Smartphones have evolved as a ubiquitous part of human life. From calls to social media, from emails to payments, everything is smoothly handled with the use of smartphones. Earlier mobile banking was regarded as one of the most considerate and useful solutions in the digitized economy. It helped people to perform banking transactions in just a few taps from the convenience of their homes. And now, to make it more convenient for people, eWallet apps are in power.
The total number of people registered for mobile payments had seen a massive increase at the time of COVID-19. During the pandemic, people became more comfortable with mobile payment technology. Several apps from multiple sectors integrated the option of payments through mobile wallets. Businesses continue to collaborate with eWallet app development companies to capture the opportunities pitched by the mobile wallet service sector. Now let’s highlight some of the key aspects associated with eWallet services and the eWallet mobile app development process:
What is an eWallet?
A digital wallet or eWallet is primarily regarded as a payment medium that offers a platform for online transactions to both businesses and individuals. Along with the integration of innovative technologies, mobile wallet app developers also pay a high consideration over the users’ convenience while developing these eWallet apps. People can use these eWallet apps as a virtual platform for making payments globally. It has successfully eradicated the restrictions caused due to geographical borders and now users transact worldwide.
Features of eWallet Mobile Apps
The eWallet mobile apps have some key features that should be efficient and operative enough to help businesses succeed in this digitized economy. Have a look at some of the must-have features of eWallet apps:
- Profile Creation
- Bank account integration
- Synchronize and integrate credit and debit cards
- GPS Tracking
- Push Notification
Different Types of eWallet Apps
With continuous technology integration, there are several types of eWallet apps that are presently available in the market. Following are some of the prevailing eWallet Apps that have a good user base:
Open Wallet Apps
This type of eWallet offers a higher level of flexibility as they eliminate various limitations that other types of eWallets possess. The major players in this field are Google Pay and PayPal. Such mobile wallets are partnered with banks to help users perform transactions like withdrawing and sending funds.
Semi-Closed Wallet Apps
To compare with open wallets, the semi-closed wallets still have some inherent limitations which restrict them to have an extended customer base equivalent to open wallets. These semi-closed wallets offer support to merchants that operate in a particular location. These wallets can be used through both online and offline modes. The leading semi-closed wallets are Paytm, Oxygen, and Citrus.
Closed Wallet Apps
The closed wallet is not a globally accepted platform for banking transactions rather it is used by a particular business to make it easy for its customers to transact with them. It acts as a platform between the business and its customers to keep a record of refunds, returns, or any sort of cancellations. Amazon Pay is one of the leading examples of closed wallet apps.
Cryptocurrency Wallet Apps
The cryptocurrency wallet apps are primarily used for cryptocurrency transactions only. They are used to provide high-end security as they have the benefit of information encryption. Some major players in this category are Electrum and Coinbase.
Biometric Wallet Apps
One more eWallet app type that puts a high focus on the security and safety of the users is the biometric wallet app. To reduce fraudulent activities, these apps work on biometric authorization strategies such as fingerprint recognition ad facial recognition. Businesses need to contact experienced and high-tech digital wallet app development companies to get access to such biometric eWallet apps.
AI-Powered Wallet Apps
The mobile wallets that are integrated with the advanced technologies of AI come under the category of AI-Powered wallet apps. Let’s say, some eWallets have their in-built chatbots which support users in resolving their queries and issues related to the transactions performed. The most advantageous aspect of these AI-powered wallets is that they protect the users from fraudulent transactions. Puut Wallet is one of the recognized names in the AI-powered wallet category.
Factors needed to be considered in the e-wallet mobile app development process
Some integral elements needed to pay high attention to in the e-wallet mobile app development process as they impose a major impact upon the eWallet app development cost. Let’s discuss the following key aspects to help you get a deeper understanding of digital payment app development:
For any particular app, the interface must be user-friendly. In digital payments, users expect the transactions to be smooth and fast. In the e-wallet mobile app development process, all the discussions related to UX design are required to be performed in the very first phase so that the process completes efficiently.
In the app development phase, there is an integration of various features in the app which were discussed in the discovery stage of the app development. Features such as payment processors, chatbots, loyalty programs, registration, etc. are integrated and the final product of this phase is MVP i.e., Minimal Viable Product. Feedback is taken by the mobile app development company on the use and evaluation of MVP so that according to the analysis done, the next stage of the app development process could be strategized.
The app development and app testing phases are interrelated to each other as when an app is tested there are several bugs and errors which are identified and thus again the app has some sort of development to overcome all such issues. The testing phase of the mobile wallet app development process comes to an end only when the app is completely error and bug-free.
App Launch and Maintenance
Once the app has passed the testing phase, it is ready to launch. But businesses must hire expert app developers to have access to a full-fledged mobile wallet app. The developers also need to consider which aspects can help in boosting user engagement and user experience. Both marketing and maintenance of the app are required for better results.
With the introduction of e-wallet payments, day-to-day transactions have become so effortless. The availability of affordable eWallet app development services also supports the businesses to introduce one in the market. But you must choose for which platform you require the app, if you need to launch it on both platforms i.e., Android and iOS, then the cost to develop a mobile app will also increase.
We hope that this article would have helped you in understanding the e-wallet mobile app development process and now you can effectively analyze out of various available fintech app development services which one suits your demands and requirements.