Although consumers were somewhat resistant to change their payment mode when mobile wallets appeared years ago, many consumers are now very likely to make a purchase using their smartphone. This is in particular true of millenials, and the generations that come after them. Hence it can be conculded that Ewallet mobile app development is here to stay. There is already a gradual transition of individuals storing their cash, debit/credit cards, business cards, and loyalty cards in their digital wallet, rather than their traditional physical wallets.

An eWallet is a payment system that securely stores users’ payment information and passwords. This information is then utilized by the user as a payment method through an electronic device or software system. Functionality has a crucial role to play in serving customers through a digital wallet. Extensive research is advised before you decide to start building an eWallet offering. For this reason, to optimize the building process of your eWallet service, it is best to have your requirements defined before discussing eWallet app development plans with a mobile development agency.

Principal Components of Ewallet Mobile App Development are:

  1. Software: The software component stores personal information and provides security and encryption of the data.
  2. Information: The information component is a database of details provided by the user which includes their name, shipping address, payment method, amount to be paid, credit or debit card details, etc. 

Advantages of Ewallet Mobile Apps

  1. Easy checkout process
  2. Immediate transfer of funds
  3. Quick processing and instant delivery
  4. Easy and uncomplicated

The checkout process is the biggest advantage of payment through an eWallet. Ewallet enabled shopping offers a high conversion rate. This is because it presents a very pleasant and uncomplicated way for customers to shop and pay.

The transfer of the payment to the retailer after payment is processed immediately, which is a further advantage for the retailer. This rapid processing of the payment request is one of the key highlights of a mobile digital wallet.

Top 10 Countries, Ranked by Proximity Mobile Payment User Penetration, 2019

Top 10 Countries, Ranked by Proximity Mobile Payment User Penetration, 2019

Total Transaction Value in the Digital Payments Till 2019

Total Transaction Value in the Digital Payments Till 2019

The total number of Digital Payments users, expected by 2023

The total number of Digital Payments users, expected by 2023

The Average Transaction Value Per User in the Digital Payments till 2019

The Average Transaction Value Per User in the Digital Payments till 2019

Why the Need for an Ewallet App?

A growing number of people are accessing the Internet via smartphones and tablets. Therefore developing an eWallet that is well branded and beautifully designed, has the unique ability to access a large number of potential consumers. If that is not a big enough reason for you, here are more key points that explain why eWallet app development is needed:

  • Easy Accessibility

Utilizing a versatile wallet for everyday exchanges is extremely easy. Downloading the application and making a client ID and password is all you have to do here. It is as simple as logging in to your Gmail or Facebook account from your smartphone.

  • Quick Transfer of Funds

Cash wallets leverage brisk and simple transactions. What’s more, the exchange charges experienced using digital wallets are typically far less than using traditional methods to exchange currencies. This is making eWallets an increasingly better choice for consumers.

Quick Transfer of FundsAccording to a survey report, in the year 2016, 32% of consumers used a digital wallet as their preferred medium of payment, while 78% of consumers said that they are aware of eWallet services. Mobile applications like PayTM, OPay, Revolut, and Monese have given options for consumers to choose between.

The concept of integrating mobile wallets into e-commerce apps has been around for quite some time. However, money multi-utility mobile wallets have now become a need of the current era. The next step now is to understand exactly what the users are looking for.

  • Incentives and Promotions

Every wallet accompanies its own arrangement of motivations. Ewallets provide plenty of money-saving avenues through discounts, cashback, offers, and free gifts. The most rewarding benefits are usually promotion codes given in the eWallet member area.

Valuable Tips While Building Your Next Mobile Wallet Application

Ideally, you should be aware about the significance of the customer when carrying out any application improvement process. You need to know the consumer’s demands, needs and then provide suitable solutions. Here are some of the useful tips you need to consider.

  1. Itemize Functions

A mobile wallet app is a collection of features and functions. For maximum benefit, you need to itemize basic purposes of the app. Prime factors of the application need to be short-listed based on consumer demands, market requirements and customer expectations.

  1. Security Should Be The Prime Focus

A major concern for consumers adopting mobile payment solutions, is the security of their confidential data. You have to give special consideration to cutting edge security systems to conquer this requirement. Your system should be extremely difficult to decode, and should be integrated with high-quality security components.

  1. The Digital Receipt is Mandatory

After each exchange, the client needs to get an update about the achievement or the disappointment of their transaction exchange. Regardless of the amount paid, the digital receipt should be generated. It that needs to be emailed or sent through a push notification to the respective consumer as a confirmation.

  1. Reward System Can Be Inculcated

People tend to navigate towards a mobile wallet laden with user benefits. With this addition, the adoption rate of the mobile wallet is likely to shoot up. Buyer are much more likely to switch to your service if they anticipate a luring treat as a result of their custom. The reward points can later be reclaimed from selective stores or outlets.

  1. Keep Them Committed

Share timely notifications with your customers regarding the new offers that you have. Share customized coupons and deals with them to keep them engaged in your application.

It is often noticed that users abandon an application after its first use. Keeping them notified with the latest offers and discounts. This can help you to keep your users engaged with your digital payment app.

Payment Gateway for your Digital e-Wallet App:

Payment Gateway for your Digital Wallet App:More info: – 

1. E-Wallet App Development Cost Estimation With Advanced Features
2. What to Consider Before Launching an e-Wallet App
4. What Makes a Great on-Demand App

Conclusion

Mobile wallets are no longer just a trend. They have instead become a need of the time and an expectation of consumers. Once you have decided on the requirements of your eWallet, and the features that will attract your target audience, get in contact with a mobile app development company experienced in developing eWallet and FinTech applications.

Nimble AppGenie is the leading software development organization in the eWallet and Fintech industry, so get in touch with us for a free consultation on your app idea!