Key Aspects of e-Wallet Application Development 2023
In a realm where cash no longer holds its crown, electronic wallets have risen as the new sovereigns in the realm of finance. Whether it’s online shopping or bill payments, e-wallets offer a convenient and secure method for us to handle our financial affairs.
It isn’t a tale. Juniper Research says that in 2026, more than 60% of the population worldwide will be utilizing digital wallets. In 2030, the global E-wallet market is expected to reach USD 489.3 billion, growing by 23.4%. It sounds like a promising market, doesn’t it? And it’s not a secret that e-wallet application development is on the rise nowadays.
But have you ever thought how to create an e-wallet application? In this comprehensive guide, we’ll take you on a journey through the features, developmental phases, and expenses involved in fashioning an e-wallet app poised to excel in the digital realm.
What does an e-Wallet App mean?
An electronic wallet, or e-wallet, is a digital payment mechanism that empowers users to store, handle, and conduct financial transactions using a mobile app. It permits consumers to link their credit or debit cards & bank accounts to the application and utilize them to conduct transactions. E-Wallets provide a convenient method for paying for a variety of services. These include online shopping, utility bills, & peer-to-peer transfers.
E-wallets employ robust security measures and encryption. Consumers can safely save their financial information. They also suggest an added layer of security by enabling consumers to fix up a PIN, password, or biometric authentication. As a result, it becomes challenging for fraudsters to gain access to user data or carry out unauthorized transactions.
Some popular e-wallet apps include PayPal, Venmo, & Google Wallet.
Functionality
Before embarking on mobile wallet app development, there are several factors to take into account. Let’s review the major features of e-wallets. An e-wallet mobile application ensures consumers with a wide range of functionalities. Here are some of the basic features of an e-wallet app.
Secure Login
To provide the security of the consumer’s data & transactions, the application should have a secure login process. This may encompass password protection, biometric authentication, or two-factor verification.
A variety of Payment Choices
The app should support various payment choices, such as debit/credit cards, net banking, & UPI payments. It isn’t difficult for consumers to conduct transactions with the method of payment they choose.
Transaction History
The e-wallet must retain a record of transactions, displaying the user’s past activities, encompassing dates, amounts, and recipient details. This feature aids users in monitoring their expenditures and effectively managing their budget.
Real-Time Analytics
To assist consumers keep track of their finances, e-wallets typically include real-time analytics tools. They permit consumers to control their spending & transactions. This feature can be notably beneficial in monitoring expenses and identifying potential areas of overspending for users.Push Notifications
The app sends messages and alerts to consumers for various actions, inclusive of completed transactions, low-balance alerts, or promotional offers.
QR Code Payments
E-Wallet users have the ability to scan QR codes for direct payments through their e-wallet app. The app will deduct the payment amount from the user’s account and transfer it to the merchant.
Incentives and Rebates
During the development of your digital wallet app, contemplate integrating a rewards system. By providing incentives such as rewards and cashback on transactions, you can motivate users to utilize the service more frequently. This approach not only enhances user engagement but also bolsters retention rates.
Online Bills & In-App Recharge
Another key feature of e-wallet phone applications is the ability to pay bills directly from the application. This can preserve you time & bother, as you no longer need to visit multiple websites or applications to finish these assignments. E-wallets permit consumers to recharge prepaid mobile phone plans, top-up transportation cards, or add credit to various services within the application.
Customer Support
Customer support holds a pivotal role for any transaction-oriented business, offering users the means to address queries or issues they might encounter. This, in turn, assists businesses improve their operations. Support can be extended through a chatbot, email, or phone assistance, thus enhancing the overall user experience and fostering trust between the business and its clientele. Besides, businesses can utilize the data collected from client support interactions to determine areas in need of improvement & optimize their service offerings.
eCommerce Integration
E-wallet services often include eCommerce integration to make purchasing online easier. This permits consumers to make purchases directly from the application utilizing funds from their e-wallet account, without having to enter their payment information separately for each transaction. This can be a convenient & secure way to shop online.
CRM System
E-wallet mobile applications frequently incorporate a CRM system, enabling businesses to monitor customer interactions and deliver tailored support. This capability aids companies in forging more robust relationships with their customers, ultimately fostering heightened loyalty and increased sales.
Savings & Investments
Some e-wallets suggest features that permit consumers to reduce expenses or invest in financial products directly from the application. This can encompass stocks, bonds, and various other investment instruments. With these up-to-date features, an e-wallet can ensure a convenient & safe way for consumers to make financial transactions through their mobile devices.
Stages & Cost of Development
Crafting an e-wallet mobile application involves several traditional steps. They must be completed to provide the app is user-friendly, functional, & secure. Each of these steps demands meticulous attention and a keen eye for detail. They are as follows.
