A study conducted by Capgemini and BNP Paribas has predicted that digital payments will reach 726 billion USD by 2020. It is fair to mention that the customized eWallet app will play a significant role in meeting this target. Apps like AliPay, PayUMoney, and Momoe have already paved the way for eWallet apps in the digital payment realm. The eWallet app development is thriving steadily while offering the benefits of mobile-based payment to the users globally.
However, the growing competition makes it tough for the new entrants who bring either a separate mobile wallet app or integrate the features. Here we give some tips and useful app features to make your wallet app popular.
But, before going through features and techniques to get a successful app, let’s discuss the possible reasons that can make the app failed to attract people.
- User engagement
At times, the eWallet apps fail to offer a rich user experience due to a shoddy and unappealing interface. Any app that fails to engage the users cannot survive for a long time as there are many options available in the app stores and eWallet apps are no exception.
- Security concerns
E-Wallet app deals with a lot of transactions. Your customers store confidential data related to these transactions, and therefore, your app must be capable of protecting the data and the customer’s privacy. As the mobile app remains the soft target for the hackers, your app should address the security concerns efficiently.
- Lack of features
Today’s tech-savvy users expect all necessary features in the app that can make their life easy and enhance convenience. If the app has a lack of basic features and it fails to provide a seamless performance across different devices, chances are bright that the users reject it in a short time.
- Out-of-the-box approach
Let’s face it. Usually, we just do not want to follow a new approach when it comes to using a mobile app. When your eWallet app comes with the out-of-the-box features and functionality, it is fairly possible that the audience may not accept it, and as a result, your app may not bring the desired outcome.
Apart from resolving the issues related to UX, app security, and features, here we mention a few factors that can help your eWallet app stand ahead of the curve.
Factors that can lead your E-wallet app toward success
- Offer integrated app solution
Your E-Wallet app is considered as a solution for making a seamless, swift, and secure mobile transaction. The mobile wallet application development company can assist you to come up with an integrated app that has a flawless functionality and an appealing interface.
2. Take care of comfort and convenience
Customers want an eWallet app that can make their life easier. The eWallet app development is aimed at enabling the users to get rid of pulling out credit or debit cards from a physical wallet. Therefore, if your eWallet app can offer both comfort and convenience in a secure way, it will be appreciated by the users.
3. Pay attention to features
Relevant and user-friendly features can give your wallet app a competitive edge. Even if you have any sort of constraints, you should not avoid any basic feature while developing an app.
Here are a few necessary features to be included in the app. However, it is better to consult a reputed eWallet app development company for having insightful details.
- Include all the major gateways
When it comes to payment gateways in your app, more the merrier! Yes, you should integrate all the major payment gateways including PayPal to give your app users more options.
- Debit or Credit Card and Bank Account addition
How about enabling your app users to add debit or credit cards as per their choice? These days, people have many debit or credit cards with multiple bank accounts. Therefore, it is advisable to keep your app ready to store all available cards.
- Money transfer from wallet to bank accounts
This is also an important feature of an E-Wallet app. It facilitates the app users to transfer money from wallet to bank account and vice versa.
- Utility bill payment
This is one of the most common features of an EWallet app. People tend to pay utility bills on the move and your app should be capable of accomplishing this task efficiently.
- POS integration
Nowadays, this feature is considered essential thanks to the prevalence of POS systems in the brick and mortar business.
- Tracking tools and calculator
Well, you may consider this feature as extra, but it is very helpful for the users to track daily spending and manage expenses.
Other advanced features include
- Virtual card generation and integration
- Integration with Wearable devices
- Cloud integration
- Data management
All these features can ensure the success of your wallet app. If your business is a startup, you can opt for integrating only the basic features in the app and come up with more features in subsequent versions. This approach can help you in both ways- you can save money and keep the eWallet app development within your budget. Also, you can reduce the TTM (Time to Market) and get an advantage of an earlier arrival.
Now, let’s talk about the eWallet app development cost. You need to spend around $20000 for having an app with basic features. The development price goes significantly high if you want an app like PayTM or other top eWallet apps. In brief, you invest a sizeable amount of time and money in developing a feature-rich E-Wallet mobile application. Therefore, it is better to keep these aspects in mind, and make your app popular.
In today’s mCommerce-driven age, individuals prefer mobile app-driven payment for all types of transactions. In the coming days, we can expect that the number of eWallet apps will rise. From paying bills to shopping, these apps are ready to perform multiple transactions in a secure and user-friendly way. Though the retail and eCommerce sector remains the biggest beneficiary of the eWallet app, every B2B and B2C business can leverage its benefits.
As a leading eWallet app development company, we develop enterprise-grade wallet apps in a cost-effective way. Our developers are capable of integrating security-related advanced features while meeting the client’s business requirements.