The demand for e-Wallets has increased drastically over the past couple of years. According to a recent survey, most people prefer paying digitally as it is instant, secure, and convenient. On top of that, the user enjoys benefits like cashback and discount coupons.
The total transaction value of digital payments is projected to touch the benchmark of $9.46 trillion by 2023. The total transaction value is further predicted to grow at a CAGR of 11.80% from 2023-2027.
The big and smart industrialists understand this industry's potential and plan to launch their e-Wallet applications in the market. E-Wallets are generating huge profits through commissions, paid collaborations, and advertisements.
How is an e-Wallet application developed?
The process of developing an e-Wallet application is quite lengthy and complex. Thus, hiring a team of professional developers for app development is advisable. Here is a glance at the same
Ideation:
The first and foremost step in the development process includes discussing and understanding the application's goals. All the necessary information is gathered, and the project is planned and scheduled accordingly.
Prototyping:
Once discussed, it’s time to create a prototype around the ideation. It includes the implementation of design, UX/UI evaluation, etc.
Development:
This stage includes the application development after evaluating and finalizing the design and UX/UI. It includes developing the front end and back end of the e-Wallet application and integrating the cloud and API.
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Testing:
The testers come to the action over here and test the application from top to bottom. The unit codes are tested, glitches and bugs are fixed, and the final touch to the app is given.
Deployment:
Once the application is fully developed and tested by professionals, it’s time to launch it on the play store and app store, respectively.
Support and Maintenance:
An application does require timely support and maintenance to run smoothly. Thus, the application is maintained and updated periodically for smooth functionality.
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Must-Have Features in an e-Wallet Application
The experience of the e-Wallet app user partially depends upon the interface and features of the applications. Thus, it's advisable to add the following features to your eWallet application.
QR Code lets the users transfer funds or pay a merchant simply by scanning the code.
Data Synchronization will allow the application to synchronize the user's bank details and registered mobile number automatically.
Tokenization improves the eWallet application’s security. The user gets an OTP whenever they try to pay through the application.
Cloud Connectivity – Adding this feature will enhance transaction speed and security.
Virtual Cards – The application can introduce its virtual cards exclusively for app users. It will be a virtual card that will run on the e-Wallet balance and can be used for digital payments. The card can be protected by a username and password.
Security – The e-Wallet application beholds sensitive information about the user and his/her financial details. Therefore, it is essential to secure the application and transactions optimally.
Autopay – This feature lets users autopay from their bank accounts for future bills. A user can also schedule payments for upcoming dates.
How much does it cost to develop an e-Wallet application?
The development cost of the e-Wallets depends upon various factors like – app complexity, features, developer’s origin and experience, tech stack, etc. A business person looking forward to getting an e-Wallet app developed can also opt. for the free consultancy option to get a better idea about the pricing. However, here is a brief idea about the same. Developing a simple e-Wallet application will minimal features will cost around $20k to $50k. Where else can the cost of an e-Wallet application with advanced features range from $80k to $120k?
Final Words:
The count of people switching to digital payments will grow tremendously, and so will the demand for e-Wallet applications. Thus, investing in e-Wallet applications is one of the prominent opportunities available in the market. If all the information shared above excites you, ensure to avail the free consultancy now and take a step towards shaping your idea into reality. If you are looking for a top-rated app development company that can build Ewallet App at affordable prices then feel free to contact us.
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