The public health crisis triggered by COVID-19 has had an impact on nearly all aspects of daily life for people worldwide. For the payments industry, the pandemic and its consequences have accelerated a series of existing trends in both consumer and business behaviors. People moved from traditional cash payment to alternative payment methods (APMs), such as e-wallets and instant-payment-based solutions.
As mobile devices and mobile apps continue penetrating all spheres of public life, including finance, e Wallet software development is gaining momentum.
The Global e-Wallet market is expected to grow at a CAGR of 15% and is estimated to reach a market size of approximately USD 2100 Billion by the end of 2023.
With such promising proposals, building eWallet mobile apps are likely to become popular for years to come. If you are aiming to create a highly engaging eWallet app, here is a step-by-step guide including the definition, types, and key aspects.
What Is an e-Wallet App?
eWallet is a secure money management app or online platform that allows people to store money and transact online and offline through a computer or a smartphone whenever required.
Types of e-Wallet Apps
There are three types of digital wallets:
- Closed wallet is designed for making payment for the services directly provided by the wallet issuer. A Closed wallet cannot be used for making payments to any third-party service providers or for money transfers. Amazon Pay is an example of a closed wallet.
- Semi-closed wallet system means you can send money to other users, receive funds from other users, pay bills, and transfer funds to the bank. Paytm Freecharge, Udio, Mobikwik, Airtel Money are examples of semi-closed wallets.
- Open wallets allow customers to use the funds in the mobile wallet for making payments for transactions or withdrawing the funds deposited to the account in cash. Visa, MasterCard are examples of open wallets.
Key Features Of an e-Wallet App
Here are some aspects to consider while building a highly effective mobile wallet app for your business:
- Easy to understand and Interactive UI
Focus on ensuring that the interface has elements that are easy to access, understand, and use to facilitate actions. Bring together concepts from interaction design, visual design, and information architecture to create an application that is minimalistic and unburdened by unnecessary graphics elements.
- Registration feature
Make the signing up process easy. Provide a fast, secure, and privacy-friendly way for users to set up an account and start using your app.
- Banking account integration
Banking integration refers to the process of linking your client’s financial accounts to one place. Using integration in banking will help you save time and manage your clients’ money more effectively. It’s a “must-have” feature for any accounting software.
- Wallet Top-up/ Add money
The user can add money to the wallet from the respective integrated bank. That amount of money will be reflected in the wallet after adding.
- Send money
There can be various ways to transfer money. The money could be transferred to the bank account or another wallet as well.
Analytical Dashboards and diagrams
The dashboard will provide users with all the financial information across their accounts and credit cards through reports, figures, and diagrams.
The Core Generic Features
- Data synchronization
Data synchronization simply means to synchronize the user’s data with their social networks and mobile numbers. So, you can provide accuracy and high-level security.
- Push notifications
Push notifications provide convenience and value to app users. This helps:
- Inform users of any new offers run by the app
- give them a heads up on all the transactions made via the app.
- help users track each transaction that has been made through their account in the present or the past.
So that any sort of important notice can’t get missed.
- QR code integration
QR code payments are quick and easy. All the users have to do is simply open the eWallet app and scan the QR code with the in-app camera. This will fetch the payee’s details, which the users can confirm and make the payment.
E-wallets have undoubtedly revolutionized the market. Digital payment apps have made it even easier and faster to transact both – online and offline. Hence, wallet service providers will continue to stay in the market for a long. They will have to keep innovating and changing their business model.