Traditional cash-based transactions are getting obsolete quickly in this digital age. The digital payment solution has gained ground swiftly across the world thanks to a feature-rich eWallet mobile app.
Evolving technology has made the eWallet app more advanced and companies like Paytm have written their success stories on the basis of eWallet apps.
As forecasted by Market Research Future, the eWallet market is expected to grow at a CAGR of 15% and is expected to reach around $2100 billion till 2023. Technologies like NFC (Near Field Communication), iBeacon, Blockchain, and QR code scanning make the eWallet apps smarter with seamless performance.
Let’s go through key features of eWallet mobile apps from the user side and admin side. Categorization in these sides helps us understand the features and their usefulness in the app.
1) User-side Features
Registration- This feature enables the users to register themselves either through a mobile number or an email ID. Some eWallet apps also ask for KYC verification to ensure more security.
Bank Account Linking- The users can link their existing bank accounts with the eWallet app. These accounts can be used to make transactions and pay various bills.
Adding and Transfer Money- It facilitates the users to add money in the mobile wallet as per their necessities. Fund transfer is also possible in bank accounts and other users’ accounts.
Receive Fund- Users can receive fund from friends and other users with the help of this feature.
Passbook or Transaction History- It shows all the transactions of users on a weekly or monthly basis.
Utility Bill Payment- This feature enables the app users to pay water tax, electricity bill, and phone bills.
Train Reservations- Some of the eWallet apps facilitate the app users to book the flight, bus, and trains. After entering the journey details, the app enables users to book their seats.
Discount or Promotional Offers- Such offers can engage existing users and attract new users toward an app. App-specific offers can certainly increase the user’s interest.
Rating and Reviews- This feature shows transparency and openness. Reviews and ratings from real users can give you more insights. Your app can get a better chance to stand amid growing competition.
Invite Friends- This is also a promotional feature where you can ask the app users to invite their friends to send or receive money through your app.
You can also give app settings to enable app users to customize the eWallet app. You can also provide 24×7 assistance or integrate a Help Center in the app.
2) Admin-side Features
Interactive Dashboard- It enables the admin to get real-time information and data about all the users. App analytics and other necessary information are also available on the dashboard.
User Management- The admin can track and monitor every activity of any user and manage the daily transactions occurred through the app.
Real-time Analytics- Admin has to remain updated with real-time information for making informed decisions. This feature enables the admin to monitor the app’s performance and track the user’s activities.
What’s more, admin can add and block users based on their activities. Also, the admin can send push notifications and see their impact.
3) Deciding Factors for eWallet App Development Cost
Apart from these important features, companies can also include features like push notifications, geo-location, tokenization, virtual card, and loyalty programs.
These features can increase the eWallet app development cost significantly. Other decisive factors include the development duration and hourly rates of developers.
Let’s understand the app development cost through an example. Like other mobile apps, the cost of an eWallet app is based on feature integration, app design, app testing, and the developer’s hourly rate.
The pricing model of the mobile app development company is also a deciding factor for the eWallet mobile app.
Considering all these aspects, the approximate development cost for an eWallet app with all necessary features can be around $50k to $70k.
The digital payment solution has changed the shape of transactions. E-Wallet apps have revolutionized the online transaction method.
Though some eWallet apps have already become successful, there is still a vast scope for new players. The only condition is you need to bring a user-friendly and seamlessly functioning mobile app with advanced features.