E-Wallet Mobile App Development: Cost Estimation and Key Features
Currently, the world is owned by the concept of digital payments. People are going cashless and they are loving the digital payment apps. Everyone is using e-wallet mobile apps or online payment gateway models for the transaction. The reason is that these apps provide a secure, easy and fast environment for the transaction.
Looking back a decade ago, when people used to wait in the queue at ATM’s for deposition or withdrawal of money. People now use e-wallet mobile apps for easy transactions to avoid these types of conditions. Not only the users are adopting the technology of e-wallet but the business owners are also planning to get onto the surface with their own integrated gateway payment solutions.
The concept of eWallet and other payment apps carried out by technologies like NFC, blockchain, QR codes, etc are going to own the market in upcoming years. So read the blog till the end if you want to know more about top eWallet solutions, along with features and average cost.
Solutions & Technologies
There are various powerful technologies or solutions which are implemented on these eWallet applications. These solutions make the app more secure, easy and reliable to users. The most common solutions used in eWallet Mobile Apps are:-
Near Field Communication or NFC is the best solution for convenient information sharing or transferring of funds. NFC allows you to transfer funds or share information by tapping the phone with the other devices. Nowadays almost every eWallet apps are using NFC solutions for contactless payment.
QR code payment gateway is basically used for making payments with friends, family or other people in a fast and reliable way. Users just have to scan the QR code of the receiver for making a successful transaction.
iBeacon & Bluetooth
iBeacon is a Bluetooth Low Energy(BLE) technology, which was launched by Apple with iOS 7 for iPhone and other Apple device users. It is a creative and different way to provide user location-based information and services. Beacons are cheap and small transmitter devices that transmit the signal to the apple decides which are in its range.
Similarly, Bluetooth also identifies nearby devices and makes the transaction fast and secured. These emerging technologies are used by almost every eWallet solution.
Payment Apps are the best eWallet solution suitable for business. These apps help the business dealer to partner with other dealers helping them to transfer cash easily and effectively. Users can transfer a huge amount of money with a safe and secure environment without the involvement of any third party.
This technology is used in most of the eWallet apps as they provide a highly secure and immutable environment. The apps carried out by blockchains are mostly used by government organizations as they involve the transfer of huge money.
Growth of Mobile Application Business
Approximately four decades ago, no one imagined that the future money transaction will be much more secure and reliable. Earlier people have to wait in long ques at ATM’s. The business of eWallet changed the whole scenario of money transactions.
Basically, mobile payment refers to any transaction done with the help of mobile payment apps. Since almost 90% of people are using smartphones, several eWallet mobile apps have been developed to make people’s life more reliable and comfortable.
Top 10 Countries, Ranked by Proximity Mobile Payment User Penetration, 2019
Total Transaction Value in the Digital Payments Till 2019
The total number of Digital Payments users, expected by 2023
The Average Transaction Value Per User in the Digital Payments till 2019
Architecture and Must Have Features
Unlike other mobile apps, eWallet Mobile Apps also have a basic architecture with user, merchant and admin panel. But the flexibility and the UI/UX are the basic and most important features for the app. There are some features that are common for both admin and user, but there are some features that are only available for either user or admin.
The User Panel
The user panel has most of the features of the app which makes the app flexible for the user. These features help the user to operate the app. Various features of the Admin Panel are:-
Users can register or create an account with the help of their mobile number or they can directly login if they already have an account.
Linking Bank Account
Users can link their desired accounts to the app by providing the required information and details for making future transactions.
After linking the bank account, users can add a specific amount of money directly from the bank into the app’s wallet according to their needs.
Users can check the total remaining balance in the wallet after making a successful transaction and also the whole transaction history.
The desired amount of money can be transferred to other users by providing account details of the receiver’s account, making the transaction more secure and fast.
Bill Payments & Recharge
Users can directly pay any bill through the app and in addition to this they can also do recharges of mobile, DTH, etc.
Now you can reserve your train, bus and flight ticket easily with the help of eWallet Apps just by entering trip details like date, time and destination.
Also users can avoid long waiting time in the queue by booking tickets of movies or other events directly by the app.
Bank to Bank Transfer
eWallet allows users to transfer or send money directly to the bank. Just by entering the account number details of the receiver, money can be directly transferred to the bank just with few taps.
Paying for Taxes or Insurance Fund
Now you can easily pay your insurance premium as well as income tax and sales tax with the help of these eWallet Apps.
Online Shopping for Grocery & Other Products
eWallet Apps are making the lives of humans more flexible and reliable by allowing them to shop for grocery and other products like electronic devices, apparel, household items, cars & bikes also.
Referrals and Promotions
Users can special earn gift cards, promotions and huge discounts on every transaction by referring the app to friends.
