In the present era of digitization, carrying cash for making payments is no longer a usual phenomenon that we see these days. First after the onset of demonetization and then after the outbreak of the pandemic, there is a growing acceptance towards digital payments. Hence demands of E-Wallet Banking App Development also increased.
Especially, with the ease of widespread internet accessibility, different ways of e-payment getaways, and increasing preference, most businesses rely on digital payment to experience convenience and security.
If your business also demands a secure and trendy online payment getaway resource. Then, you need the support of a Banking app development service provider. It is important for you to first consider all the aspects of a mobile payment app that integrates with your customer’s bank account and e-wallets.
So, to move ahead in the right direction, do read this blog post that provides you valuable information regarding the e-wallet app based on the following things:
* Different Types of E-Wallet Mobile Applications
* Current Market Size of E-Wallet Apps
* General Feature of E-Wallet Mobile App
* Monetization Models of E-Wallet Apps
* Things to Consider While Developing E-Wallet Mobile App
So, let’s get started ahead.
Different Types of E-Wallet Mobile Applications to Look For
The evolution of making payments using an e-wallet or Banking App Development has become a common phenomenon these days. Especially with the rise in several eCommerce stores and a majority of people like to shop online. Mobile payment is one best and secure mediums that save time and effort. So, if you are thinking to develop a payment based app, then first have a look at the different types as follows:
* Closed E-Wallet Apps: In this type of e-wallet app, customers have to install the application of a particular brand, add products to the cart, scan physical products in the store, and then make online payments swiftly. Similar to the concept of renowned sports band Decathlon store, in which you will be asked to pick up the products, scan the QR code on the app, add to cart, and make virtual payment.
* Semi-Closed E-Wallet Apps: For this type of electronic payment mobile app, customers have to sign a deal with the e-wallet company. Payments can be made at the respective outlets of the enterprise store in a hassle-free manner.
* Open E-Wallet Apps: The most common and highly used e-wallet apps are open-ended. It’s more like the concept of Google Pay and Paytm. Here also, customers can make payments directly from a bank account or scan the code to pay.
Current Market Size of eWallet Apps
The tremendous growth of mobile payments via e-wallet and banking apps has not made overnight. Slowly and gradually, customers have accepted the convenience of making payments within seconds. They can even check account details online, manage finances, and much more.
The kind of online payment revolution we see today further inspire startups to become active and receive a great deal of response from all sides.
The growth and acceptance of online payment apps are visible in the latest facts and figures like below:
* Mobile wallet market is expected to grow at a CAGR of 28.2% from $1043 Billion to 7580.1 Billion in 2027.
* At the end of 2023, the global mobile wallet market will grow at a CAGR of 15% i.e., $2.1 Trillion.
General Feature of E-Wallet Mobile App
To know the features of an online banking or e-wallet app, you first have to make the distinction between different user points. It is like User Panel (Customer), Merchant Panel, and the Admin Panel.
The general features of all three panels are different from each other and are mentioned below:
1. Features of User Panel
* User registration either using email id or social media account
* Add/authorize personal bank account
* Add amount option
* Check account balance
* Pay bills or auto-pay mode
* Transfer funds
* Finance management
* Split bills
* View transaction details & history
* POS integration
* Send payment requests
* Accept payments
2. Features of Merchant Panel
* Dashboard login
* Add/manage products
* Generate QR payment codes
* Manage users
* Offer gifts, loyalty points, and rewards
* Manage staff & employees
* Manage EMI payment options
* Push notifications
3. Features of Admin Panel
* Secure login to dashboard
* Manage users
* Real-time analytics
* Manage merchants
* Add new offers
* Manage security
* Revenue management
* Users data control
* Auditing & reporting
Monetization Models of E-Wallet Apps
How will you make money by starting an app with the aid of mobile banking app development partner? Well, the answer lies in choosing a particular monetization model for your application.
1. eCommerce Establishment Model: With this kind of model, startups get the benefit of establishing their online enterprise and let customers make the payment online on their app. Furthermore, app admin can allow other businesses to enter into a contract as a seller and sell their products to respective customers. There will be a % commission earned from vendors selling products on your app.
2. Common on Billing: It is one of the most common modes of making money out of your e-wallet mobile app. Under this monetization model, users make the payment and you get a percentage of the commission from it.
3. Advertising: Another mode of making money out of online banking app is allowing third-party to run their ads on the app. It allows you to earn from the ad whenever users click on the same.
Things to Consider
Before you hire mobile app developers in India to finally roll out your plan of a result-oriented e-wallet app into reality. There are few things you need to consider from the point of view of regulatory terms and conditions.
1. Meet the Regulatory Compliance: Since an e-wallet app is associated with strict financial dealings. So, it should meet the necessary regulatory compliance and be built on the appropriate framework. It is important to further avoid any kind of statutory related compliance issues and maintain the transparency of transactions.
2. Maintain User Data Security: Your application must be fully secured against any kind of data breach, information leakage, and fraud. It should be well encrypted with high-security measures to protect the crucial data of customers and businesses.
3. Take Care of the Fraud Risk: Frauds could happen to your financial and payment related app. It is the responsibility of app developers to infuse the functionality of fraud detection and elimination in the app to avoid any kind of risk factor.
The e-wallet app has become a mainstream mode of making payments online and at the physical store by a multitude of customers. The application has made it much more seamless to make a payment anytime and anywhere while maintaining transaction information security. Moreover, it is a leading way of meeting the diverse requirements of customers at a large scale.
Thus, to stay ahead of the competition, develop a much-needed e-wallet app by getting in touch with a reliable mobile application company in India. MobiIndia is a single-stop place to meet your e-wallet app development requirements in a cost-effective manner.
Frequently Asked Questions
1. What are the Key Features to Include in Mobile Wallet App?
Some of the prominent features to add to your e-wallet app include the following:
* Safe and seamless transaction functionality
* Cloud-based technology
* Interactive UI/UX design
* Wearable device integration
* Spending analysis
* GPS tracking
* Privacy & Security
2. What are the Benefits of Developing an E-Wallet App?
* Seamless payment of things online without carrying cash or card in hand.
* Store multiple credit card and debit card information to make transactions go smoothly.
* Prominent security measures to safeguard your financial transactions, card information, and transaction history.
* Ideally used at online and offline retail stores, pharmacies, and other getaways.
* Value-added offers, coupons, rewards, free gifts, and more.
* Create a strategic spending plan to use money wisely.
3. What is the Cost of Developing an E-Wallet App?
The cost of e-wallet banking app Development relies on the type of features, functionalities, removing complexities, resources required, and other components are taken into consideration.