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C a s e S t u d y

Pay By Check
A Multi-Currency E-Wallet

E-Wallet App

Launch Date:
Comming Soon

The Pay By Check e-wallet app allows users to transfer money, make merchant payments, and even transfer intra-currency funds between the US dollars and Canadian dollars. We built the web and mobile ewallet app for the US and Canaddian market, to help Pay By Check capture both the needs of both local markets. Some of the key feature implementation highlights were the card verification feature and intra-currency payments. The rest of this case study will go into more detail about how we enabled the Pay By Check e-wallet to be easy to use, but incredibly secure.

Native for Android, iOS, and Web

Every successful e-wallet is always built for all the popular platforms available. We built the mobile app native for Android and iOS to ensure maximum security and deliver flawless UI/UX.

Executive Summary

Our client, Pay By Check, contacted us to get their e-wallet app developed. The client already had their own payment gateway, but this needed to be integrated with the mobile and web app that we were asked to develop.

As they wanted to cater to both the US and Canadian market with the one e-wallet app, there were several complications and third-party integration requirements related to the project. Our team at Nimble AppGenie was very nimble in understanding their specific requirements and coming up with a perfect solution. Our years of experience in developing e-wallet apps helped us create the Pay By Check e-wallet app in the allocated time and budget. Some of the features that we implemented are currency exchange, seamless onboarding, account verification through micro deposit and QR-code payments.

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Adobe XD
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Laravel
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Swift 4
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HTML5
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My SQL

The Technology
Stack

Business Challenge

In this tech-agnostic world, almost everything is possible and so is a fully-functioning e-wallet app development project that integrates with existing systems. The real business challenge was to build the e-wallet mobile and web app using the best technologies to implement maximum security, while keeping the wallet development cost low. The Pay By Check requirements included features such as currency exchange integration and multiple currency support, which tend to increase the cost of development.

The only way out of this challenge is to make use of the best technologies and practices for e-wallet development. Luckily we are one of the most experienced app development companies for Fintech development, so we are very knowledgeable on how to achieve this. We made use of a blend of Agile and DevOps development practices to build the high performance e-wallet app within the predefined timeframe and budget.

THE Solution

  • Wallet to Wallet Transfers

    This function enables app users to transfer and receive funds from app wallets. For making a wallet to wallet transfer, the user can select this fund transfer option. The app will then open the QR code scan screen, which will allow users to scan the QR code of the receiver. If they don’t have the QR code, they can directly enter the phone number of the receiver or select the receiver from their contact list.
  • Transfer to Bank or Credit Card

    Allowing wallet users to transfer money from their e-wallets to their bank accounts. To transfer funds, the users can just simply click on the Transfer to bank button and choose the bank they want to transfer funds to.
  • Online Store Merchant’s Payment

    The application would allow merchants to use the Pay By Check wallet for accepting payments on their online stores. Using this function, the merchants can add an option to the checkout process of their online store, where users can pay using their app wallet for the purchase. The merchants need to integrate the wallet API to enable this feature. The API can be found in their app account.
  • Currency Exchange

    This function is helpful in international fund transfers. The purpose of this feature is to calculate and show currency conversion rates USD to Canadian dollar and vice versa before confirming the transaction. The application automatically identifies the receiver’s and sender’s countries and default currencies.
  • Account Verification Through Micro Deposits

    To use their cards for adding the funds to the wallet, the users need to be verified through the micro deposit function. In this process, two small deposits will be made to the user’s bank or credit card. The deposited amount will be in the format of 0.00. The user needs to enter the exact deposited amount within the app, which must match the amount deposited into the user’s bank account in order to get the card approved for the top up function.

Feature Set

Seamless Onboarding

During the onboarding process, the users are required to verify their phone number via OTP. Although the users can access the app after this, they’re prompted to complete the KYC process, which they can skip until later. For KYC, the users are required to upload their national identity and thumb impression. The document requirements for wallet KYC is different for the USA and Canada. The thumb impression is also used for payment verification.

Add Funds to App Wallet

The app uses ACH and EFT methods to transfer funds from the user’s bank or credit card. The users would be able to add and store multiple bank payment options and cards for adding funds to the wallet.

Invite Friend

Using this function, the users can invite their friends and known contacts to download and use Pay By Check. This will allow them to earn some points or wallet cash.

Commission for App Owner

This feature helps the app administrator to set the commission on every transaction. There is an option where the admin can set the commission percentage, which will then be applicable to every transaction

Amount Limit Management

The administrator of the application is able to set limits for unverified bank and credit/debit cards. Therefore users are able to upload funds up to the assigned limit, but they cannot cross the assigned fund limit until they have verified their card using the IPV or the MDV process.

Business Benefits

  • Market Presence Over Two Nations with One App
  • Enabling Intra-Currency Transactions
  • Straightforward Profit Stream via Commissions
  • Premium Security Functionalities
  • Instant Return on Investment

User Experience

Project Management Approach

For the project execution, we utilised a mix of DevOps and the Agile project management approach. Agile allowed us to divide the project into several sprints, making changes welcomed during the development process. Whereas DevOps allowed us to speed up every sprint development. At the time of project initiation, Pay By Check didn’t have clarity around their requirements. This is the primary reason why we opted for Agile, as it enabled us to help them and iterate towards the ideal set of requirements for the Pay By Check wallet.

Agile helped us throughout the project, especially on instances where the client introduced new features and functionalities. One such change was to modify the KYC process by introducing a document scanning feature, in addition to document upload.

Most of our sprints were scheduled to last a week. Hence, we conducted a scrum at the beginning of every week, enabling us to invite the client to give feedback on the deliverables.