As the world has changed tremendously, people have moved to the digital realm. Payment methods have also gone digital as a result of the pandemic across the world, necessitating the creation of an e-wallet mobile app, which would require the appointment of a dedicated developer or a development firm.
E-Wallet mobile app creates a new record every day across the world. Nowadays people prefer to pay by credit or debit card or use online banking/mobile banking. PhonePe, Mobilwick, Paytm, and other well-known e-wallet apps are the most popular.
What is an eWallet?
A digital or mobile wallet used to store funds online is called an "e-wallet". These wallets can be used just like internet banking, but users need to deposit money in the wallet first before using it. Users can also link their bank accounts with these wallets and transact faster.
Scanning the QR code or entering the recipient's phone number are optional options to make the payment. Transaction times have been reduced to a few seconds, allowing users to be more productive while using these technologies.
Advantages of Using e-walletWallet
Companies like Amazon Pay, Google Pay, Apple Pay and others have set up their own wallets and profit from every transaction completed through them. Following are some of the benefits of using an e-wallet:
1. You can offer consumers a variety of incentives, such as cashback, free food or shopping coupons, or any other type of service. As a result, users are rewarded for making a large number of transactions through their wallet.
2. Wallets can be used for more than just paying for groceries; They can also be used to pay for electricity, cell phone recharge, train or plane tickets, TV recharge, gas booking, etc.
3. By making payments using these wallets, the user will automatically have a record of all the transactions done in a month, enabling them to keep track of their monthly budget.
4. Once the user's bank details are uploaded to these wallets, they can make payments easily and quickly. It is much easier than using a credit or debit card.
5. These are considered secure payment gateways as all information inputs are encrypted, and customers can always apply a biometric lock or password to add an extra layer of security.
The Value-added Features of eWallet Mobile App
User registration via email or social media profile
Fill in the relevant bank account information.
Add Amount
Check balance
Transfer Money
Transaction history
POS integration
Send payments requests
Merchant Panel features include:
Manage customers
Generate QR code
Offer reward points and loyalty
Overall manage the employees
Push notifications
Admin Panel Features:
To manage users
Real Time analytics
User data control
Add new offers
Revenue management
Interactive Dashboard with Secure Login
Manage or extend security
Mobile Wallet Apps' Advanced Features:
Control over the personal expense
Integration with the wearable technologies
Integration with the e-Commerce
Virtual card
Chatbot support
CRM system
How much does it cost to develop an e-Wallet mobile app?
The cost of setting up an e-wallet application is not fixed as it is dependent on several elements, each of which has a different cost. Following are some of the factors that affect the cost of creating an e-wallet:
1. Team Size For The Development Of App
A payment gateway development company has a complete team consisting of a designer, app tester, developers (both front-end and back-end), business analyst, team lead, project manager, quality analyst and other lead people.
2. Platform on which the App will be Developed
If the app is to be developed for the Android platform, it will be written in Java or Kotlin, and if it is for the iOS platform, it will be written in Objective C or Swift.
And if the app has to be built for both platforms, then cross-platform development is the way to go, as it is less expensive than native apps.
3. Design of the App
The emphasis is on the user interface/UX aspects, which emphasize that the design should be basic as well as attractive. The UX/UX Designer oversees the graphics and navigation and develops the app accordingly.
4. Size of App
One of the most important variables in determining the cost of an app is its size. If the size of the application is reduced, the number of pages is reduced, and the number of features is also reduced, resulting in a lower overall cost.
5. Geographical Location
The cost of resources varies by location, which has an impact on the cost of setting up an e-wallet. When it comes to engineering quality e-wallets are in demand, India is generally regarded as one of the most cost-effective places to design apps.
The estimated cost of setting up a basic e-wallet on the Android platform would be between $20,000 and $45,000, with any advanced features in the app costing between $80,000 and $150,000.
On the other hand, building the same basic app on the iOS platform would cost between $25,000 and $55,000, with the upgraded version costing between $100,000 and $150,000.
Furthermore, depending on the complexity and simplicity of the requirement, the cost of customizing the software to meet the new requirements may vary.