This feature helps the user to keep a track or record of all the transactions made including bill payments, booking tickets or products purchased. It also shows the status of any current order placed by the user.
Since the competition is higher, you have to provide time to time discounts and offers if you want to attract more customers. Displaying these discounts under a separate category will attract more customers.
Rate and Feedback
It will allow users to give feedback and rate your app whether they are satisfied with your service or not. It will also help you to better your services based on the reviews.
Multi Language Support
Users can choose their preferred language according to them. Providing various language support apart from English and Hindi will help the user to use the app more easily and flexible.
Help and Support
Providing 24×7 support to the users will help them if they face any problem related to payment or any other service. Providing a virtual bot service will be more effective for better interaction with users.
The Vendor Panel
The broker or vendor is responsible for creating events, distributing products and keeping users informed with the latest offers and updates. Dashboard
The vendor can track the profile of registered users and monitor their product choices to provide the best offers to users on the product.
The vendor creates the QR code for various shops and users so that they can carry out the online transaction fast and easily.
The vendor can add a new product in the app or can delete any product from the app, which has bad reviews or feedback.
Providing an EMI payment mode will help the users to afford the item they wish to buy.
Vendors can create time to time events and offers to attract users for paying online on orders by providing various discounts on online payments.
Offering reward and gift cards to the regular and active customers will make them excited for shopping more.
Vendors can provide a huge discount and great deals on special occasions & festivals to customers, making it beneficial to utilize these deals.
Updating users for new offers, deals, discounts, new stock arrivals, and other services through push notification, email or SMS.
What Are Key Features of E-Wallet Mobile App
The Admin Panel
Admin manages all the operations of the app from handling user accounts, offers, keeping stats and insights of the app and providing new offers to users.
Admin can view and manage the information of all the connected users and merchants, also he can keep a track of all the insights and stats of the app through the dashboard.
Admin can monitor all the activities and information of users and vendors associated with the app.
Admin can keep a regular update of associated users, total transactions made, average app usability and most viewed offers. It will help the user to plan a further strategy for the app.
Admin has the right to add or block any user according to his behavior and unauthorized payment processes. If the user found indulged in violating app policy than admin can block the account of the user.
The main work of admin is to keep the app updated with the latest security feature. Providing robust security without any compromise and reviewing security tools time to time is the main concern of admin. The confidential data of users must remain secure.
Apart from these basic features, there are some additional features that will make your app more reliable and flexible to the user.
QR Code Reader
Users can scan the QR code of the receiver to make the transaction fast and easy. This technology is very convenient and most used among the users.
Users can easily create a virtual card like their usual credit/debit card. These virtual cards allow users to carry out transactions easily without entering the details every time.
This built-in feature will allow users to scan the QR code easily. Also, users can transfer the transaction receipt to another user. Due to this all transactions are confirmed, to validate the transaction request instantly.
Generating digital receipts of all the transactions and allowing users to share these receipts with an app or by email, SMS.
Bank’s Terms & Conditions
Before developing an eWallet App you must have enough knowledge of banking rules and regulation of online transactions. Since you are developing an eWallet app, you are executing as a bank. You must have to read all the terms and conditions according to the rules of the government. You also have to provide some security documents to the government as per guidelines. The most important thing is that your app must not contain any illegal functionality.
Technologies Used in Developing App
|Bandwidth, Twilio||For Push Notifications|
|Nexmo||For SMS, Voice and Phone Verification|
|Google Pay & PayPal||For accepting payments|
|GWT||For Powerful Programming|
|Datastax||For Data Management|
|Mandrill||For everything related to emails|
|ZBar bar code reader||For scanning the QR code|
|Debian||The Universal Operating System|
|Hadoop, Spark, Cisco, IBM||Real Time Analytics|
Average Cost of Developing an eWallet App & Website
Since apps and websites are two different things, the cost of developing a website is much less than application development. The functionality of an app is exactly not the same as a website, features of the app are much richer as compared to the website.
e-Wallet App Development Cost
The development of the app basically depends on the total number of employees and time needed. The cost of employee per hour different in various companies. Companies in Australia charge approx. $190 per hour, in Europe it is $130 per hour and the price in North America is approx. $150 per hour.
Developing a basic wallet app will cost around $25,000 to $50,000 and apps with advanced features like Google Pay & Paytm will cost approximately $100,000 to $150,000.
Our company has a team of experienced developers, with a cost of approx. $15-$25 per hour we can develop an eWallet app with all the mentioned features.
e-Wallet Website Development Cost
Since the features of a website are not as rich as the app, the development of an eWallet website requires less time and few employees. The cost is also very less as compared to the app.
We can provide you a pre-built website like Paytm with all the basic and required feature within cost around $30,000 to $40,000.