Contact us anytime to know more - Abhishek P., Founder & CFO CISIN
That can put people in a difficult situation a lot of times. Digital mobile wallets have different servers that are not connected anywhere else and offer users a safe and fast mode of payment. There are several of them in the market, and they have already made it big. These eWallet applications can be an example but can't be taken for the idea. If any android and ewallet app development services try to make a similar application, the idea will fail. There should be something different than what users expect from these big brands or something that they are not expecting but is helpful to them. This is something that needs thinking and research. Research is the most crucial aspect of application development, and no development company can compromise that.
In this article, readers will learn the essential features of these applications and the amount of money it takes to incorporate them. It is not easy or cheap to make an app that will be used in the future for transferring money or making payments. The app needs to be safe, fast, and have the latest and all the basic relevant features. Any mistake in the application will lead to its failure.
What Are eWallet Applications?
eWallets are payment-related applications that are a great alternative to traditional payment methods. They have a wallet and a collection of all the digital payment methods, from debit/credit cards to UPI. This is the reason why they are in demand. They will ensure that the user never faces any problems while making payments. These applications also offer users many offers and codes that give them discounts or freebies on their purchases. They are for the users' benefit, and they charge very nominal and, most of the time, no extra charges.
How do they function? The answer to this is pretty simple. For a user, they are just like any other payment application. They can scan or use a unique ID or registered mobile number to make payments. Many of their wallet accounts can be linked to their bank accounts, which makes it very convenient for everyone to make payments. These applications have PINs and other ways to protect the integrity of the payments. They make sure that the money of users stays safe in their wallets. Many UPI applications are also eWallets, and because of that, they are trendy, especially with the youth.
Why Are eWallet Applications In Demand?
These applications are in great demand, and the reason for this is the need for fast and reliable payment options. The demand for these applications is more than any other type of application. These applications are easy to use and provide users with fast processing and many other features. They allow people to load and pay money quickly. These applications are continuously being updated, and many new features are in development that will make them much more accessible.
Features To Be Included In eWallet Applications
An application is made up of various features and functions. This part will deal with the features and why they are important. It is important to find the perfect balance between the latest features and the basic features. These features are divided into different categories and are explained in brief below so that readers can get the gist:
1. Solutions
- NFC - NFC or Near Field Communication is a technology that has recently been used in payment applications. This technology allows people to pay quickly when their devices are near each other. NFC is an easy and convenient way of paying vendors or other users. This technology is relatively new, which is why it is not present in many applications in the market.
- QR Codes - Using QR codes in payment applications has been normalized at the current time. People frequently use payment applications or eWallets at shops, tolls, and other places they visit. Entering one's registered mobile payments wallet number or unique ID might not always be feasible, which is why QR codes are used. QR codes make payments simple and save a lot of time. The integrity of the payments is also maintained. The user doesn't have to ask for the details, like the shop name to confirm if they have entered the correct ID.
- Blockchain Applications - Blockchain technology is being used in payment applications very extensively. The reasons for this are many. It makes payment safe and fast. It allows the use of the cryptocurrency that makes payments and other things transparent. Many government organizations are also using blockchain technology for their payment needs. Blockchain is the future of banking, eWallet industries, and other apps and websites.
- Payment App - These are payment applications as they are used to pay for many things. Everything can be done over these applications, from paying the vendors to paying friends, paying for a movie ticket, and paying the bills. These applications are fast; they have everything and support all the devices in the world.
2. User Panel
- Login/Signup - These applications cannot be used if a user is not authorized, which means that there should be something that provides a gateway. eWallet applications mostly provide two-layer security, i.e., they first ask for the password and then ensure that the user is the same person by sending them an OTP. This creates a profile of the user where they can add and manage their bank accounts and cards. Login/Signup features allow everyone to use applications wherever and on any device they want.
- Linking With Bank Account - Users should be able to link their accounts with wallets. This is so that they can directly send and receive money into their bank account and do not have to transfer from and to their wallet. Not everyone might have an active wallet, but everyone has an account, so they need to link their accounts to use these applications in their best form. Users can only use the UPI and direct payment features when they link the wallet and bank account. This is an important feature to have and is mandatory. This increases the speed and security of the payments that are made. It isn't easy to trace the payments made from one bank account to another. Other banking bodies manage that.
- Adding Money To The Wallet - Users should also be allowed to add money from their bank account to the wallet that belongs to the app. This is fast, reliable, and secure. When the bank servers don't respond, this saves the users the day. Because this works over the app's server, there will never be any issues in payment. The wallets also guarantee that users get their refund at the earliest possible time if the payment is not completed. People can also use their wallet balance to purchase things on eCommerce websites. Most websites have integrated with these wallets and are open to other new ones.
- Passbook/Transaction History - The user should be able to look at their virtual passbook or transaction history so they can keep a check on their expenses. Also, because the bank accounts are linked, users will need to look at what comes in and goes out. This is what helps them to manage their budget and know if they are capable of buying or paying for something. A passbook or transaction history feature is also mandatory for such applications.
- Balance Status - This is something that users should be able to see distinctively. This will tell them when the wallet balance is about to get over. Skilled Developers can also integrate another feature that will tell users to recharge their wallets whenever it gets empty. Balance status shows how much a user can pay without recharging, which can also be used to show the balance in their bank accounts. There can be two different vertices or tabs under this feature where users can select whose balance they want to see. This feature cannot be ignored at any cost, as people want to check their balance every time before paying. Many people use this feature without any reason, which is why it can also be called the most used feature in the app.
