The most important thing that people want is not success and love or prestige. Though these higher goals, for more than 99.9% of the people out there, the one thing most important in their lives is convenience.
The quest for convenience paved the way for restaurants or take-aways. The same pursuit of convenience gave rise to credit cards. And now the very same convenience can be yours, with one mobile eWallet app.
Mobile eWallets have done something equivalent of transforming the hard cash and paper documents into digital money and transactions, in a jiffy. In other words, they want an omnichannel payments solution to replace their physical wallets, multiple cards, and even link all their bank accounts.
The eWallet app development space has opened a lot of opportunities for businesses to engage with their customers, make their transactions smooth, and added some real value to their financial lives by bringing out new and innovative features every now and then.
Why have eWallet Apps Failed?
Start-ups in every category – fintech, payments app, food delivery, special deliveries, on-demand services, etc. – all have a high rate of failure. It is usually only the best and luckiest 3-5% that survive beyond five years.
As an experienced eWallet app development company working for years making secure, successful and fast eWallets for clients from different segments, we have a unique insight that we share with our clients.
We not only focus on what makes an app tick with the users, but also alert our clients about the potential pitfalls they must avoid launching, survive, and grow over the years.
1. Lack of Market Research
Most E-Wallet start-ups have failed because they did not invest time, effort and money in conducting proper market research. Many a time simply cloning a successful app in one market does not ensure success in your market!
That app became a success not only because of its technological superiority, that you may have cloned, but also because the brains behind it found a real pain-point of the users and gave them a solution for it.
2. Dependency on User Behaviour
All mobile apps have a very high dependency on the behaviour of end-users. It is more so in case of apps requiring them to share their confidential financial data, the trust that is needed is exponentially higher.
The apps that do not win the trust of the first set of their users do not get the necessary traction among late adopters.
3. Support for Multiple Payment Modes
If you don’t recall NFC payment, then you are not alone. A few years back, it was all the rage and were touted as the only and best solution to many of the problems digital and cards payment industry.
It failed to take off from the pilot stage in most geographies because most vendors did not have NFC readers, and therefore users did not buy NFC enabled costlier smartphones. It also led to more vendors refusing to invest in hardware only for a few users and so on.
4. Complicated Navigation and UI/UX
Many apps do not have intuitive UI/UX, and their navigation from one state to another is too complicated. Experienced eWallet app development company points out that a lot of eWallet start-ups have failed only because their users could not comprehend how to use their app.
Every person will use the eWallet with a bank account and a credit/debit card. So even if it does many complex operations, the user interface and navigation must be simple, intuitive and appealing.
5. Security Assurance
The trust of the customer in your service is fragile. It is never easy to win a customer’s confidence at once, a slip-up at any stage, and you can lose it forever. The eWallet app development process must give regulators one-hundred per cent confidence in your app for its safety and secure payments. You must ensure that the app is tested thoroughly before the launch.
6. Awareness and Marketing
You may have passed every parameter stated above and still may not make a mark. It is because you did not communicate, market and made users aware of the benefits of your app over your competitions’.
How Payment Apps different from eWallets?
If you are confused that any app supporting digital payments is an eWallet, then you are not alone with many other entrepreneurs in the club. So, before we start discussing what should go into making a successful eWallet app, first clear this confusion.
Simply put, an eWallet app is like your physical wallet – used to store your financial instruments (credit & debit cards, cash and important documents) is taken out to make or receive payments. On the other hand, a payments app has the exclusive purpose of enabling payments between a customer and a vendor.
eWallets offer more than just payments
An eWallet app development can help you enable your users to forget about their physical wallets and store, access and use everything it had to offer, digitally.
eWallets have much to offer and not just payments:
- Save time by receiving quick verification of verifying the purchase within seconds.
- Shop online and never save the card details anywhere else other than the eWallet.
- Enhanced security against peeping Toms as complete card number is never displayed within the eWallet, lowering chances of fraud.
- There are many rewards, discounts, deals, partner offers and cashback that users get. All offers on your cards are still your, and the reward program from eWallets gets you extra discounts or added cashback offers.
- Integration of digital wallets with eCommerce websites is more straightforward than that with credit cards.
- Major online shopping and services portals integrate with all major eWallets.
- All data are stored, transmitted and accessed in encrypted form.
- Faster checkouts
- Support for simplified payment processing using QR codes, NFC and MST.
- Extended payment functionality support for transactions in foreign currencies, including cryptocurrency.
How to Launch a Successful eWallet App?
With so much already discussed, let us dive into how a trusted eWallet app development company can help you crack the code.
1. Market Research
A detailed study of the market, its users, and the target audience is needed. This study will identify the patterns in their behaviour. An app that is built around the life of a customer is something always appreciated by them and promoted. Some apps also tend to break the habits of the previous era by replacing it with a new and acceptable practice to capture the market segment of youth.
2. Build an Easy App for Larger Base
Simpler the App, More the Users, is our motto for our clients. Complex apps have higher chances of failure as there are many pitfalls on the road ahead. Give your users a simple app where all transactions require only three taps. An appealing and intuitive UI/UX design adds to its simplicity and success in equal measure.
3. Gain Trust
Transparency and honesty are the best ways to gain trust, and you must assure your users that their money, confidential information, and documents are safe. Acquire and communicate about security protocols, encryption algorithms and regulatory remedies available to customers to prove the safety of the app. A great customer support team also helps in gaining the trust of the customers.
4. Instant Inter-Wallet Payments
When two users use the same eWallet, then there must be instant payments via money transfer. The payer can scan the QR code on the screen of the receiver or enter her mobile number to initiate payment.
5. Bank Account Transactions
An eWallet must allow a seamless and continuous flow of money between itself and the linked bank account(s). Linked accounts can be used to top-up the wallet balance, make intra- or inter-bank transfers, check balance, and obtain statements.
6. Card Management
Digital wallets are used to store all cards – credit, debit and even virtual cards – of a user. A common journal helps you track down all expenses easily and simplifies financial management for the user. eWallets also help you avoid losing the cards physically or getting them cloned. Some eWallets also allow operations such as making card payments, blocking or unblocking of cards, changing PIN and account limits, and applying for new cards.
7. Auto Bill Payments
One of the most common features for a successful eWallet is its integration with most utility providers – gas, housing, tuition, electricity, cable, and broadband – and generation of reminders when bills are received and near the due dates. A great feature would be the auto bill payments facility where the bill of a utility is paid automatically once it is generated.
8. Quick Self-Registration
Quick self-registration is needed to save people’s time, efforts, and nerves. It can be done using the Id on the smartphone or a mobile number registered with card companies and banks. The verification process is automated with OTP-based verification.
Conclusion
A successful eWallet launch needs a reliable eWallet app development company. With the above roadmap for avoiding the traps in the path and hidden treasures along the way, you must now feel confident and start discussing your project with us.
When you approach us for eWallet app development, we will brainstorm with you on not only these points but many more and find the perfect mix of features to make your venture a success. Our value-added services, coupled with your vision and a thorough research ill make the eWallet app development process much simple.,
I will also ensure the final product is easy-to-use, gives an incredible customer experience, and is customized to suit local needs.
