The payment systems have already become digitalized by smart devices and applications. At first, citizens switched from the practice of paying in cash to other methods such as online banking, but debit and credit cards have gradually replaced them.
But as they say, emerging technology continuously emerges and progresses to new stages, we have seen a new contestant; E-Wallet mobile app.
Features of a mobile wallet application
E-Wallet applications need to have these characteristics to be able to interact with their customers.
The first feature of your application must be stable and clear. It is important that you ensure that your app’s signup method is safe and that you have fast and secure signup choices when building your E-Wallet app.
Bank account link
This relates to connecting your E-Wallet. And bear in mind that not all of the customers are technologically educated. Therefore, create a user-friendly interface.
To allow consumers to make and accept purchases, the app must be accessible. However, when you are planning the experience of your mobile app’s digital wallet, ensure that you consider the usability and features as well as competitive user and consumer analysis before development.
Acceptance of bill payments
Beware of neglecting any big industry or subscription control sites on your E-Wallet app website, to support your customers, locate all of their accounts. Plan to provide consumers with all they would require from one place.
Besides transfers, have a history of all the orders made so that the users can trace orders they have not completed. You may also leverage order monitoring APIs for your clients, too.
How to secure an E-wallet application
An E-wallet app consists of critical information of customers therefore, it is mandatory to keep security measures. Below are some ways to keep your E-wallet secure.
It is safest to have no contact information while using digital payments! NFC stands for “Near-Field Communications”. It also means “short-range contact”. Customers may use the contactless payment method without revealing any personal information. Only approach your computer near the NFC reader and the transaction will be completed.
QR scannable barcodes
QR codes are another form of long-distance payment method. No QR codes are needed, and all users can request payments from other users by simply sharing their codes.
Face and fingerprint recognition
Providing one or requiring the customer to use a fingerprint or face unlock feature is one of the best ways of avoiding fraudulent claims to balance and transaction background. If a condition is rare, you are still allowed to use the passwords.
Features of E-Wallet app development
- Creating a user account
At first, the customer would be prompted to register his account. He is required to use his cellphone number and email address. If he will type in the registration code, his account will be confirmed. Several E-Wallet applications use the KYC (Know the Customer).
- Connection with bank account
In the next step, you need to link your financial accounts to the E-Wallet where you will be making payments. You will input your card numbers, CVV code, and expiration date. This detail is extremely sensitive, so handle with caution when typing the values.
- Adding funds into the account
It is important to offer the option of adding further funds to their account. They may use their card information and the security code or use a 3D Encrypted transaction.
- Deposit and Withdrawal Bill
Bills like phone bills and power may be paid via the E-Wallet. You may still use the same software to recharge your devices or the internet.
- Information for flights and rail reservations.
In recent times, e-payment applications like Paytm have enabled the option of reserving train, bus, plane, and flight reservations through the app to make a purchase, you just need to include your journey information and press the “GO” button.
- Providing Assistance
One of the essential characteristics when considering the user’s preferences and requirements must be taken into consideration. Be prepared to assist consumers in the event of any payment or service problem. Appreciate it if you use the virtual service to help assist the customers.
Now that we have looked through the spectrum of user-related functionality, let us concentrate on what is most relevant from an administrative standpoint.
The admin panel has a centralized interface of details and statistics on all authorized users. He will keep an eye on the real-time analytics and alerts too.
- Organizing and managing user accounts
An E-Wallet app administrator is responsible for both managing the user’s profile and for managing all day-to-day purchases.
- Focusing on Strengthening the Security
Until you hold an E-Wallet application, you must maintain both superb protection and performance. The protection features and safeguards must be checked regularly to make sure that all sensitive data is maintained securely.
- Real-time analytics
It is important for the administration up stay up-to-to-date with real-time analytics to manage policy. Meaning he would be informed of how many users are using the software and regularly evaluate the application’s efficiency.
- Adding and blocking users
The administrator has the exclusive right to register or deny a user’s application. He may block the customer from accessing the app if he believes that the concerned party is engaged in criminal or unethical behavior such as account hacking.
The cost of E-Wallet app development
The total cost of e-wallet app development will vary from $75,000 to $200,000, based on the amount of functionality, functions, technologies, and services you invest in. Moreover, it may also be unacceptable for an advisor to assume in average usage. Once you know who your customers are, and how they are going around your software, you can build your User Interface (UI) and User Experience (UX) for your app as well.
This is in place of speculative assertions, but therefore, you can focus the application on actual requirements and obtain a response from professional E-Wallet Mobile App Development Companies who have the necessary technical expertise and relevant industry experience.
There are a lot of profits to be made in the industry. With the continuing Covid-19 pandemic the technology would require a lot of consideration but is also one of the most dynamic ones the world will see soon.
Also check: fintech app development cost
As there is no longer any need for hand-to-to-hand transactions, the eWallet applications have practically revolutionized the financial and economic industries.
We have seen how certain E-Wallet applications have gained a significant amount of popularity and all is evolving rapidly in the era of information and technology.
So, it’s time to give an electrically compelling experience to the customers and capture the greatest gain.
If you are looking for E-Wallet Mobile App Development services then feel free to fill the contact form, our experts will get back to you soon.