We are booming toward becoming a cashless society and the traditional wallets to carry money have gone out of the trend. Although there are still many people who prefer to make a cash payment for a purchase, the number has surely decreased with the added convenience of online payment. Shoppers are giving more importance to credit and debit cards over plastic money. The eWallet mobile solutions have added further value to online payment technology.
Electronic wallets or eWallet have simplified the Banking & Financial needs of people and made it easy for them to make cashless payments. Online payment technology, eWallet is like a gift card, where the user places an amount and the phone number of the payee. This is all needed to make a payment using eWallet.
If the rising demand for eWallet solutions also influenced you and you want to jump into this league, then this post will provide great help to you. Here in this blog, we will share enough information with you regarding eWallet mobile app development.
Know the Essential Features of eWallet Mobile Solutions
We have characterized the eWallet app development features into three categories as explained below.
- User Panel Features
- Admin Panel Features
- Advanced Features
* User Panel Features
We intend the following features to benefit the users.
User registration is an important feature of the mobile wallet app development, henceforth, it must be stable and clear. Users will feed the email address or phone to register on the eWallet. The user will receive the verification code and soon after he will take the benefit of the eWallet to make payment. For better security, you can incorporate KYC features during the eWallet mobile app development process.
Authorizing Bank Accounts
After completing the registration process, the next significant process is to authorize the bank account to make transactions. This could be done by providing the account number, bank IFSC code, and other essential information. Users can also authorize their debit and credit card by entering information such as card number, name on card, expiry date, and security code printed on the card.
Adding Money to eWallet
Users have the option to add money to the eWallet directly from their authorized bank account. Users can also add money to the eWallet using their saved debit/credit card. For this reason, they have entered the card security pin whenever they use the card to make a payment.
Send or Receive Money
This is the basic feature of every eWallet application. Depending on the functionality of your developed eWallet, users will send or receive money using QR code or NFC.
eWallet passbook empowers the users to keep track of their transactions. eWallet app developers can add a filter option to the passbook to provide an effective search option to the users.
At any time users can check their eWallet balance and bank account balance.
Wallet to Bank Transfer
Some of the eWallet applications also facilitate their users to withdraw the added wallet money back to the bank account.
Recharge and Bill Payment
The evolution of the eWallet has completely changed the recharge and bill payment ways. eWallet is facilitating the users to pay for their phone recharge and other bills directly using their eWallet.
eWallet mobile solutions also empower the users to make a variety of travel reservations, movie booking, and so many other things that can be done using the user panel of the eWallet.
Multiple Language Support
Technology is no longer limited to a specific region; it’s spread all around the world. Henceforth, eWallet mobile app development should offer support to multiple languages. This way users will choose their preferred language and it will enhance the user experience.
Everyone loves to earn some cashback whenever they make a transaction on eWallet. You should also offer the users some sort of discounts to inspire them to make a transaction using your eWallet mobile solutions.
Refer to a Friend
This type of promotional offer works well to build a community of users. Whenever any of the eWallet users refer their friends to register on the eWallet, they earn a certain amount as a reward.
24*7 Customer Support
An eWallet works round the clock. Therefore, it is essential to have a 24*7 customer support system to aid them whenever they face difficulties while sending or receiving money.
* Admin Panel Features
Now as you’re aware of the user panel features, let’s concrete on the admin panel features.
The dashboard of the admin panel is intended to take control over the users registering on the eWallet mobile application. On Dashboard, the admin can see the real-time analytics and essential alerts that need attention.
Managing User Accounts
eWallet mobile solutions enable the admin to manage the user accounts and all the transaction activities carried by the users.
The admin has the responsibility to maintain the security of the eWallet to build trust among the users. If the admin found any suspicious activities on the eWallet, then he can block that user or can hold payment until their authenticity is not verified.
Add or Remove Users
The admin has full control over accepting or rejecting the user’s registration request. We can set various parameters to accept and reject user requests.