- Money Transfer - When users can integrate their accounts and pay and check the balance left in their accounts, they should also be allowed to transfer money to other accounts. This can also be different for Android and iPhone app development services. They can either transfer from one bank account to another, from one wallet to another, or they can cross-transfer. Some applications don't allow cross-transfer, but most of them now allow it on some grounds. The ones that don't allow users to send from wallets to accounts allow them to transfer the money from their wallets to their accounts. There might be some extra charges on this, but this makes it possible for users to share the money in their wallet with someone's account.
- Bill Payment - Users should be provided a feature to pay various bills. Most of the applications have a feature that allows their users to pay electricity, water, and other bills. This can be extended to recharges and various other day-to-day expenses of people.
Read the blog - Blockchain Development: How Much Time And Cost Does It Require?
3. Admin Panel
- User Dashboard - This is where users will get the details of their accounts, past transactions, and the features they use most. This can also be described as a summary of what users need the most in the application. Any application that does not have a dashboard may never be able to provide users with 100% of what they have to offer. Dashboards make an application look attractive; they save users time and ensure that they are updated with all the relevant information.
- Offers - There are various offers that users can be provided with. These can be offers on mobile payments, a discount on a purchase, or a benefit they will get when they do something specific. This should be in the admin panel so that users never miss out on any offers and keep using the application. Providing offers and rewards is a great way to keep people hooked on the application even when they don't want to use it for what it is made for. Because of this feature, the number of people who may use this application will increase.
- Account Management - A feature should allow users to manage their accounts. This is the vertical where they can add or remove their bank account or change the credentials to protect the account from fraud. They can also change the information they provide to the application when they sign up. Other things can also be added, and the user should be allowed to use them according to their preference.
- Analytics/Reports - This is very useful. This shows users how they have used the application and how much they have paid. A detailed report should show users where they have spent money, how they spent it, and how much they saved. These details will help users to improve their spending style and save more.
4. Advanced Features
- An android or iOS application development company that deals with eWallet project development will know that having advanced features will increase the cost of the app. This is the reason why only the most relevant features should be added to it.
- Location - Though this feature will increase the cost of the application, it will also increase its visibility simultaneously. This feature can also allow personalized changes to the content and graphics according to the user's region. This will improve the application in many other ways as well.
- Data Sync - A user experience might change their device or temporarily use the application on another device. In that case, they will want all the data, payment records, contacts, and offers that they got to stay the same. This can be done by adding the data sync feature to the application. An eWallet app blockchain development company knows how important it is for applications to be able to sync data. This will also be easy as there is not too much data on these applications.
- Camera Integration - This can be done to allow users to scan QR codes for the face unlock feature or to take a picture to show on the profile. Camera integration is a must. Without this feature, no application can function in the way it should. There are many applications in this category, and all of them have the camera integration feature, so there is no reason any new one should ignore this one.
- Virtual Cards - Virtual cards or virtual debit cards can be used to pay on various websites, eCommerce platforms, and streaming platforms. These cards are just like normal debit cards, but the difference is they cannot be used for taking out cash.
- Loyalty Programs - This is something that all mobile application development services or websites are doing to improve their customer base and connection with them. This feature will increase the number of transactions, the time people spend on the app, and the rate at which the application gets shared. This is one of the best marketing tricks that business owners use. These programs provide users with something in return when they either share the application, use a specific feature, or buy something within the application.
How Much Does The Development Of eWallet Applications Cost?
Features of wallet app development with basic functionalities may cost between $20,000 to $50,000. However, if the organization or individual wishes to develop an advanced application loaded with all latest and complex features, the total cost of development may stretch up to $90,000 and even more than that, according to the design and features of the e-wallet. The development cost also varies according to the platform on which the application is being implemented.
If the e-wallet app is developed for the Android operating system, the overall development cost ranges between $20,000 to $45,000. A mobile app developer under this cost will consist of all essential features. With advanced features, such as Google Pay or Alibaba Pay, the development cost may reach up to $150,000.
On the other hand, if one wants to develop an e-wallet application for the iOS platform, the development cost will be between $20,000 to $55,000. Thus, the development cost doesn't differ for an Android and an ewallet application development company when only the app's basic features are to be included. Similarly, the cost of developing an app with advanced features will go up to $150,000.
Nowadays, the development of web applications is also considered by many companies. The reason behind this is that they give the look and feel of a full-fledged application or a native application. Additionally, it required less effort, time, and members. As a result, the development cost decreases from $25,000 to $50,000. The only drawback present in deploying an e-wallet into a web application is that it does not have the ability to contain all features that an e-wallet should contain.
Factors Affecting The Cost Of Development Of eWallet Applications
Apart from platforms, many other factors affect the cost of development. The geographical location where a blockchain development company will release the e-wallet app plays a critical role in the cost associated with it. Developers charge differently in various countries around the world, and there are significant changes in the price paid to them. Other factors, such as the app's design, development hours, features, etc., are essential aspects that decide the cost of developing eWallet applications.
Conclusion
Developing an eWallet application is a task that needs a lot of time and also money. All the factors that affect this have been mentioned in the article. Features make a mobile wallet app and contribute to its cost, which is why a wallet app development company should know the perfect balance of basic and advanced features. Using too many advanced features might make the application attractive but will increase costs and divert the app from the main idea. Blockchain and other technologies are making these applications better than they were. The world is changing, and the companies developing e-wallet apps need to change with it. There can't be a development process in doing something that has already been done.
