The market research Future has presented a global Forecast Report which estimates that the E-wallet market will grow at a CAGR of 15% and is expected to succeed in around $ 2100 billion by 2023. Technology is on continuous development and shifting to new stages; we've seen the emergence of a replacement player like eWallet mobile app, setting records one by one. The success stories of Google Pay, Paytm, and PayPal are an idea for many mobile app development companies and entrepreneurs.
Here, during this article, i will describe the unique features and process of E-wallet mobile app development. With the introduction of e-wallet apps, many fake apps also are wandering.
What are the E-wallet Payment Methods?
If you have decided to develop an E-wallet, it's essential to determine which mobile wallet you need.
Near Field Communication (NFC) is probably one of the best technologies getting used to transfer funds and share information with a convenient approach. These days, most E-wallets are using NFC technology for making all payments during a contactless manner.
QR Codes are one of the widely used technologies these days. you'll use the QR code to transact with people you often meet with or with people who are a part of your social community or office.
The only requirement of this method is to scan the QR code of another person’s smartphone. Thus making the process of transactions quick and easy.
This is the best payment method if your E-wallet app is being built for business needs only. Your business can collaborate with local merchants and other businesses and transfer funds quickly.
With a customized mobile app, massive amounts of the transfer become safe and quick and also ensures that no third party is involved.
Today, the most developed trend for online payments is through an E-wallet which is powered by a blockchain. This is thanks to its immutability and high security. Due to the advantages of blockchain, the blockchain development companies in India are in great demand.
These sorts of mobile applications are mainly used by government and financial institutions as they need to spend massive amounts now and then.
Here are some features you should incorporate while developing a mobile wallet app for your business:
As this happens with most apps, the user has to register their account on a compulsory note. Users need to use their email ID and phone number. He will receive a verification code, and upon entering the code, his account will be registered.
Some e-wallet apps also use KYC (Know Your Customer) to secure the transfer of funds.
Linking bank account
In the next step, you have to link your bank account details to the e-wallet, from where you'll be making transactions and other payments. Further, you have to add the details of your card like CVV number and expiry date.
Add Money into your Account
You have to supply a choice to add extra money to the wallet. you'll add money to the wallet from the respective bank. After adding that quantity , it'll be reflected within the wallet.
Transfer or Receive Fund
E-wallet offers you the choice of sending money to someone by either typing in the number of the recipient or scanning the QR code. you'll optionally use NFC or beacon technology to send money. And, payment can be received similarly.
The E-wallet Passbook
It becomes essential to add an E-wallet passbook so that users should be ready to monitor their transaction history. Additionally, you'll make use of the filter option to choose a way leading search.
Send money back to Bank
These days the E-wallet app is also offering an additional option, where the user can send money back to his bank account if he doesn't keep extra cash in the wallet.
If that quantity exceeds the limit, you can't do more transactions. For example, the monthly limit for Paytm is Rs 10k.
Making Bill Payments or Recharge
The E-wallet app facilitates you to pay your essential bills like electricity, water tax, and phone bills in the most convenient way. Besides, you'll also recharge your mobile phones or internet broadband connectivity using the same application.
Paying for Insurance
The application provides you with the facility to pay your insurance premium timely. Moreover, you'll also pay your income and sales tax with the help of an app.
Flight and Train Reservations
In recent times, e-wallet apps like PayTm have introduced the facility to book a flight, train, and bus reservations using the app. All you have to do is to input your travel details and follow the easy steps to pay.
Shopping for Grocery & various Products
E-wallet apps are expanding user-oriented features, and in this context, they're offering online grocery shopping along with other categories of items including accessories, apparel, household items, electronic appliances, mobile phones, and even cars and bikes are offered.
Promotional and Discount Offers
As the level of competition has become higher, you need to offer promotions and discounts to lure more customers. These can be displayed as separate categories under the name cashback offer, items under 50% discount, etc.
Ratings and Reviews
Now, this is an important feature where you ask the user to rate the service of your app and also write a review of whether the user is satisfied with the offers and deals. support the analysis, you can improve your services for the better.
Selecting the Favored Language
You have to supply a range of different languages ? So that the user can choose their mother tongue or language and can easily enjoy using the app services and offers.
Language choices should be added to support the region where your primary target audience is residing.
This is one of the essential features keeping in mind the needs of the user. If your customers face any problem related to payment or any other service, then you need to offer help to your customers.
It would be commendable if you include a virtual chatbot service to better interact with your customers.
Refer a friend
This is a type of promotional feature or tool where you ask or urge the user to spread the word for your application, that they will be offered with lucrative offers and attractive discounts on every transaction.
In recent years, we all have seen how E-wallets mobile app development has become significant during this age of data and technology.
You can prefer to hire app developers from India. they’re going to help you to build a reliable E-wallet mobile app so that you'll give a captivating experience to your users and get the maximum benefits.
Opula Software Development Pvt. Ltd. Is a Mobile App Development Company in Surat, and we provide all types of website development services to worldwide clients. We are also providing services like website development, software development, ERP development, E-commerce development and game development to our clients.