eWallet refers to a mobile wallet or digital wallet where you can store digital money. It is comparable to net banking, but differs. However, you need to add money to your eWallet if you want to spend. There is another way. You can link it to your bank account and make payments directly. You can also make payments by scanning the QR code and entering the receiver's mobile phone number. The entire transaction is completed in a flash.
eWallet mobile apps are not the only payment apps these days. They are more advanced and updated and use new technologies like beacons, Bluetooth and near-field communication etc.
What are the types of e-wallet apps?
Now that we know the importance and scope of e-wallet apps, it's time to understand the types of e-wallet apps developed by eWallet application development company. In a broad classification, eWallet apps are of three types-
Open the Wallet apps: Users can install these apps using their smartphone and after the installation and registration process, they can use the app to transact anytime anywhere.
Semi-closed wallet apps: As we mentioned earlier, open wallets can be used by anyone. But semi-closed wallet apps come with some limitations.
Closed Wallet apps: Think about the apps you use to make payments when you visit a particular store, for example, Walmart.
Benefits of using e-wallets: Why are more businesses investing in e-wallets?
More and more companies are now creating their own wallets, such as Google Pay, Amazon Pay, Google Pay, Apple Pay and more. And they get profit from every transaction done by the user from their E-wallets. In turn, each company offers various lucrative offers that customers can use with their wallets.
Advantages of using e-wallet:
Features of E-Wallet App Development: Everything You Need to Know
To build a fully-functional eWallet app, you must incorporate the following set of features. Ask your mobile app development company to add these basic features in your app:
User side features
User Registration: Users can register on the eWallet app using social media or email accounts using this option.
Bank Account Setup: Users can add their respective bank accounts in the e-wallet app using this feature.
Add Balance: Users can add money to their wallet from bank accounts, debit or credit card with this option.
Money Transfer: Users can use this option to transfer money to their contacts using their account details or number.
Bill Payments: Users can pay their bills i.e., DTH, electricity, credit cards etc. with this option.
Offers & Discounts: With this facility users can check individual offers and discounts available on the app.
Refer & Earn: Users can refer their friends or family members to join the app and get rewarded as per conditions.
Transaction History: Users can get a detailed record of previous transactions with this option.
Split Bills: Users can split their bills with other users or friends.
Merchant side features
Intuitive Dashboard: Merchants and sellers can get a comprehensive view of their als, purchases, transactions, etc. with this feature.
Edit Profile: Sellers can use this functionality to edit their profile details like update name, bank account details, shop address etc.
Add Products: Sellers can add various products in a custom wallet app for customers.
Create a QR Code: Sellers can create a QR code using the app to receive payments from customers.
Customer Management: Sellers can manage various customers while viewing their transaction history.
Withdraw Money to Bank: Sellers can use this feature to withdraw money from the wallet to their respective bank accounts.
Offer Discounts & Coupons: Merchants can run various in-app offers for customers with this option and offer discounts on their products.
Loyalty Points: Merchants can also offer loyalty points to specific customers on specific transactions using this feature.
Admin side features
Intuitive Dashboard: Admin can get a comprehensive view of all the vital information related to the app through the dashboard.
User Management: Administrators have the power to manage different users and modify their rights
Merchant Management: Admin has the right to add, delete, edit merchant profiles using this feature.
Revenue Management: Admin can manage the total revenue generated by the app with this option.
Real Time Analytics: Admin can get customized reports with detailed insights on eWallet app performance.
Offers Management: Admin can monitor all promotional offers in mobile wallet apps with this feature.
Security Management: Admin can regularly track the security aspect of eWallet apps and update if necessary.
eWallet App Development Cost
We are here to provide you with your wallet software Mobile app development cost estimate. Costs vary depending on your needs and additional features. Above we have already explained all the factors that can separate the total cost. If you want to change the basic e-wallet app, it will cost more.
Based on the above factors, the total cost of developing an e-wallet app for the Android platform is around $15,000 to $25,000, while for the iOS platform it is around $18,000 to $30,000. Developing a cross-platform e-wallet app costs around $15,000 to $40,000. These cost estimates represent an e-wallet app with basic functionality. As your needs change, the above factors change, so the total cost varies.
The end!
The rise of mobile wallet app development has revolutionized the market. Although online and mobile banking have been around for a long time, eWallet mobile applications have made transactions online and offline easier and faster. USM helps businesses follow market trends and gain a winning advantage with the perfect eWallet app solutions.
