Today, the popularity of Paytm, GooglePay, or PayPal has brought eWallet app development in the limelight. In fact, the global mobile wallet solutions will grow at a CAGR of 15%.
Digital payments or e-finance might reach $6,682,332m in 2021. All in all, mobile app development services have been in high demand lately.
If you plan to hire eWallet app developers to build your custom mobile app, you have to first understand what’s real and expectations. Nowadays, several speculations are flowing in the eWallet app development market.
To customize your mobile wallet app today, you have to know the exact eWallet app development process. For this, walk through this post, and get your realistic app ready asap.
Reality Behind Mobile Wallet Solutions Profitability and Popularity
Foremost, let’s understand whether custom mobile app development is actually popular. For this, look at the few real-time statistics:
- Active Apple Pay users in 2020 recorded over 65 million people.
- As of 2021’s second quarter, 403 accounts were registered on PayPal.
- Apple Pay’s revenue in 2019 was $988 million, which is expected to reach $4,000 million by 2023.
- In 2020, PayPal’s annual revenue was $21.9 billion.
Statistics from both PayPal and Apple Pay states that eWallet app development is both popular and profitable in the future. So, let’s now check out how to develop a dynamic mobile wallet app.
Real Custom Mobile Wallet App Development Process
Most people expect that eWallet app development is quite complicated and time-consuming. Well, that’s not true!
For a custom mobile wallet app development, you have to follow the five simple steps:
Step 1. Hire eWallet app developers
You need to first hire an eWallet app developers team that can help you design an innovative app. You should hire a development team that can offer you advanced security technologies like blockchain, AI, and more.
At Arthonsys, we harbor all the leading mobile app development technologies like IoT, VR, AR, and many more. Thus, if you hire our team, you can develop a highly secure and functional eWallet app in no time.
Step 2. Market Research
Market research is a very important mobile app development process. This phase helps you understand your competitors, market trends, and user requirements.
The proper market research also helps you understand features that you should add to your app. Additionally, you can assess the customers’ issues and requirements better with market research.
Step 3. Customer profile
It is vital to understand your user’s persona so you can categorize them. This way, you can add different features to your app to target the masses. Your eWallet app development service provider can better design apps to meet different users’ needs.
Step 4. Development road
The mobile app development workflow is also mapped prior. EWallet software development workflow defines the operations like—
- Development timeline
- Technical support and more.
Step 5. Wireframe Designing
Finally, your eWallet app development process is to create the app prototypes — low-fidelity and high-fidelity. The wireframe designs help you understand the app’s basic functionality and share it with all the stakeholders.
Visualization is also a part of the eWallet wireframing process. It is a step where you add graphics, color scheme, and simple fonts to the design.
EWallet App Features
For a successful eWallet app, you have to include the right features in your app based on the market research. Nowadays, eWallet apps are available in various features, but the most features are:
It is the most prevalent eWallet app feature. On the user registration page, users enter their mobile number and email ID to create an account. They also have to add a one-time password to create an account.
After creating a user account on the app, the next step is to link the bank account. The bank account linking allows users to transfer money into their digital wallets. You can also offer debit card linking features to users for further ease.
Add money to wallet
You should create a seamless interface to transfer money to a digital wallet from the bank. Here you need to integrate your app with different banking institutions and high-end security systems.
Payment from wallet
You need to design an easy environment to make payments via a wallet app. Most apps here offer QR scan or mobile phone features to make quick online payments. To take your app one notch up, you can allow users to make payments via beacon and NFC technologies.
Send money back to the bank
If users no longer want to keep money in the eWallet app, there you should offer them a provision to send money to the bank. Thus, your app should support two-way transactions with the bank.
Easy bill payment
The whole purpose of the eWallet app is to provide bill payment convenience to your customers. You should add quick options to pay monthly bills in your app. For example, electricity, phone recharge, DTH, or other monthly bills. Try to create an easy monthly bill payment structure for your users.
The eWallet market is very competitive nowadays. Here many brands are offering different discount offers or payback deals to their users. Thus, you need to offer some lucrative and exclusive deals to attract users.
eWallet App Business Model
You must now want to know how you can monetize your eWallet app. For monetization, different business models are available, such as:
This business model is optimal for users who want to promote micropayments through the app. In this model, the merchant takes up the amount of the purchase.
Pay per use
It is a method where money is only charged when users use the services. For example, only merchants will deduct service charges when a user transfers money to a bank or pays bills.
Here you can offer some basic eWallet services for free and some premium one for paid. This way, you can generate income by offering paid membership to users.
Mobile Wallet Apps Technical Specifications
If you want to develop an eWallet app like Gpay or Apple Pay, you need the following technologies support:
- Nexmo for phone number verification
- AWS, Google Cloud, or Salesforce for cloud integration
- Twilio or Push.io to provide push notifications
- ZBar code reader to support QR payments, etc.
How Much Does It Cost to Develop an eWallet App?
Finally, let’s understand the reality behind eWallet app development cost. To be honest, it is not possible to provide exact mobile wallet app solutions cost. There are many factors that contribute to price determination like:
- Location of eWallet developers
- Development platform
- EWallet app features, etc.
As per a rough estimation, an eWallet app development cost anywhere between $25,000 to $1,500,000.
Let’s Develop an eWallet App Now!
By now, you know everything about the eWallet app development process. So, if you have gotten a fair idea about what to expect while developing an eWallet app. If you have any questions, you can consult the Arthonsys team anytime.
Our team will first help you understand the entire eWallet development process. And then on-time will complete your project. So, let’s create your digital wallet app now.