Cash has gradually been replaced by cards, e-wallets in the few years helping the economy to go cashless. The Mobile Wallet app has turned into one of the fastest-growing digital products. It makes it easy for people as they don’t need to carry their wallets and money with them. The trend of mobile app wallets is becoming more and more popular. Owning to the current scenario these apps are most loved by the people as it allows transactions on a single mobile tap.
This approach towards digitization with every passing day has made the world of payments faster, secure, and rewarding. As per a report with the increased online payments the revenue of the mobile wallet market has risen from 450 billion USD to 750 billion USD.
We are sure many of the businesses plan to launch their mobile app wallet just like Google Pay, PayPal, Apple Pay, etc. Business owners reach to mobile app developers with a simple question, how to create such wallets? So, we thought to give an insight about these platforms. Here is a complete blog that guides you through the features, functionalities, and costs involved. Let’s have a look
The need to introduce virtual wallets
Virtual wallets in simple terms refer to the financial instrument that keeps your money safe and secure in the digital wallets. It performs the required transaction with the QR code or the contact number. From making online payments to keeping a track of monetary transactions the concept is seamlessly designed and goes beyond the basic definition.
Compared to other payment modes, it is quite a simple process and easy to understand. Any loophole in the mobile app development of e-wallet apps could lead to huge losses and also interrupt the transactions.
Let us emphasize the number of people using smartphones in the current scenario. A Billion people have access to applications to operate their bank accounts. This is a positive sign for entrepreneurs to step into the world of digital payments and create beautifully designed applications. Now the banks have increased their customer base and the e-wallet app development continues to rise.
The growing popularity of online payment apps
The use of digital payment methods is rising hugely, as no one prefers to go to the ATM and stand in long queues to withdraw cash. In the past 1-3 years around 34% of people have started to use digital payment methods. It is expected that the mobile payment volume will increase tenfold by 2021.
- In the United States only, the volume of online payment apps is expected to surpass 300 billion dollars.
- The apps are most trending among the younger generations, 52% of the users between the age group 18-34 and around 47% of the users between 35-54 using the apps weekly.
- Most retailers prefer online payment apps to receive payments.
- As per research, the market for mobile wallets is expected to show a growth at a CAGR of 28.2%, from USD 1043 billion to 7580.1 billion by 2027.
- The global e-Wallet market will see a rise at CADR of 15 percent, to $2.1 trillion by 2023.
Which industries enjoy the most benefits from Digital Wallets?
1. Telecommunication Industry
As all the telecommunication industry services are online, the companies demand online payment too. From data packages to talk-time offers all these services come under Telecommunication. It simplifies it for the service providers to receive the payments instantly with an option to pay bills online by a simple QR code scanner or tap to pay.
The transportation and logistic industry involve different parties where the payment to each one has to be made separately. So with the online e-wallet payments funds are instantly transferred thus paying a significant role in making easier, quick, and hassle-free transactions.
3. Online e-Commerce Payments
Almost every person looks for products, services online, and with the advent of technology, the gap between buyer and seller has been bridged. There is an enormous boost in the purchasing behavior of the customers as they buy more products online. Customers prefer to pay beforehand and therefore the need for wallet apps increases.
Get our expert consultation on how to build a secure e-wallet app? Contact us.
Design of E-wallets Payment App
1. Password Protected Screen
This is the most crucial screen users get to log in to the application. A password-protected screen ensures safety and security even if the smartphone gets stolen.
2. Transaction Screen
This is the next screen after you enter the pin. The users can make the transactions via scanning QR codes or by entering the contact number of the recipient.
3. Verification and validation
Once the user has confirmed the amount and payment details an OTP or pin for verification is entered to proceed with the payment.
Once the pin or OTP is entered, the payment is successfully processed.
5. Confirmation message
The user receives a confirmation message for the payment made.
6. Check Balance
Using the wallet, the user can check their balance. The app must be authorized to access the bank server and retrieve the balance from the bank.
7. View Transactions
Users can see a transaction record of all the transactions made using the mobile wallet app.
Key Features to Include in Mobile Wallet Apps
1. Interactive UI/UX
The UI/UX designs and the wireframes should be simple enough that the user can navigate themselves on different options.
2. Secured Login
As sign-up/login is the first step after the user downloads the app, ensuring it is easy. The user should be able to sign-up via email, contact number, and password. Social media login should also be integrated. This saves their valuable time and the effort of entering all the details is reduced.
3. Authorize Account
It is essential to register with a particular bank account to make future transactions. It will be configured with an SMS to ensure safety.
4. Seamless Transaction
The most crucial benefit that online payment methods offer is seamless transactions. Simply choose the bank account number you want to make the payment from, enter the contact details of the recipient, or scan the QR code. This is a hassle-free process where there you don’t need to enter the bank details, IFSC, account number, and other details.
5. Privacy and Security
The app should offer privacy and security with the integration of passcodes.
6. Easy navigability
The app should offer easy navigability so that the users could easily find what they are searching for.
7. Quick Transactions
The app should allow seamless and quick transactions without any hassle.
8. Transaction History & Balance
To keep a check and record of all the transactions, an e-wallet passbook should be there, so the user knows where their money has been spent and check their past transactions. The app should allow the users to check their balance whenever needed.
It refers to near-field communication and is considered one of the best technologies. It allows you to transfer and share information about the funds in the most convenient way.
10. Push Notifications
This is the most trending feature that allows the app owners to offer quick news and updates for the transactions the user has made. This way the user remains updated about the details, balance, and money transacted through their accounts via the application.
11. QR Code
This is the most advanced feature as it allows users to simply scan the QR code and make the payments in a convenient approach. This helps them in making transactions directly to the account of the payee.
12. Rewards on every transaction
For every successful transaction or referral, a user must be offered rewards and points. This helps the business owners to retain customers while building a sense of belonging for them.
An Estimate Cost for the Project Development
Most of the organizations charge as per the hours they spend on the development project. As per a report from Statistics India is one of the most affordable countries that offers app development services. With the basic features, the app would cost you around $30,000 to $45,000 but if you wish to integrate the advanced features and functionalities it would cost you around $100,000 to $150,000 for the development.
The profits are more varied as they have wide-ranging deciding factors. The technology used, the team involved, period, complexities, etc., are considered before quoting the final amount.
The wallet applications have transformed the way payments were made. No longer the people need to carry cash and wallets during their shopping. From the booking of tickets to ordering groceries and paying bills, digital wallets have simplified the payment options. As the world is getting digitized the investors and businesses have to take smart decisions.
Making a perfect clone of Google Pay would attract more customers with a good scope of downloads and revenue. ToXSL has a team of skilled developers who will make sure that you get an app that is user-friendly and reliable while keeping your budget and specifications in mind. So contact us, and get all the information you need now!