Digital payments are nowadays a sensation for the entire world. We are able to move past the conventional norms like paying cash for an advanced technique like internet baking along with credit & debit card payments. Technology is an ever-increasing evolution that has offered people with the e-Wallet mobile applications that have now set a benchmark in the digital world.
An e-wallet is the digital version of real-life money wallet where you can keep the money for purchasing numerous services and goods. This concept offers a much safer network for making payments and is considered to be dependable & quick. Users can make offline & online payments with extreme ease nowadays due to the emergence of such technology.
The digital wallet stores numerous digital currencies as well such as membership cards of a club, bitcoin, details of loyalty cards & a lot more. These apps are best sued while shopping online where the payments can be disbursed through a QR code or registered phone number.
In the current times, there are manifold successful projects on mobile wallets that the world is aware of. Some have more than 600 million global users while other apps carry a figure of 300 million.
As per recent surveys, it has also been estimated that the e-wallet market will hike at a CAGR of about 17% & is anticipated to reach about $2400 billion in a time period of six years.
There is no doubt about the fact that mobile wallets are the most convenient way of making purchases. Here is some relevant information on the features and cost for the creation of the e-wallet business model. Few common key features are:
- Storing money in mobile wallets
- Manifold debit & credit cards & bank accounts can be added to the apps
- Transferring money from wallet to other accounts is possible
- Utility bills can be paid online
- POS integration is possible
- Every day expenditure can be tracked with tracker tools
Extending significances with advanced features
You can make the most out of your e-wallet mobile app with these following features:
- Virtual card & wearable device integration – Generating a virtual card such as credit & debit card is possible with virtual card integration.
- Digital wallet software enables the linking of the application with wearables that helps in conducting numerous sorts of payments. This offers users with convenience.
- Cloud system – With this feature, faster transactions in a secure manner is possible. The cloud technique lets you access data & capture the attention of more users.
- Data management – With this feature, e-wallets can be registered with social media accounts & cell phone number.
Cost for E-wallet app development
When thinking of how to start e-wallet business, you need to analyze the costs first. However, the cost is varied for different countries. Let us have a look:
- India being the most affordable place, an e-wallet business model over here will cost around $24 to $70 per hour
- In USA, the cost is estimated to be around $140 per hour
- In Australia, the approximate quote will be $180 per hour
- In European states, the quote will be around $120 per hour
In total, if you are to calculate the entire manufacturing price of mobile wallet app, you will need to disburse around $23k to $45k & for another extensive service in the app, an investment of about $90k to $140k will be required.
However, to receive accurate pricing, it is always advised to consult & avail services from a reliable mobile Wallet development company.
How to build a mobile payment system?
Regardless of how quick the e-wallet market is blooming, many recent surveys have shown that almost 50% of people consider various security issues for not utilizing mobile wallets. Device hacking and stealing of payment data while making transactions are some common issues.
When thinking of how to develop e-wallet, some established protocols & security standards need to be maintained.
- Smartphone device identification by which a user’s e-wallet can be paired with a particular Smartphone
- Payment transactions can be secured with POS terminal interactions with point-to-point encryption
- Tokenization – A user is allocated a onetime number representing the actual debit or credit card number in a particular payment transaction. The respective service provider can only detokenize this token.
Three common detokenization types are:
- Mobile wallet business plan providers tokenize the PAN of the users by default & store that information in cloud (Android) or on device (Apple).
- At the time of online transactions, the user’s full PAN can never be seen by the merchant as it gets tokenized instantly.
- Right after a card is tapped and swiped, the tokenization of the POS terminal takes place instantly.
Steps to begin with your mobile payment app development
- Select the application type first. You need to determine whether you are planning to sell directly to app users or need to utilize mPOS system.
- Make an impact on the price & its efficiency as you decide the approach to your mobile wallet business plan.
- Choosing whether to go with UX or UI design.
- You must be responsible for the safekeeping of credit card data of users after you are done with API integration as well.
- The e-wallet software development model has to be Payment Card Industry certified.
Summing it up
In the current times, more and more individuals are turning towards mobile wallet app simply because of the convenience it provides for making all kinds of transactions. Carrying a physical wallet these days is no longer necessary. In some applications, users can even shop & grab discounts. With this, it can be well understood how much open source e-wallet merchants are benefitting these days. You can also tap on these resources and avail Custom Mobile eWallet Services from topmost companies for the development of a sound e-wallet application. Every business especially the ones associated with retailing must develop one for reaching greater heights. Contact the experts today.