Monetization is necessary to generate revenue, which is necessary to keep any business running. While most businesses generate revenue through one or two streams, like an ecommerce site making money by selling products or a bank generating revenue by giving loans, mobile applications may have multiple monetization methods to generate revenue.
Coming to ewallet mobile app development, there are a handful of monetization methods they may choose to implement. These methods range from charging a small amount for each transaction to data analytics or even putting their API for sale. The earning from each user might seem low, but since these apps have millions of users and billions of monthly transactions, the overall amount is massive.
In this blog, we’ll discuss various monetization methods ewallet apps may use to generate huge revenue.
1. Transaction Fees
You may charge a small fee for every transaction made through your eWallet app, which can be a fixed amount or some percentage of the transaction value. Most of the ewallet apps offer free transactions from wallet to wallet but charge some amount for bank transfer, and it works well.
2. Subscription Model
You may offer the basic services for free but may also charge a small monthly/annual fee for offering advanced features to your users. These advanced features may include higher transaction limits or free transactions or exclusive deals.
3. Merchant Fees
Keep your app free for individuals but charge some amount, may be fixed or some percentage, from merchants/business accounts for accepting payments through your ewallet app.
4. Earn Interest
Many users like to keep some amount in their mobile wallet. You may invest your users’ eWallet balance in some interest bearing account and can earn interest on your deposits.
5. Advertising
Show related adverts on your app and charge for per click, impression, or conversion. One of the very popular methods among free content publishers or free mobile apps.
6. White Labeling
Set up a white labeling arrangement for your app and charge other businesses or financial institutions for using your app. You may charge a healthy amount for licensing.
7. Data Analytics
Collect users’ spending habits and behavior of using your app, like what product they spend most on or what services they like the most. This information can be sold to other businesses for very high value.
8. Affiliate Marketing
Place affiliate links to other websites, like ecommerce portals or booking portals, and earn commission whenever someone buys their services after being referred from your eWallet app.
9. In-App Purchase
You may ask your users to purchase additional products through your app. Sell gift cards, premium content or virtual currency on your wallet app. Users pay to buy such products, earning you more revenue.
10. Premium Support
Issues in financial services make users annoyed and they want to get them resolved ASAP. Your users asking for priority support for their queries? Charge them for live chat, telephone support or quick response time.
11. Crowdfunding
Crowdfunding is very much in trend these days and there are some billion-dollar websites dedicated to it. So why not make your ewallet mobile app for crowdfunding and keep your commission?
12. API Access
Every website that sells something needs a payment gateway. Create your app’s API (Application Programming Interface) and sell them to such websites. You may also sell your API to related apps like budgeting or ticket booking apps.
13. Micro-loans
This is a new trend but has gained popularity in a very short span. Users in need for some urgent cash? Offer micro-loans to the eligible users and earn through the interest.
14. Data Monetization
Data is gold in today’s world, and as an ewallet app with millions of users, you literally are a data mine. Sell information like user behavior or favorite products that your users purchased through your app to other businesses and make money.
15. Cross-selling
There are a handful of mobile apps that, apart from providing money transfer services also sell other products. You may add ecommerce features to it or sell related products like insurance or investment products. Earn revenue from each sale made through your app.
16. Virtual Cards
Allow your users to create virtual debit or credit cards, directly operated from your ewallet app. You earn revenue for each transaction they make through these virtual cards.
Conclusion
Okay, so we have a whole long list of monetization methods you may use to make money through your ewallet app. You may choose them all in a single app, or may choose a few of them that suit you. However, one thing that must be taken care of is user experience and user convenience. There must be a balance between your core services and monetizing strategies, else your users may find it annoying and may easily switch to some other ewallet app, as there is no lack of such applications in the market. Remember, your core service is offering money transfer service and your users must find it handy among all these money making strategies.
If you want to build an ewallet application that fits these monetization methods without distracting your users, get in touch with an expert ewallet app development company and get things going.
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