With the idea of digital wallet app, digitalization has made it easier to go cashless. It rules the touchless world of today. Statista says that in 2021, four out of ten Americans who used a smartphone to make a payment did so using a contactless method. It is run by eWallet mobile apps or other payment models that work similarly.
Also, the market for e-wallets is expected to grow at a 28.2% CAGR which means it will increase from $1 trillion in 2017 to $7.5 trillion in 2027. This CAGR shows what many people think: new users quickly take to mobile payment apps.
By 2023, it is expected that the global e-wallet money transfer industry market will be worth $2.1 trillion. So, many business owners are now working with eWallet or Digital Wallet App Development companies to make custom apps like the Starbucks mobile app and Walmart Pay so they can offer services or sell and buy products. It helps its customers buy groceries, book tickets, and more while supporting its business ecosystem.
Putting money into digital wallet apps can help businesses make money. If you want to make a mobile app with lots of features and customization, this post will give you an in-depth look at all the essential parts.
Benefits of Making an eWallet App
• Higher conversion rate:
Don’t make your customers wait in line to pay their bills. Make it easy for them to buy your products and services while out and about. With a mobile payment app, you can speed up their checkout process. This will directly affect what they buy and bring you more money.
Fewer people will leave their shopping carts behind. This is the most significant benefit for retailers. The number of shoppers who finish their purchases increases because eWallets make shopping easier and faster.
Mobile commerce platforms have much lower transaction fees than credit cards, which have high-interest rates. Merchants can also make their payment cards. It can work like a gift card, cutting the bank from the transaction and lowering transaction fees.
• Easy refunds:
Cancelling orders and sending them back is a normal part of the business. But you can make them more interesting for customers by using a digital payment system. It makes it easy and quick for customers to get their money back. This also means that your customers now have money in their app that they can use to buy more things. The business owners can then show these customers ads for their products and get them to buy more with just a few clicks.
More money comes in. Businesses can keep in touch with their customers and keep them coming back by sending them personalized offers with discount codes. This can be done regularly to boost sales even in the long run.
• Get more customers:
With mobile payment apps, businesses can quickly reach out to potential customers. Unique features of digital wallet solutions that are well-made and have advanced features make them seem more reliable and trustworthy to business owners. People worldwide like wallets that don’t need to be touched. They will quickly switch to you if you have robust security features, leaving your competitors in the dust.
Aside from these, it’s time to follow the latest top-fintech-predictions-trends. By 2026, the market for FinTech will have grown to $31.5 billion. This is nearly four times as much as it was six years ago. In 2021, there were 144 percent more investments in FinTech than in 2020.
Your business will suffer if you don’t do it. Some of the essential fintech trends are:
- Open banking
- The Internet of Things (IoT)
- Signing in with biometrics
- Artificial Intelligence
- IT in the cloud
- Virtual Cards
- Robots that take over tasks
- Voice payments
So, making a digital wallet app is a good way for a startup to make money.
Essential Things to Think About When Making a Mobile Wallet Application
Now that you want to make an eWallet app, things could get complicated if you don’t have the right direction. So, here are some essential things to think about.
- Appropriate type for the business
- Mobile payment methodology
- eWallet features & modules
- Regulatory compliance
- Technology stack
How to Make an eWallet: Steps You Need to Know.
Explain the idea of a wallet app
You should clearly know what kind of mobile wallet app you want because there are many choices. Remember that your app idea should have a few key differentiators in terms of how it works, how much it costs, how it works, or what features it has. The answers to the following questions will help you come up with a good idea for an app:
- What client issues do your mobile wallet app address?
- What makes your wallet app different from other ones?
- Why will people choose your app instead of similar ones?
- What makes your app different from the rest?
Once you’ve decided what kind of mobile wallet app you want to make, you need to learn about the other apps on the market and how they work.
It is suggested that you do a quick SWOT analysis. SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) can help you compare your app idea and strategy to your competitors.
Even if it seems like a good idea, you can’t design the user interface and experience without making prototypes. This is never a good idea when making software for a mobile wallet. You can figure out the user flow and all the possible user journeys with mockups.
Make the Wallet app and plan the technical architecture
The security and availability of mobile wallets are affected by how their technology is made. The programming language, database structure, technologies, and functions are all part of the technical architecture of your mobile wallet apps. User interface (UI) and user experience (UX). The picture below will help you understand how technical architecture works.
After deciding on the technical architecture, the engineers will set up a development environment for your mobile wallet’s backend. It’s essential to remember that backend development is a time-consuming process that will affect how your project runs and how well it works.
The testing step of making an app is crucial. The quality analysts check the code that the developers have written to see if there are any mistakes. They tell the developers who fix the errors and ensure the product has no bugs. When the testing team gives the wallet app the green light, it can be put on the app stores.
What should your mobile wallet app be able to do?
Advance-digital-wallet-solution is a very competitive business, so if you want your software to stand out, it needs to have valuable features.
To make the right digital wallet software, you must first think about the most critical functions and give users:
Unique user ID across all payment channels
This feature makes it easier to identify clients, make payments, and store transaction data. A unique ID also helps protect data and reduce risks.
Bank accounts can be linked
The customer’s approved bank account will be easy to link to their digital wallet account. They use a credit card, debit card, or online banking to pay.
Paying with a wallet in a flash
It is what every e-wallet is built on. One reason why people choose to pay with e-wallets is that they can move money quickly. It doesn’t help to have an e-wallet if it takes hours or days to move money.
Transactions with money
• You can allow users to add, transfer, or receive money by entering the addressee’s number, scanning the QR code, or using NFC or beacon technology.
• It must pay utility bills, insurance premiums, retail items, taxes, bookings, and other reservations.
POS and gateways work well together
It’s better if your system can accept payments in different ways. To get more people to use e-wallets in stores that aren’t online, it’s essential to set up POS integration ahead of time.
Safety should always come first when it comes to managing money. All financial transactions must be encrypted from start to finish. FinTech developers use various methods to ensure that mobile wallets are safe. Some of them are biometric authentication, one-time passwords, tokenization, SMS, two-factor authentication, and end-to-end encryption.
Deals and Specials
From a business point of view, the best way to attract more people is through offers. The admin will be able to add relevant offers, and users can use the benefits of those offers.
Follow-up on transactions
It’s essential to keep track of and track user transactions in the wallet’s account. You can also track orders with filters.
If one of your clients has a problem with money or technology, you must act quickly. It’s also a good idea to give customers several ways to get help, like email, in-app messaging, and chatbots.
This e-wallet app development guide should have answered most of your basic questions. The growing number of users and developers is the best sign that the technology has great potential. Using tried-and-true cryptocurrency wallet development services is the best way to make your dream mobile wallet a reality.