Evolving technology and the growing popularity of digital transactions are responsible for the rise of the mobile wallets or eWallet apps. These apps have made digitization of payment more secure, simple, and swift over the period. Apart from businesses, many people have leveraged the benefits of customized eWallet app globally.
Software giants like Google, Apple, and Samsung have also brought their mobile wallet apps with user-friendly features and excellent functionality. With brilliant marketing and flawless performance, many other players like PayTM have also made their
digital payment solutions successful. These apps have made the user’s life simpler and more convenient.
If you want to come up with a feature-rich and futuristic eWallet app, here is a list of necessary features. You can either opt for digital payment solutions based on NFC (Near Field Communication), iBeacon, QR Code and Blockchain concepts or bring a full-fledged eWallet app with user-friendly features.
Digital Payment App-Key Features to be Integrated
E-Wallet mobile solutions can effectively meet diverse and complex requirements related to digital payment. In the B2B model, suppose one business has a partnership with the other company. Now, retailers or merchants can transfer cash online by using eWallet apps after purchasing goods from them.
Similarly, in the B2C model, customers or consumers can pay online through a dedicated eWallet mobile app. Typically, such an app has two panels- User Panel and Admin Panel. Both these panels have different features.
User Panel Features
Registration
Users can register themselves either by a mobile number or a social media account
Bank Account Addition
Users can select the bank in which they have accounts and authorize it for future transactions
Add Balance
Users can add balance in the app-based account to meet their needs
Check Balance
Users can view account balance anytime and check the cash flow
Cash Transfer to Bank
Users can transfer the cash amount to their bank accounts or to the other users as well
Pay Bills
It enables the users to pay utility bills and other bills through their registered bank accounts conveniently
Accept Payment
Users can also receive payments through the app in a secure way
Offers
This is an interesting feature that shows reward points or bonus points and other app-specific offers
Transaction History
The eWallet app shows all the transactions done by the users on a weekly or monthly basis
Invite Friends
This feature enables the users to invite their friends for sending and receiving money using the app
These features are essential to attract and engage more people toward your eWallet mobile app.
Admin Features
Dashboard
The admin can track and monitor all the users and their activities along with their basic information
User Management
It enables the admin to accept or reject the user while monitoring their transactions
Contact Management
Admin can manage contacts or all the app users and control various techniques for user retention or acquisition
Analytics
Customized eWallet app offers real-time reporting. The admin can see important information like the number of users, the most popular offers, and the number of daily transactions
Offer Management
The admin can bring a new offer or remove the existing one any time with the help of this feature
E-Wallet App Development Cost Estimate
The eWallet app development cost depends on multiple factors including advanced features, development duration, and hourly rates of developers. For example, if you want to add additional features like geo-location, social media integration, and virtual cards, you need to spend more bucks on eWallet app development. What’s more, if your app takes long to develop because of the complexity and interrelations of features, you need to pay more.
Talking about hourly rates, we have a great variation in the developer’s rates globally. If you hire mobile app developers from the USA or the UK, your eWallet app development cost will be increased significantly. It is because developers charge $150 to $200 an hour, whereas Indian app developers take around $30 to $50 an hour for the same task.
Concluding Lines
A digital payment solution can serve many objectives and address the complexities of your business. You can offer your customers a seamless, swift, and secure payment option through an eWallet app. All you need to hire dedicated app developers from a reputed mobile app development company to make the most of a digital payment trend.
