We all have witnessed the incredible transformation brought by the latest technological advancements in every business vertical. And the area that has experienced the maximum reshaping is "money transferring". The traditional payment methods are replaced by the latest ones, like money transfer wallets.
The e-wallet app makes it possible to execute the transactions in seconds using smart devices. This post will discuss the e-wallet app, its types, and its role in various business domains. Also, if you are thinking of launching your own e-wallet software, you don't need to go anywhere else to know about the app features and the overall development cost. Let's jump to each topic step by step:
We all need a safe and secure place to store our money in the physical world like wallets, banks, cases, etc. Similarly, we need e-wallet software to do online transactions and store money. E-wallets are used the same as online banking works. There is a need to add money to an e-wallet before using it. The fund transfer from digital wallets is possible by scanning QR codes or entering the seller's mobile number.
With E-wallets, the transaction process became easy and less time-consuming. That's why more and more people are inclined to use e-wallets, as it saves their time and helps them become more productive. For creating an e-wallet account, the user needs to enter his banking details. However, there is nothing to worry about as these payment gateways are fully secure and transparent with both parties. The information is saved in encrypted form so that nobody can read it. Also, you can secure your wallet by setting a passcode for your wallet on your device.
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E-wallet applications come with different features depending on the needs of the users and the business owner. Based on those features, there are different types of e-wallet applications. Every feature of an application brings some advantage to the users. Depending on the types, web3 wallet application development cost also varies. So, it completely depends on the budget and needs of the clients. Here we have outlined the different categories of the digital wallet app:
Sellers or companies offering services /products can develop a closed wallet app for their customers. The area of usage of the closed wallets is strongly restricted; only the issuer of the app can get funds from the users through transactions made in exchange for the services or products bought. Users can get cash back, rewards and loyalty points, etc.
Users are more influenced by the semi-closed e-wallet applications than closed e-wallets. Semi-closed wallet apps allow users to pay bills at shops that have signed agreements with e-wallet companies. The wallets are available at certain shops or outlets but not everywhere. That's why they are known as semi or half-closed e-wallet applications. Examples are PayU and Mobiwik. Users can store their money in their wallets but cannot withdraw cash.
The most common type of e-wallet application is open wallets for android and iOS platforms. Open wallet applications are easy to navigate and easily process a larger number of transactions. The open wallet allows the users to withdraw money through banks and ATMs. Institutes collaborating with the banks can issue open wallets. The most popular example is PayPal.
E-wallets are the need of the current time. There will be no better time than now to start your E-wallet application. It is suitable for several industries, but some specific fields are dependent on digital wallet applications.
Smartphones play a vital role in everyone's life, as we do most transactions through mobile applications and net banking. And it is very common in the shopping industry. People prefer to pay using mobile wallets as it is a fast and transparent method without any effort. So, there is a wide scope of opportunities in launching your e-wallet application for e-commerce business.
Whether it is a ride-sharing business or flight booking system, an e-wallet is applicable in all verticals of the transportation industry. People don't need to compromise their comfort as they can make payments for booking flights or taxis using their phones. And the money transfer is possible with just a few clicks. Whether cars, trains, or other traveling means, integrating e-wallet apps can transform your business if you are in the transpiration business.
The food industry is an evergreen business that continues even in hard times, as we can understand from the time of the COVID 19 pandemic. The payments through e-wallets helped control the spreading of COVID as there is no physical touch involved while exchanging the money/services. Various food delivery apps like Zomato, Swiggy, etc., have collaborated with famous payment platforms for easy and quick payment.
Mobile recharge, paying for electricity bills, water bills, medical bills, grocery bills, etc., comes under regular life tasks. All these are possible with the use of a digital wallet app. In short, we can conclude that every small to the bigger sector is connected to the e-wallet applications to keep life on track. If you are in any of these businesses mentioned above, embark on launching your own e-wallet application.
The registration process should be simple and easy. Users can sign up using their mobile number or email id with a strong password. Nowadays, people can log in through their social media accounts.
Connecting the bank account is the primary necessity in the e-wallet app. By linking the bank account, users can transfer the money and make purchases.
The money transfer option asks you to enter the details of the person or seller you want to transfer the money to or by scanning the QR.
Most e-wallet applications use attractive strategies to gain the attention of the audience, like giving them gifts and discounts when referring to other people. You can generate the link to the application and share it with your friends and family to get the rewards or gifts.
Users can get offers and discounts when purchasing several items using the e-wallet application. The more you use the application, the more you get offers and discounts.
The dashboard should be easy to use and understand. All the real-time information is displayed on the dashboard.
The app admin can maintain and manage the existing merchants and add new ones. Admin has the responsibility to offer them better services.
The feature allows handling the users and their information on the e-wallet application. An efficient user management facility can make the whole management process easy and less time-consuming.
There is also a dashboard for the merchants to handle their customers.
This feature enables the merchants to add new products for sale in their online wallets.
Sending and receiving the money is possible for merchants also. They can secure their wallet dashboard using robust passwords.
Generate QR Codes
The merchants can create their own QR codes for customers to make the payments by scanning them.
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The list is long when it comes to deciding factors for e-wallet app development costs. We have listed all the essential factors are listed below:
Features of an app have great importance in finalizing the development cost. If your app has basic and simple features, the cost doesn't usually go very high. But if you include advanced features, the cost will go up.
Apps are designed mainly for two platforms, Android and iOS. You need to choose the platform for launching your wallet app. The cost of the android platform is less than that of the iOS application. Now, cross-platform app development is possible; you can pay according to the cross-platform app development.
The development cost varies depending on the geographical regions of the Cryptocurrency Wallet Development company. In regions like Asian countries, the development cost is lower than the other countries like America, Canada, Australia, etc. Therefore, choose the right location for your app development according to your budget.
The tools and tech stacks are crucial in making your idea into reality. All the features decided for the app and the attractive UI are possible with the tech stacks' right choice. Every tool/framework has its own pros/cons. You should decide on the tech stack with the assistance of experienced app development experts.
The simplicity and the ease of using an app depend on the app design. If a user cannot navigate the app and find what he looks for effortlessly, there is less chance that such an app can be successful. The UI/UX designer must use simple graphics that don't irritate the users while on the app.
The size of the e-wallet app influences the total cost. If the size is small with few screens, the cost is normal. However, if the app includes many app screens, the cost will rise accordingly. More features and more screens add to the cost!
The number of people working on the app development decides the cost like testers, developers, designers, business analysts, project managers, etc. Team members put effort into crafting an e-wallet app with features you want and give their best to deliver the project on time. The number of team members working on app development and their expertise in the area will contribute to the e-wallet app development cost.
Considering all the points mentioned above, the overall ewallet development cost can be around $15000-25000 for the android platform, whereas for the iOS platform, it can be around $18,000-$30,000. If you are interested in launching a cross-platform app, the cost will be $ 15,000 and $ 40,000.
All the details framed above show that e-wallet app development demands great expertise in the concerned field. The business vertical has constantly been booming for a few years. And it is expected to up-rise in the upcoming time. So, if you are also making up your mind to enter this space, it is time to begin with promising opportunities.
Suffescom has experience in developing high-quality solutions, and e-wallet development is the main expertise of blockchain development solutions.
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