The evolving technology has changed the mode of payment for both sender and receiver. Most people are switching to e-wallets as they are quicker and more secure. Transferring funds from one account to another has become a lot more convenient with the introduction of digital wallets.
Loyalty programs are another big reason behind individuals switching to digital wallets. Users receive cashback and discount coupons upon completing a transaction through the eWallet application.
Meanwhile, prominent industrialists have their eyes on the bigger picture. The market for digital payment is expected to grow tremendously, with a CAGR of 26.93% from 2020 to 2025 justifying the worth of investing in e-wallet app development. The e-wallet applications currently operating are already enjoying big profits generated through commissions, advertisements, and paid collaboration.
Read More: how to develop your fintech app security
Important Features of the E-Wallet App
E-wallets are the electronic form of regular wallets. Thus, it is important to integrate advanced features in your e-Wallet application to stand firm against the competition and outperform them.
User Authentication
It should be mandatory for every user to register on the application to start using its services. A two-step authentication feature can be integrated to secure the sensitive information and money of the user.
Contactless Payment
NFC (Near Field Communication) can be introduced in the eWallet application to offer contactless payment to its user. The NFC technology empowers communication between NFC tags and intelligent services to enable contactless payment.
Bill Payments
The eWallet application can help a user pay their bills online through the application. A gentle reminder or push notification can also be sent to the user upon the next bill generation.
Add/Withdraw Money
The user should be able to add and withdraw money quickly from their e-wallet. It lets the user transfer money from one account to another instantly and securely. Some sort of reward can be offered to the user upon adding money to the wallet of the application.
Security Features
One of the main reasons behind an individual switching to an e-Wallet is secure transactions. Thus, ensuring maintaining the security standards of the application. Assimilate security features like sandboxing, data encryption, tokenization, and two-way authentication for optimal safety of sensitive information.
Loyalty Programs
The best way to attract the attention of potential users is to reward them with cashback, discount coupons, vouchers, etc. Offering great rewards will not help retain users; rather, it will also contribute to word-of-mouth marketing and help get new users.
Also, Read: Top successful e-wallet mobile applications across the globe
In-App Support
There will be scenarios when the customer seeks to support and help from the applications. Thus, the application must ensure that its users get a quick resolution to their issues.
Multiple Currency
The e-Wallet that lets a user store multiple currencies would have the upper hand compared to others. The user would be able to store Dollars, Euros, and Pounds in a single wallet.
How much does it cost to develop an eWallet application?
The development cost of an eWallet depends upon various factors like the origin of the developer, tech stack, application complexity, features, time period, etc. However, the approx. Developing a simple eWallet application would cost around $20K to 45K. The cost might be $80,000 to $1,20,000 if you want to integrate any advanced features. To get a better idea about the development cost; prefer getting the free consultancy offered by the development companies.
Final Words:
All the information mentioned above explains the importance of eWallet and the opportunity to invest in eWallet app development. All interested business persons can get in touch with the best in industry app developers for the services. Ensure hiring the best in the industry for favorable results; to do so, check the portfolio of the developer team and also discuss your idea with them.
Frequently Asked Questions
What is the difference between eWallet and UPI?
The UPI (Unified Payment Interface) helps transact money from one account to another directly. Where else the e-Wallet works as an intermediary during the transaction?
How does the eWallet application earn?
The eWallet application generates huge profits through various means, i.e., commission, advertisement, paid collaborations, convenience fees, etc.