Discovery phase
Firstly, it is important to guide extensive market research to determine key trends and user demands in the market. This information will assist to streamline the development process & provide the e-wallet application meets the needs of its target audience. This stage also assists to construct a product that caters to their preferences, making it more user-friendly and successful.
Design
In the design phase, the team focuses on multiple facets of the application, ensuring its functionality and visual appeal. One pivotal task within this phase is the creation of wireframes. They’ll assist to plan the various screens & features of the app. Then, the team will go on to creating prototypes that simulate the actual utilize of the application. This assists to determine any potential usability problems and make necessary adjustments.
Ultimately, the visual design of the e-wallet app will be crafted, aligning with the product’s branding and catering to the intended audience. This process will encompass:
- constructing a color palette;
- building the overall look and feel of the app;
- selecting appropriate fonts.
All these assignments will be done to built an application that is both functional & aesthetically gratifying.
Development
Once the design has been finalized, the digital wallet application development company will start to create the application. First, the team builts a detailed project plan. It outlines each assignment and the time frame for completion.
Selecting the appropriate technology stack and programming language is vital, as this choice significantly influences the app’s speed and performance. Opting for the right technology stack guarantees the app’s seamless and effective operation.
To provide the e-wallet application is scalable, consider the potential growth of the consumer base & the amount of traffic the software is expected to handle. This might require the implementation of load-balancing techniques and the optimization of server performance.
Furthermore, the team must guarantee the product’s security against a range of threats, encompassing hacking endeavors and potential data breaches. Contemplate incorporating encryption and authentication protocols, in addition to conducting routine security audits.
In conclusion, developers must collaborate closely with other teams like design and quality assurance to guarantee the app aligns with all specifications and is punctually delivered. Effective communication and teamwork will be pivotal for the project’s accomplishment.
Testing
Once the application has been developed, conducting thorough testing becomes essential. It will provide that it has no bugs or glitches. Perform tests across various devices to ensure the application functions smoothly across all platforms. E-wallet application for iOS & Android should undergo rigorous testing to provide their security, functionality, & consumer experience meet the highest standards.
Utilize different ways and techniques to check the app and make sure it works well. Some of these methods are unit testing, integration testing, & acceptance testing.
In addition to testing, the team will dedicate efforts to enhancing the app’s features and functionality to enhance user-friendliness. They may gather feedback to identify areas for improvement and subsequently introduce new features based on this feedback.
Release
Following an extensive testing phase and the resolution of any identified issues, the app will be prepared for its public release. This involves submitting the app to stores and ensuring its alignment with all essential prerequisites.
Furthermore, it’s essential to execute a marketing campaign to endorse the app and amplify its visibility among potential users. This will include paid advertising on SM platforms & other relevant websites. Contemplate approaching industry influencers to endorse the app among their followers.
Moreover, it’s important to monitor consumer feedback & make adjustments to the app. This provides that the product stays up-to-date and meets the evolving needs of your consumers.
Support
After the release, devs will continue to ensure support and maintenance on clients’ requests to make sure that the solution stays functional & up-to-date. This could encompass the addition of fresh features, bug fixing, and extending customer support to users experiencing any app-related issues.
The expenses associated with developing an e-wallet mobile application can exhibit considerable variation, contingent on factors such as scope, complexity, and the incorporated features. E-wallet application development costs can range from $90k to $150k.
Furthermore, elements like the team’s composition, geographical location, and proficiency can also exert influence on the development expenses. Keep in mind that ongoing support and maintenance are typically subject to regular billing based on the requested scope and agreed-upon timeframe with the client.
Our Experience
SDK for a crypto wallet
Stfalcon has created an SDK for a cryptocurrency wallet using Kotlin Multiplatform. The development team opted for Kotlin Multiplatform because one of their objectives was to merge business logic and employ a single code base across various platforms.
We created interfaces able to interact with UI applications, their implementation will rigidly determine states, the format of data acquisition, & errors.
The most important development flow was the architecture for the SDK development. We utilized Clear Architecture with Interactors. We also separated the platform-dependent code into a separate submodule with external implementation directly on the platforms. SDK integration with the platforms was, by the way, the most difficult step.
We could develop a ready-to-use SDK that integrates business logic & encases all internal processes responsible for authorization, storage, and encryption.
In Summary
Finale, e-wallet applications have become a necessity in today’s digital world. E-wallet mobile application development requires careful consideration of various factors, such as security, consumer experience, & functionality.
To provide a successful e-wallet application development project, it’s advisable to look for the services of a reputable software development company. Stfalcon is a perfect example of an e-wallet application development company. Having accumulated years of expertise in mobile app development, particularly in e-commerce projects, Stfalcon’s team is proficiently equipped to steer you through the intricacies of the development process.
A team of experts will collaborate with you to comprehend your business requisites and design a tailored e-wallet solution that aligns with your specific needs. We also suggest post-launch support to provide your application is always up-to-date and secure. Contact us today to get started.
Originally published at https://stfalcon.com.
