In today’s world of mobile phones and technology, there are special wallets called app-based wallets that have changed the way we handle money. These digital wallets are really handy because they let us keep our money safe and make payments easily.
You can use them to send money to your friends or buy things within apps. They prove to be very important in our daily lives. But if you’re running a business or someone who wants to create their own digital wallet, it’s important to know how much it will cost and what features you should include to make it the best.
So, to help you with the same, today in this blog, we will discuss everything about digital wallet app development. Including the cost of development and all the necessary features, you should include in order to make it safe and easy to use. First, let’s understand the basics of digital wallet apps. Continue Reading!
What Are Digital Wallet Applications?
Mobile app wallets, also known as eWallets, are virtual smartphone-based payment systems that allow anyone to make money transactions. They also help in maintaining high security.
The goal of eWallet app development is to promote cashless transactions and make fast money transfers regardless of location or time.
Hence, nowadays, businesses collaborate with any digital wallet app development company to develop eWallet apps to boost their revenue and business transactions.
Different Types of eWallet available in the market:
- Closed Wallets: Closed wallets are made to use for making purchases online through a certain website, app, or store. These wallets are issued by businesses to raise awareness of their brands and market their services and products to potential customers. For example – Amazon Pay, and Walmart Pay.
- Semi-Closed Wallets: Many companies sign and make a mutual agreement with an eWallet app development company to use their digital wallet apps’ features and services. This makes it possible for merchants and business owners to perform money transactions at specified locations. Examples of a semi-closed eWallet include Apple Pay and Venmo.
- Open Wallets: The most popular eWallet, known as an “Open Wallet,” allows users to perform transactions online using a single platform. However, both the sender and the recipient must have accounts on the same eWallet app in order to transfer and receive money.
Let us now get an overview of necessary features that businesses must consider in their Android and Apple wallet development processes.
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Key Features for Digital Wallet App Development
Like any other digital system, a digital wallet includes three panels that meet the needs of all types of app users. It has an admin panel, a user panel, and a merchant panel. So, let us discuss the features of these panels below that all the eWallet app development services should consider.
Features in User Panel
- New user registration via mobile number or email.
- Link and authorize bank accounts.
- Add and check the account balance.
- Pay instant or set autopay bill payments.
- Transfer money from wallet to wallet or bank account.
- Accept or deny payments.
- Transaction history.
- Explore offers and send invites.
Features in Merchant Panel
- Sign up or Login page.
- Create and verify profile.
- Manage and Add products.
- Create a QR code.
- View and Manage users.
- View and Manage employees and staff.
- Add offers or promotional codes.
- Add rewards and referral points.
- EMI payments.
Features in Admin Panel
- Sign up or Login dashboard.
- Manage users’ data.
- Manage revenues.
- Add offers.
- Real-time analytics.
- Security management.
So, all the above-listed were the basic and must-have features of a digital wallet. However, there are other advanced features that you may consider if you wish to make a unique and efficient product. Read the next section to find out some advanced features for digital wallet app development.
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Advanced Features for eWallet App Development
Below are a few of the useful features that users expect to have in a highly efficient and easy-to-use eWallet application.
Chatbot Support
Including a chatbot in the digital wallet app development process gives you more ways to communicate with your target audience and improve customer support.
Additionally, the chatbot integration makes your services accessible 24/7 at a lower operational cost. In this fast-paced period, users always expect an immediate response from any digital platform. Hence, this is where the chatbots might prove to be helpful and boost customer satisfaction.
QR Code Reader
QR code is a very common and popular feature one must consider in digital wallet app development. Every user can make contactless payments using the QR code reader by simply scanning the seller’s QR code with their phone’s camera. Hence, this enables them to make payments directly to the seller’s account.
Virtual Card
eWallets can save user credit/debit card information that can be used to perform transactions at any time and anywhere. Additionally, it eliminates the need to physically carry a card because it securely saves card information such as card numbers in an encrypted format. Therefore, the virtual card feature is one of the helpful features any eWallet app development company should consider.
Push Notifications
Push notifications helps in maintaining users’ interest and focus. Hence, it is a required feature in digital wallet app development. They can be used to alert users anytime a transaction is requested or made. Also, they can be used to notify users about the various points, rewards, and other deals.
Geo-location
With the help of the geolocation feature, users can find nearby users with the help of GPS. And pay them simply by tapping on their names. Also, users are not required to fill in any account information. And all transactions are completed quickly and easily. Hence, this helps in saving a lot of time.
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Factors Affecting the eWallet App Development Cost
Here are the major factors that any digital wallet mobile app development company should consider while estimating the overall cost of developing an eWallet app.
Platform Selection
Choosing the platform(s) on which the wallet will be built is the first step in estimating the cost of eWallet app development. The three main platforms for mobile app development are iOS, Android, and the web.
You can decide to build your wallet on a single platform or several platforms at once, depending on your target market and business goals. For example, if you wish to develop an Apple wallet API, then you should consider the factors with respect to iOS.
Design and User Experience
User experience (UX) and user interface (UI) design are important factors in attracting and retaining users. Therefore, to build a user-friendly and visually attractive app interface, skilled designers and UX experts are required.
Hence, consider hiring skilled professionals for digital wallet app development. However, depending on the complexity of the wallet and the customization, the price for design and UX will differ.
Development Team
The price of hiring a development team for your digital wallet app development will vary depending on their location, experience, and specialization. The creation of a wallet requires database administration, frontend, and backend development, payment gateways, and security features. Also, the price will depend on the number of developers needed, their hourly rates, and the expected amount of time to hire a mobile app developer and for development.
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Security
Since digital wallets handle private user and financial data, security features are very important. It is important to include strong security measures, including encryption, two-factor authentication, and safe data storage.
Hence, hiring security professionals and carrying out regular security audits can assist in reducing possible risks. Also, it will build trust among users. The price of security measures might change depending on their complexity and the particular security protocols used.
Testing and Quality Assurance
To find and resolve errors, usability difficulties, and compatibility concerns, thorough testing, and quality assurance are necessary. This includes user acceptance testing, security testing, performance testing, and functional testing.
Hence, you should set a good budget for testing and quality control in digital wallet app development. It will guarantee that the product is trustworthy, stable, and offers the best user experience.
Maintenance and Updates
Regular maintenance and updates are necessary after the first version of the digital wallet app development. This will keep the wallet safe, up-to-date, and compatible with new platforms and technologies. Therefore, keep the budget for maintenance, bug repairs, and future updates. This will ensure the long-term success of your app wallet.
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Closing Lines: eWallet App Development Cost and Features
To sum up, digital wallet app development involves careful planning, good decision-making, and proper execution. Therefore, understanding the cost factors and key features is essential for building a successful and user-friendly app wallet. Hence, we hope all the above information helped you in getting a good understanding of the app development process. Let us know your views on the same in the comments section below.
