Features, Cost, & Technologies - E-Wallet App Development

The rising use of E-wallet apps across every region has brought all countries to the digital revolution's limelight. Nowadays, as we witness customers' shift in Digital payment from laptops and desktops to now smartphones, having a dedicated payments app can provide your customers much greater convenience. Many consumers prefer cashless payments, as they find the modern means of managing their everyday finance via their mobile devices much more pleasant. So, it becomes a must to have payment apps developed, and for that, FinTech has to think about e wallet app development costs.

E-Wallet app development costs roughly range between $30,000 and $100,000, depending on many factors, including feature requirements, platform specifications (Android, iOS, or Both), and the development company's location. 

Technologies power the world in which we live. Everything from taxi booking, shopping, and ordering food can be done with a few taps on mobile devices. The rise of the E-wallet Mobile App Development has paved the way for easy accessibility of goods and services. So, it is imperative to know the factors that influence mobile wallet app development costs. 

Today, in this post, I've discussed e-wallet app development costs and features of e-wallet apps. But before that, let's have a close look at these digital wallets and how they can benefit your businesses with low costing.

Global Usage of E-Wallets 

By 2022, the global e-wallet transactions will reach USD 13,979 billion, whereas, in 2018, it was USD 4,296 billion. 

After researching, I have found that mobile wallet development is increasing rapidly day-by-day worldwide with efficiency. This increment tells us that the need for payments apps is increasing flawlessly.

Technologies Behind POS Payments Integration in E-Wallet Application Development

1. NFC (Near Field Communication)

NFC stands for Near Field Communication. It is the best solution for opportune information sharing or transferring funds by just hovering the phone over NFC receivers. Samsung Pay is using NFC solutions globally for contactless payment.

It also offers a low-speed connection with a simple setup that can be used in more-capable wireless connections. However, the NFC integration increases the E-Wallet app development cost significantly.

2. QR Code

QR Code stands for Quick Response Code. It contains details about the item to which it is attached. It also stores data for an identifier, locator, or tracker that points to a website or application. It mainly uses three encoding modes to store data proficiently.

• Numeric
• Alphanumeric
• Byte/Binary

QR Codes are in trend because of their fast readability and storage capacity. In the case of e-wallets, people mostly use QR Codes to grab the payee’s payment information. For making payments, users have to scan the QR code of the other person to complete a transaction. Payment through these codes makes the transaction process very smooth and simple, and it provides one more facility to make a transaction with the person who is not on your contact list.

3. Bluetooth or ibeacon

iBeacon is a Bluetooth Low Energy technology. It supports iOS and UUID only. It is a creative and innovative way to furnish the user with location-based information and services. It also identifies your nearby friend who is making the payments. It uses small transmitting devices to transmit the signal to other apple devices within range.

Similarly, Bluetooth is also a short-range wireless communication technology. It finds nearby devices and makes the transaction fast and robust by using radiofrequency.

4. BlockChain

This technology is in trend in most e-wallet apps because they provide a highly secure and inflexible environment. Apps carried out by blockchain technology are used by government organizations because they involve the transfer of enormous money values and the private sector. One of the best examples is Bitcoin in the private sector. In addition, Blockchain integration adds extra to the mobile wallet development cost.

Features of Mobile eWallet App

Payment apps help individuals and businesses transfer cash easily and effectively. E-wallet apps are the best digital payment solution through which users can share a massive amount of money in a safe and robust environment without any third party's connivance.  

You can have all these features incorporated into your app at a very affordable cost if you pick Nimble AppGenie for your mobile app development project. Also, note that the more features you integrate, the more the mobile wallet development cost.

Customer On-boarding

Digital customer on-boarding is straightforward in many industries, but in the e-wallet sector, it requires a set of processes to be followed.  Customers have to register themselves and verify their identity for the KYC (Know Your Customer) requirements. By uploading identity documents, users can verify their authenticity. So, every e-wallet must-have document upload feature is in it. 

Connect Bank Account

Users can link their bank account by feeding their details in the e-wallet app. After linking bank accounts, users can easily transfer funds and can accept payments also. 

Intra-Wallet Payments in a Trice

This feature is used to transfer money instantly between the sender’s wallet to the receiver’s wallet. Time is very important nowadays for everyone, and I am confident that you will lose many users if your wallet doesn’t work fast. So, this feature is the core characteristic of every e-wallet app. 

Mobile recharge or pay bills

Users can also recharge their smartphones or pay bills directly from the app easily. They can now spend any third-party bill through the app using their e-wallet balance or bank balance. You will have to integrate your app with third-party financial services, which will increase Payment app development costs.

Multi-language support

This feature is very important for users to choose their preferred language according to their familiarity. Providing support in multiple languages will help the user to use the app more easily and flexibly at any place globally.

Conclusion

As many countries have experienced around the world, the pandemic has devastated the economies worldwide. But it has also brought new opportunities and occurrences for the FinTech industry to grow and prosper. The segment of e-wallet in FinTech is at its highest pace that it has been, as the need for cashless payments is rising everywhere.

It’s not just about the pandemic, but before this, there was positive growth in the e-wallet trend, as the residents and the government support a cashless economy. For the cashless world, it is vital to have payment apps developed, and for that, you need to understand mobile wallet app development costs.