Why the E-Wallet is in the Current Trend? The Key Features and Cost to Develop a Digital Wallet Mobile App for your business!

Digital payments and related applications are in intense demand in today’s time. This is becoming an important asset across the globe. One can make finance-related activities in a quickly way despite waiting for a long while. The reason for getting popularity is this is a more reliable, secure, and flexible Digital Wallet Mobile App. It makes transaction processing very fast and convenient.

Mobile Payment Volume To Increase Tenfold By 2015 – 2021

(Image Source: Statista)

As per a survey people often hesitate to use new digital platforms. In order to prevent that the application should be highly secure and flexible. So that newcomers also can get easily friendly on the mobile application.

What should be the key features of any Digital E-Wallet mobile app?

Well, this is a good question. Let’s have a look at on should be insights.

User Side Features:

• Easy to understand and Interactive UI: The user interface is always a key part of the business perspective to get the user’s attraction towards the application. So an attractive UI facilitates the users a glance.
• Registration Feature: This feature will allow the user to get registered on the application. The user can be registered using a phone or email. The user then needs to confirm the account and once the account gets confirmed then the user can proceed.
• Integration Bank Account: The user will be able to integrate their authorized bank account with the digital wallet account instantly. Using a credit/debit card or net banking.
• Wallet Topup/ Add Money: The user can add money to the wallet from the respective integrated bank. That amount of money will be reflected in the mobile e-wallet after adding.
• Send Money: The user will be able to transfer the money in various ways. This transfer amount activity will take some specific information about a receiver. The money could be transferred to the bank account or to another wallet as well.
• Passbook Feature: This feature allows the user to check the wallet amount and the recent transaction that occurred as well.
• Receive Payment: A user can receive payments from the users associated with the application.
• Pay Bills: This app will allow the user to pay various bills using a high functionality the app will be able to fetch the bill details associated with a number.
• Invoice and Receipts: Upon each transaction, a receipt or an invoice should generate and send to the user on registered contact.
• Scan To Pay: Each registered user will assign a QR code. That QR code securely has some useful information. Upon scanning this QR code the user will be able to pay the associated users.
• Offers and Promotions: Offers are a lucrative functionality from the business perspective in order to enhance the audience, The admin will be able to add relevant offers and the user then can utilize the benefits associated with that offer.

Admin Side Features:

• User Side Management: Admin will be able to manage all users registered with the application along with the transactions and also be able to track the activities on the application. Also, the admin will be able to block and add any specific user.
• Dashboard: The dashboard will show the admin a quick figure and characteristics about the overall progress of the application in the form of figures and charts.
• Offers management: Admin can create offers, and coupons and also will be able to track and manage them.
• Reports: The admin will be able to get the business data in the form of reports.
• Transaction Management: The admin will be able to track and manage all transactions accruing on the platform.

The Must-have Generic Features:

• Data Synchronisation: This feature enables the application to synchronize the user’s data with their registered social networks and registered mobile numbers. Hence, we can deliver accuracy and high-level security.
• Calendars: The calendar helps the users to remind the next transaction or bill payment date in order to reduce human mental efforts. The user can simply highlight the dates on the calendar. The calendar also allows setting the reminder alert option to receive the reminder notification for the payment or transaction instead.
• QR Code Integration: QR code feature allows the user to simply make payments in a very highly effective and quick manner. It has become much easier to generate customized QR codes as compared to plain and simple black/white codes using certain libraries.
• In-app Camera feature: An in-app camera is a great feature when it comes to scanning the QR code. This allows getting confirmation within an app so as validate all the fund transfer requests frequently.
• Push Notifications feature: Push notification functionality will keep the users always attentive. The app informs users about different events like rewards, payment confirmation, and other important alerts. So that any sort of important notice can’t get missed.

Final Word

How much it cost to develop a digital wallet mobile app?

Building a digital e-wallet mobile application could be simple and challenging as well. That depends on the feature it has and the utilities it provides. A mobile wallet with key features that serve as an MVP or Minimum Viable Product can be anywhere between $10000 to $20000 USD and can take between 2–3 months.

Would you like to develop an e-wallet mobile app?

Contact us for a free one-to-one consultation with our team of expert mobile app developers.

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AboutChetan Sheladiya

Driven by emerging tech stacks, Mr. Chetan has over a decade of experience in the IT and digital landscape. He specializes in online business marketing, web and mobile app development, and other niches. He loves sharing his ideas and opinions with like-minded people.