At the end of the day, the ultimate goal of the business is to make revenue. Henceforth, having an admin panel where you can see a detailed report of the revenue you have made will provide great value to you.
Add or Block Features
Depending on the behaviour of the user or the type of account under which the user has to make registration, the admin can add or block features.
* Advanced Features
As of now, we are familiar with the essential feature of the user and admin panel of the eWallet mobile app development that makes an app work. Besides, there are several other features also intended to benefit both the admin and users. The successful execution of the following advanced features can go in a long way to give you a competitive edge in the market.
Geo-location enables the users to track the other nearby users and helps them to make the payment instantly using their NFC terminal or similar payment processing systems.
Push notification is a dominant feature to keep users engaged with the eWallet mobile solutions. This feature enables the admin to send important messages to the users, messages can be anything related to promotional offers, coupons, discounts, and so on. This feature can also notify the users whenever a payment is made on eWallet.
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With the advancement in technology, eWallet mobile app development is becoming smarter. Now users no longer need to feed the payee email address or contact numbers to make payment. They can do so easily by scanning the QR Code of the payee. This feature further helps to take the screenshot of the transaction, so you can share the proof of the payment with the payee to inform them regards the payment.
One Time Code
Today fraudulent transactions are the major cause of worry. Whenever a user attempts to make a transaction, a one-time password will be provided over the preferred mode of communication. This code needs to feed on the transaction page to accomplish the transaction.
Data syncing is another significant feature that can be included at the time of eWallet mobile app development to add a layer of security to the user account. This feature syncs the app data with the user account. Therefore, users can experience a smoother account authorization and validation process.
What are the Different eWallet Mobile Applications?
eWallet mobile applications can be differentiated in the following three ways.
1. Closed eWallet Application
Closed eWallets applications are exclusive payment apps that are built for the stores to accept payments from the customers. Walmart Pay is the best example of closed eWallets applications.
2. Semi-Closed eWallet Application
This application provides more functionalities to the users compared to the closed eWallet application. Such an application allows the users to make payments at certain stores that have signed a contract with the eWallet aggregator.
3. Open eWallet Application
Open eWallet applications are the most commonly seen eWallets. We can easily install this application on both Android and iOS devices. Open eWallet applications enable you to make the payment to the end number of users. The most common examples of such applications are Google Pay, and Paytm.
What is the Cost of eWallet Mobile App Development?
Most of the mobile wallet app development companies cost you depending on the number of hours they have to put into eWallet app development. For instance, if you hire American eWallet developers then they will cost you around $150 per hour. Similarly, if you hire Indian eWallet mobile app developers, then they will cost you around $80 per hour. Besides the geographical location of the developers, the development platform also decides the development cost.
The eWallet application with the basic features for the Android users will cost you somewhere $20,000 to $40,000 and the application with the advanced features can cost you somewhere $80,000 to $150,000.
The development cost for iOS is going to be higher than for Android. eWallet app development with the basic features for iOS will cost you somewhere around $25,000 to $35,000. While the eWallet with the advanced or complex features will cost you somewhere between $100,000 to $160,000.
We have mentioned the average cost of the eWallet mobile app development above. This price can go up and down depending on the number of features you have added and the complexity of the design.
eWallet mobile app development is a complicated process. Henceforth, it requires the utmost dedication to ensure the reliability and security of the application. Also, the market is competitive, so there is no scope for mistakes. Any wrong selection of the eWallet application features or the development company can affect your brand reputation.
To avoid any unfortunate outcomes, we would recommend you to walk a mile ahead with your selection of eWallet mobile app developers by checking their previous projects and brand reputation. BR Softech is one such eWallet app development company with a portfolio of successfully built eWallet applications. Besides our portfolio, you can also check out our client’s testimonial section to be confident of choosing us over other eWallet developers.
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2010 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, mobile/ software development and other digital marketing services intending to deliver outstanding digital outcomes.