For as long as we remember, governments across the globe have tried to curb the use of physical currency notes due to the incidents of forgery and currency hoarding! Also, managing physical currency is an expensive task as most of the currencies are made from paper; they are more susceptible to tears and deterioration. And the worst part for governments and financial bodies is that keeping track of physical notes in the economy is almost impossible.
Because of constant efforts from economies and financial bodies, there has been an incessant evolution in the Digital currency methods. Right from debit and credit cards to net and mobile banking to POS and mPOS technologies to UPI, the world has witnessed many newer and safer methods of digital transactions and the next in the evolution process is the eWallet Mobile Application.
With giants like Google, Alibaba, Apple, Amazon and others already investing in this technology, the eWallet mobile apps have a bright future. Even the statistics suggest that the digital wallet users will double by the end of the year 2020 in comparison to the numbers in 2018. It is estimated that Apple Pay alone will have 227 million active users worldwide by the end of 2020! (Source)
So, if you are planning a mobile application that could appeal to the masses, here is the best business idea that you could invest in and gain maximum traction from it! But to ensure your mobile app’s success, you have to plan your application in a way that it represents three main traits to the users that are relevant, futuristic and secure! And to help you make an effective strategy for your application, we will discuss on application features that can ensure all these three traits!
Essential Features of an eWallet Mobile Application that makes it secure, relevant and futuristic:
Features that make your eWallet Application Relevant:
These features are the bare minimum for any eWallet application to make their apps relevant to their potential target audience.
The first thing that your app must have is safe and easy on-boarding on your eWallet Application. When you plan for eWallet mobile app development, ensure that your signup process is secure and there are quick sign-up options.
Bank account link:
The second is about linking your bank account with your eWallet. Keep in mind that not all your users are tech-savvy and thus, create a detailed guide to make your users understand the bank linking process.
The app must allow users to send and receive payments. But when you plan this module of your Digital Wallet Mobile App, make sure you plan your User Experience thoroughly and after proper market research and customer insights study include UI elements and functionalities that make the payment process easy, fast and secure.
Right from bookings to bills; try to include every major organization and billing portals on your platform to make your eWallet Mobile App more relevant for your users. Aim to make it a one-stop solution for all their digital financing needs.
Passbook (Transaction History):
Let your users have complete access to all the transactions along with narrations to help them track their expenses and transactions. You can also give filter and search options for quick access.
Apart from transactions, also provide a history of all the orders that were made using your eWallet Mobile App so that the users can keep track. You can also collaborate and integrate order tracking APIs for your customers.
Features that make your eWallet Application Secure:
The best way to ensure digital payments is when you don’t have to share your details at all! NFC stands for Near Field Communication which is a technology that runs on Radio Frequencies. The technology enables customers to make contactless payments without sharing any details. All you have to do is take your device in the close proximity of the NFC reader and the transaction will be carried out.
QR Code Scans:
QR codes are another way of making contactless payments and that too in a long distance. All users have to do is create a QR code to request payments from other users and they can then send the QR codes directly to the person they have to receive payment from or can also share it on Social Media platforms as a secure way of payments for mass donation or contribution appeals.
When direct payments are made on stores, the tokenization can be a great feature for security. It sends a One Time Code to the merchant and only once it is verified the transaction is processed.
Face recognition or fingerprint unlock and payment confirmation:
One of the most secure way to ensure that it is the user who is authorizing the payment is the one who is accessing the application for balance check and transaction history, provide fingerprint or face unlock compulsion. For the unusual case scenarios, you can also allow Password logins.
Features that make your eWallet Application Futuristic:
Introduction of Blockchain Technology:
Blockchain is one of the best technologies that make the transactions encrypted and secure. Security is the future of digital payments and if you wish to make your app future proof where there would be many government norms that your app must comply with, Blockchain is one of the safest technologies to bet in.
Technologies that encourage contact number free payments:
The majority of scams that are happening worldwide in terms of digital payments are based on users unwillingly sharing confidential information with hackers and scammers. With contactless payments where users just have to tap their phones or keep them nearby, there are negligible chances of fraud.
Features that make the app relevant and secure:
The industry is growing and UI and UX play an important role in it. Keep updating your app’s UI and UX to make their experience delightful and ensure that your features are secure. Data security is at utmost priority in Digital Wallet Mobile Applications and thus, every futuristic move must start with security considerations first!
The Cost Estimation:
The cost of developing a Digital Wallet Mobile Application can range from $50,000 to $200,000 depending on the technology, features, functionalities, updates and resources you hire. Also, it is not sensible for an appreneur to believe in an average application. If you truly wish your app to become profitable and successful, you must have your UI and UX plans along with unique features to define the user journey and to create a distinct entity. Thus, instead of relying on false estimations, you must plan your application first and based on that get a personalized quote from eWallet Mobile App Development Companies that have the required technical skills and domain experience.
The market is huge and so are the opportunities to make a fortune. Although the application demands a lot of attention and technical finesse, it is one of the most demanding mobile applications that would grow in the future especially after this COVID-19 Pandemic that the world is enduring. All you need is a Technology Partner that can execute Digital Wallet Development and help you build a profitable and scalable mobile app platform.