Smartphones have become an important part of our everyday life. From social media to calls as well as email and payments, it is all handled easily by a smartphone. Before mobile banking, it was considered one of the best thoughtful and efficient solutions available in today’s digital economy. It enabled people to do banking transactions from their home with just one or two clicks. Now, to make it easier for the people, eWallet apps are in the limelight. In this blog, we share with you all the information about E-Wallet Mobile App Development.
The number of people that had mobile payment accounts has seen an exponential increase in the years preceding COVID-19. As the disease spread the population became more familiar with the mobile payment system. Many apps across multiple industries made payment via mobile wallets. Companies continue to cooperate with developers of eWallet apps to take advantage of the opportunities offered through the mobile wallet industry. Let’s now look at the main aspects that are associated with EWallet services and the mobile app development procedure:
What is an e-Wallet?
Digital wallets or eWallets is generally regarded as a means of payment that provides a platform for online transactions for companies and individuals. In addition to the incorporation of cutting-edge technology, mobile wallet application developers also give a lot of attention to the user’s comfort when developing their apps for eWallets. Users can utilize these eWallet apps as an online platform to make payments worldwide. It has eliminated the limitations caused by geographic border and today, users are able to can transact globally.
Specifications that are part of eWallet Mobile Apps
The eWallet mobile apps come with essential features that will be effective and efficient enough to allow businesses to succeed in today’s digital economy. Take a look at a few of the most important features available in EWallet apps:
- Profile Creation
- Integration of bank accounts
- Synchronize and integrate credit cards and debit cards.
- GPS Tracking
- Push Notification
Different types of E-Wallet Apps
With the continuous integration of technology There are a variety of eWallet apps currently available on the market. Below are some most popular eWallet Apps with large numbers of users:
Open Wallet Apps
This type of eWallet gives greater flexibility as they can eliminate the various limitations that other kinds of electronic wallets are unable to meet. The main companies in this space comprise Google Pay along with PayPal. These mobile wallets work with banks in order to assist users complete transactions such as withdrawing and transfer funds.
Semi-Closed The Wallet Apps
In comparison to open wallets, semi-closed wallets have a few inherent limitations that limit them to having a larger customer base similar with open wallets. Semi-closed wallets provide assistance to businesses operating within a particular area. These wallets are accessible via both offline and online modes. The most popular semi-closed wallets are Paytm, Oxygen, and Citrus.
Closed Wallet Apps
The closed wallet isn’t an internationally accepted method to conduct banking transactions but is utilized by a specific business to make it simple for customers to conduct transactions with them. It functions as a bridge between the company and its customers, allowing them to keep track of returns, refunds, or any other type of cancellation. Amazon Pay is one of the most prominent examples of closed wallet applications.
Cryptocurrency Apps for Wallet Apps
The apps for cryptocurrency wallets are mostly utilized for transactions with cryptocurrency exclusively. They offer high-end security because they offer the advantage of encryption of information. A few of the important players in this area include Electrum along with Coinbase.
Biometric Applications for Wallets
Another type of eWallet application that focuses on the safety and security of clients are the biometric wallet application. To stop fraudulent activities the apps rely using biometric authentication strategies, including fingerprint recognition as well as facial recognition. Businesses should contact skilled and highly-tech developers of digital wallet apps to access these biometric eWallets.
AI-powered Wallet Apps for Wallets
The mobile wallets equipped with the latest technologies of AI fall under the category of AI-powered wallet applications. Some wallets come with chatbots, which assist users with their queries and problems related to transactions made. One of the most beneficial aspects of these wallets powered by AI is that they safeguard users from fraud. Puut wallet is among the most well-known names in the category of AI-powered wallets.
The factors to be taken into consideration during the mobile app the development process
A few essential aspects to be taken into consideration when developing the mobile app for E-Wallet Mobile App Development process since they have an enormous impact on the development costs of eWallet apps. Let’s talk about the following essential factors to help you understand an understanding of the process of the development process for digital payment apps:
For each app the interface should be easy to use. For digital transactions, consumers want transactions to be quick and smooth. In the mobile app for e-wallet design process, discussions regarding UX design must be completed in the initial phase to ensure that the process is completed in a timely manner.
In the development phase of the app it is possible to integrate of a variety of features within the app that were discussed during the discovery stage of app development. Features like chatbots, payment processors, loyalty programs registration and more. are integrated, and the final product will be an MVP i.e., Minimal Viable Product. The feedback is collected into consideration by an Mobile App Development Company on the usage and assessment of MVP in order that, based on the results of the analysis the next step of app development can be planned.
App development as well as testing phases are linked with each other since when the app is tested, there are a variety of errors and bugs that are discovered and the app needs some form of improvement in order to address the problems. Testing phase in the mobile wallet app development process will come to an end only after the app is error-free and bug-free.
Application Launch, Maintenance and App Release
When the app is finished the test phase, it’s now and is now ready for launch. Businesses must employ expert app developers to get access to a fully-fledged mobile wallet application. Developers also have to think about what aspects could aid to increase the user’s engagement and experience. Marketing and maintaining the app are crucial for greater outcomes.
Since the advent of electronic wallet payments, daily transactions are now so easy. The accessibility of e-Wallets at a reasonable price application development services is also helping companies to launch an app on the market. However, you have to decide for which platform you need the app for, and in case you have to make it available across two devices i.e., Android and iOS and vice versa, the price to create a mobile application will increase.
We hope this article has helped you in understanding the E-Wallet Mobile App Development process. Now you are able to effectively evaluate of the various fintech app development options that will meet your requirements and needs.