The world today has changed a lot and people have moved to a digital world. It has taken a long way for people to move from conventional ways of shopping to digital ways of online shopping. And looking at the global pandemic, the ongoing digital transformation will become a constant. And that is the reason that the payment methods have also become digital nowadays which has arisen the need of developing an e-wallet for which one needs to hire a dedicated developer.
The world is witnessing the e-Wallet mobile App setting up a new record every day. Today people prefer using internet banking/mobile banking or paying through any credit card or debit card which is the fastest mode of payment. Some of the successful e-wallet apps are Phone Pe, MobiKwik, Paytm, and others. One should hire a trusted Mobile App Development Services Company to get the apps with the best features which enable customer engagement.
What is eWallet?
e-Wallet refers to a digital or mobile wallet to store online money. These wallets can be used similarly like net banking but here people need to add money to the respective wallet to spend further. Or one can easily connect the respective bank account to these wallets and now they can directly make the transactions. Here the payment can also be made by simply scanning the QR code or entering the mobile number of the payee. These technologies have made the transaction processes just a matter of a few seconds and thus people have become more efficient in using them.
But as these wallets consist of all our financial details thus it is necessary that these payment gateways are fully secured, and all the details entered are always in encrypted form only so that it is not accessible.
Advantages of Using Wallet App:
There are multiple companies who have developed their own wallets like Amazon Pay, Google Pay, Apple Pay etc. and they earn their revenue on every transaction made through their wallet. And so each of the companies gives different lucrative offers to the users for using their respective wallets. Below mentioned are some of the advantages of using the e-Wallet:
1. The developers of the wallets give several offers to their users like cashback, free coupons for dinner or shopping, or any kind of service. Thus, users are rewarded for many transactions through their wallets.
2. The wallets are not just restricted to paying for the shopping but the electricity charge, mobile recharge, booking train or plane tickets, tv recharge, gas booking, etc. can be easily done through these wallets.
3. When paying through these wallets then the user can by default have a record of all transactions done in a month, thus, can maintain a monthly budget.
4. Once the bank details are added to these wallets then the users can easily make the payment and that too in a faster mode. It is way more convenient than using credit or debit cards.
5. These are considered to be sage payment gateways as all the details entered are in the encrypted form and the users can always set biometric locks or passwords to give an extra layer of security.
The Value-added Features of the eWallet Mobile App:
Features for User Panel:
- Registration of user via email or social profile
- Add the respective bank account details
- Add amount
- Check the balance
- Transfer Money
- Transaction history
- POS integration
- Send the requests for payments
Features of Merchant Panel:
- Manage the customers
- Generate the QR code
- Offer the reward points and loyalty
- Overall manage the staffs and employees
- Push notifications
Features of Admin Panel:
- To manage the users
- Real Time analytics
- Data control of the users
- Add new offers
- Managing the Revenue
- Interactive dashboard with the secured login
- To manage or extend the security
Advance Features of the Mobile Wallet Apps:
- Control over the personal expense
- Integration with the wearable technologies
- Integration with the e-Commerce
- Virtual card
- Chatbot support
- CRM system
Industries Dependent On The Rise of eWallet Applications:
1. eCommerce Industry
In recent times, smartphones have become an integral part of everyone’s life as now it is not just used for communication but for completing the basic tasks of home like ordering groceries and vegetables or paying bills for grocery, medicine, doing online shopping, and other regular chores.
And as e-wallets have made the payment process very easy, people nowadays are very comfortable purchasing anything through e-commerce portals like Amazon, Flipkart, etc.
2. Cab Booking Apps
Now if a person is booking a cab, he does not have to worry about cash as even if he does not have cash, he can easily make the payments through eWallet once you reach your destination. Almost all of the cab booking apps like Uber, Ola have integrated with different payment gateways like GPay, UPI, etc.
3. Ticket Booking Apps
Today if a person is booking a ticket for any kind of travel be it by air, sea, train, or any other mode of transport, then they can easily make the payment through e-Wallet and get their tickets done in minutes.
4. Food Delivery Industry
Food is one of the basic necessities of one’s life and eWallet has made it very easy to order the foods from your favorite restaurant to satisfy your palate. Many food delivery apps like Zomato, Swiggy etc. have collaborated with different payment gateways which make the process of payment very short.
5. Paying all Kinds of Bills Online
Be it booking the gas cylinder, paying for the TV recharge, making payment of medical bills, making grocery payment or vegetable payments, or any sort of payment, now everything is integrated with the e-Wallet which has made the system of payment easily accessible.
SEE ALSO: Personal Finance App Development
Cost of Developing eWallet App:
There is no fixed cost of developing the e-Wallet application as it is dependent on various factors whose cost varies.
Below mentioned are certain factors that determine the eWallet app development cost:
1. Platform on which the App will be Developed
If the app is to be developed for the Android platform, it will be based on Java or Kotlin and if the app is to be developed for the iOS app then it will be developed in Objective C or Swift language. And if the app is to be developed for both apps then one should go with the cross-platform development app which will be more economical than the native apps.
2. Design of the App
Here the focus is on User Interface/UX elements which states that the design should be simple yet interactive. The UX/UX designer checks for the graphics and navigations and accordingly designs the app.
3. Size of App
Size is one of the important factors in determining the cost of the app. If the size of the application will be smaller, the number of pages will be less, then the features will also be comparatively less, thus, the overall cost will be also less.
On the contrary if one is looking for more features in their applications then they should have more space to feature them which means a greater number of pages, thus more is the cost.
4. Team Size – who is Developing the Application
Developing an app is not just a task of a developer but it requires a full-fledged team which includes a designer, app tester, developers (Both front-end and back-end), business analyst, team lead, project manager, quality analyst, and other lead people. Everyone uses their expertise in the respective field and charges on an hourly basis or by the number of days in which the project is completed.
5. Geographical Location
It is again one of the primary factors behind the final cost of developing the App. The cost of the resources vary as per the location only and thus it affects the cost of developing the e-wallet. Usually, India is considered to be one of the most affordable countries to develop apps looking at the engineering quality that e-Wallet requires.
Thus, based on the above all factors, the cost of developing the e-wallet keeps on varying. The tentative cost of developing the simpler e-Wallet based on the Android platform, the cost will be around $20,000 – $45,000, and for any advanced features in the app, it might cost around $80,000 – $1,50,000.
While the cost for developing the same basic app on iOS platform will be $25,000 – $55,000 and the advanced version may cost from $1,00,000 – $1,50,000.
Also, the more customization is done in the app as per the new requirements, the cost may vary accordingly as per the complexity and simplicity of the requirement.
SEE ALSO: How to Build an iOS App?
The above points define that the development of an e-Wallet requires expertise, so it is very important to select the right developer who can visualize the concept and ideation and implement it exactly how the owner wants with their immense skills and resources.
The e-Wallet is at boom and will continue to be at a profitable phase only as it has become a necessary part of everyone’s life. Now, all the features are mentioned which should be in the respective panels of the mobile app. Thus, if one is hiring mobile wallet app developers, they should definitely check the past work and finalize upon the same.