB, HBase, MailChimp, and Cassandra
· Push Notifications: Twilio, Urban Airship, Amazon SNS, and Push.IO
· Email management: Mandrill
· QR-Code Scanning: ZBar Code Reader
Team Structure for Developing an eWallet Application
Apart from searching for a company for an eWallet app development service, you will be needing some key persons who will be taking responsibility for the whole development process from scratch.
· App developers
· Front-end developers
· Back-end developers
· UX/UI designers
· Quality Analyst
· Business Analyst
· Project Manager
Cost of eWallet Application Development
Talking about eWallet app development cost, calculating the fixed estimation of developing a wallet application is not possible. The cost varies according to the complexity of the wallet app. This is not the case with wallet apps only, a similar scenario is with other applications also. The cost of developing an app varies according to the features, platform, and various other factors.
However, to give you an idea, here are few factors that will help you to determine the approximate estimation of developing an eWallet application. So, let’s dive in:
1. App Design
The design of the app is an important factor in increasing user engagement and attracting customers. If you want your app to be successful in the market, you need to focus on creating a simple yet attractive UI/UX. The more complex the design gets, the cost of development increases.
2. App Development Team
A single developer will not be working on your project. There will a whole team of developers, designers, testers, project managers, etc. that will be handling your project. The hourly rate of the team involved in the project differs as per their skills and experience. This brings a huge difference in overall app development cost. The bigger the team, the higher is the development cost.
3. App Development Platforms
This is one of the most vital factors that affect the cost of eWallet app development. According to the platform, the tools and techniques of development, app development process changes, which also changes the development cost. If you are developing a wallet application for Android the cost will be different. Similarly, the cost for the iOS platform is different. However, if you want to develop for both platforms, you can go with cross-platform application development. The cost of developing a cross-platform application is comparatively lower than native application development.
4. App Size
The size of a mobile application depends on the features and modules you want to integrate into the application. If you want to develop a basic app with fewer features, then both the effort and time required will be less, so as the cost. App size is an important factor in determining the cost of development. Developing a large-scale eWallet application with complex features will cost you a little more.
Considering above mentioned actors, the overall cost of developing an eWallet application for the iOS platform will be around $12,000 to $17,000. For the Android platform, the cost is around $10,000 to $15,000, and a web app will cost you around $12,000 to $15,000. This cost estimation is for basic eWallet application and the cost will change as per the above-mentioned factors.
Developing a robust eWallet application is not like a cakewalk and not every mobile app development company can do it properly. Crafting a market-winning eWallet application requires time, efforts from experts, and dedicated resources. So before hiring an app development company, make sure to validate and verify the records and the efforts invested by the company for engineering the eWallet Mobile App.