Smartphones and their smart applications are hogging the limelight every single day. An alternative for everything is available in a smartphone, so are the payment methods which have gained an alternative through eWallet mobile app development. People are getting more advanced these days as digitalization has changed their way of traditional cash payment and have switched on to the faster technique like internet banking, and they even make payments through debit and credit cards.
With the advancement in technology and evolution in phases, there has been an emergence of the growing need for mobile payment apps and mobile app development company. eWallet mobile applications like Paytm, Phonepe, Mobikwik, and many others can be found in almost everyone’s smartphone. The triumphant story of Paytm can be truly inspirational as according to the latest statistics, Paytm has more than 300 million registered users.
eWallet apps are gaining operational superiority with the help of technologies such as Near Field Communication, Bluetalk, Beacon, Scanning of the QR codes, and Blockchain Technology. The specifically built payment apps help fulfill business purposes by transferring large amounts without any risk or involvement of a third party. eWallet mobile app development has led the e-wallet market growth at a CAGR of 15% and is expected to reach around $200 billion within a span of six years.
The key features of mobile app development are categorized below:
- Registering with the User and linking the Bank Account: The user registration is the primary section of the app as the user can sign in with their social network or email account credentials, and upon completion of this step users can select bank and provide their details to register with any particular bank account according to their preference and can begin the transactions.
- Balance Info: The user can view their account balance and can keep a record of their account, and upon keeping the record of transactions, they can check all the incoming and outgoing cash flows.
- Cash Transfer and Bill Payment: The users can transfer cash to other users by simply entering the other users’ account details, thus making the transfer of money easier and convenient. Also, the payment of bills through their registered account maintains the record of the transaction done.
- Receive Payment with Transaction History: Like transferring users can also receive payment by merely sharing their account details accepting the payment in a secured manner with all the transaction history being recorded and tracked thus making it easier for users to search about the transaction or for future reference.
- Offers and Sharing: Users can also be benefitted by a certain time to time offers and also can invite anyone for sending and receiving funds, thus creating a circle.
- Dashboard: The users registered with the app and details of the account, personal details, or any other information are tracked and monitored by the admin.
- Management: The admin tracks and manages all the users that are associated with the app and the users making frequent payments are kept in contact and managed by the admin.
- New Offers: All the new offers related to the transaction, referral, rewards, frequent transactions are monitored and managed by the admin.
- Analytics and Reporting: Mobile app development company generates all the reports related to a number of transactions incurred, app usability, user details, types of offers. Admin validates the reports accordingly and provides certain solutions for the eWallet mobile app.
- Add/block Features: The admin provides add/block features according to the user behavior and can block a user on account of unauthorized payments.
The app developers provide certain advance features which raise the visibility, popularity, and usability of the app. The features include Geo-location, Data Synchronization, In-app camera, Booking Calendar, Cloud operations, Wearable Integration, and Loyalty program.
The cost for mobile app developers is estimated as per the human hours put in for developing the app. For developing a mobile wallet app, a company that is reliable and has an excellent track record must be chosen as a mobile wallet app developer. The estimated cost to build a mobile wallet app is around $25000-$50000 while apps like Paytm and PhonePe with extensive features can cost up to $100000-$200000.
Overall eWallet apps and other mobile development apps are eradicating the traditional method of payment, thus making the world keep up the pace with digitization.