Essential Things To Remember For An eWallet Mobile App Development.

The past few years have seen a steep rise in all sorts of digital payments. Also, amid the current situation of the coronavirus pandemic, the world has realized the need for contactless and cashless payments.

The pandemic has led to a dramatic increase in the daily active users of one of the most popular eWallet apps, PayPal. The following image will show you how:

But out of all the available online payment mobile apps and eWallet mobile apps, only a few can make their remarkable place. How do they reach such heights? Well, they keep in mind what exactly their customers want. Also, they choose the right mobile application development company for the development of their app.

Following the growth of digital payment apps like Google Pay and PayPal, and in response to this growth, many startups have built their app platforms. If you have landed on this page, you must be planning to create your eWallet mobile app.

Here is a list of seven essential things which you must incorporate in your eWallet mobile app to make it stand out and compete with other prevailing apps.

According to the latest mobile app stats, market research future estimates that the eWallet market will rise at a CAGR of 15% and is expected to reach around USD 2100 billion by the year 2023.

Top features required for an eWallet mobile app development.

Let us discuss the module wise essential features to make it easy for you to understand. Also, when you hire mobile app developers, you will be able to explain to them what exactly you want.

Must have basic features of a digital payment app.

Registration: The customer must be able to register by providing their email address or mobile number, which is directly linked with their bank account.

Login: Once registered, the user must be able to log in to the app as easily and fast as possible. For this, you can incorporate fingerprints, face recognition, or 4-6 dig pin code.

Terms and conditions: The user must be aware of the terms and conditions of the app. For this, during registration, you can take their agreement.

Payment: The mobile app user must be able to do all sorts of transactions using just one payment app—for instance, mobile recharge, ticket booking, shopping, etc. Sending and receiving of payments is also a must-have feature.

Cashback and Rewards: For increasing customer engagement and usage of the app, many eWallet mobile apps provide cashback, vouchers, and reward points to their users.

Referrals and Invites: These two are the key to the free promotion of your mobile application. You can give a small reward on every reference accepted to both the receiver and the sender.

Functionalities: Since the app is being created for the mass, the features of the app must be user friendly. All age groups prefer easy-to-use apps. And this is what we want. Isn't it?

Feedback: You can ask the user to give their feedback after every transaction or after every five transactions. This will help you to improve and work upon the lagging areas of your eWallet mobile app.

Transaction History: Generating a passbook for every account and sending monthly statements to their linked email address will help users to keep track of their transactions easily.

Multiple Bank Accounts: These days, most of us own more than one bank account. The app must allow the user to add more than one bank account linked to the same mobile number and id proof.

Initially, the mobile app development company you choose can assist you in getting in touch with the famous and mighty banks. Once the app gains momentum, you can tie-up with all the banks.

Did You Know? As per Statista, Paytm has seen a 33% of growth in its use due to Coronavirus pandemic.

The features mentioned above are a must-have in our eWallet mobile app, but there are certain advanced features that you can add to make your app excel.

Security:

Security is the area which requires attention as we are dealing with online money transactions. The key points which need to be secured are:

Identity theft or cloning of identities

No access to the app without correct pin code, fingerprint or face recognition. Wrong attempts might block all the services.

Interception of any suspicious activity or threat and sending a mail to the user's registered mail id.

Detect and stop if any data breaching is happening.

The app must remind its users about threats and safety measures like not sharing OTP and bank account details from time to time. This will save them from any forgery.

App UI:

Every app owner wants his app to perform the best. But only a few succeed. Do you know why? Well, they understand human psychology. Whichever app pleases our eyes and has easy to use features, we tend to use that app more.

This is why, while designing the UI of the app, special care must be taken. You must hire mobile app developers who have years of experience. Because no matter how hard you try, if the outlook of your app is not perfect, your app will fail.

The user must be able to navigate to the desired page in simple clicks. Also, the design must not fail to match the trends of the market. For instance, currently, dark mode is becoming very popular, and so all the apps are incorporating it in their apps.

Services Provided:

If you observe the well-established payment mobile apps, you will notice that these apps started with limited services and later expanded to more. You can follow the same. This will help you save development cost and development time.

Also, it will give you time to work better on sophisticated features based on the popularity of your eWallet mobile app. So at the introductory phase, focus on your niche.

Push Notifications:

Once used for recurring features like bill payments, the app must remind the user about the due dates. This makes the user feel delightful and stress-free.

If your app has an in-built eCommerce platform, then you can also send notifications about any special offer going on, like festive discounts, flash-sales, etc.

Customer Support:

In this competitive world, every service is approaching customer-centric services. Hence, 24*7 help is an essential point. You have to offer assistance to your clients whenever required.

The issue may be regarding payment or some other administration. If during the initial phase, providing 24*7 human assistance is not possible, then you can add chatbots to your app.

Confused what a Chatbot is? Well, a chatbot is an AI software that is capable of simulating conversations with users that too in natural language using a chat window.

Now that we are talking about a customer-centric approach let us take a look at what a user expects from an eWallet mobile app.

What users expect from an eWallet mobile app?

The ways to add funds:

You must offer your user the choice of adding more cash in their eWallet. The user can do so with their debit card and utilize a 3D pin password. You can also allow the use of the ATM pin to add cash. Generating OTP can also be a more secure option.

Option to send cash back to bank account:

There are times when users want to send the eWallet money back to their bank account. Providing this option will ease their work. This will also be a beneficial option for merchants. The merchants will be easily able to transfer all their funds to their bank account.

Flights and train ticket bookings:

With the development of technology, many digital payment apps like Paytm started offering online booking of flight and train tickets within the app itself.

Similarly, you can also add this feature to your app. This provides a one-stop solution to the user.

Provide an alternative for other eCommerce sites:

From a user's point of view, if he is getting every facility in one place, it saves him from switching between apps and providing online shopping features like clothing, electronics, and accessories.

Choice of language:

Giving a progression of different styles as an option is needed in the app. Hence, the client must be allowed to choose his primary and local language. In this way, the user finds the app UI more friendly and easy to use.

To gain popularity, you can ask the developers to add all the regional languages like Indian regional languages. You can also get in touch with top mobile app developers for help.

The dashboard:

The user must be able to navigate to all the facilities using this dashboard. All the settings must also be provided to him on this dashboard.

As per Worldpay's Global Payments Reports of 2018, e-wallet transaction tops the e-Commerce payments with 36% of sharing, and it will grow further with 47% of sharing by 2022.

Also in 2018, 16% of global POS payments were made through e-wallets, and by 2022, it is expected to reach 28% making it the second most used method for Point of Sale transactions.

In A Nutshell.

Carrying money has never been this easy before the introduction of eWallet mobile apps and other digital payment methods. Almost all of us have realized how safe, secure, and fast eWallet apps are. The mobile wallets allow you to send and receive money through your smartphone. This is termed as P2P or phone to phone money transfer.

After considering the increasing popularity of these apps, financial companies, telcos, banks, and eCommerce businesses are some of the sectors that cannot afford to ignore the revolution any longer.

The key features mentioned in this blog stress on the creation of customer-centric apps that makes transactions easy and quick. For this, you can get in touch with the best mobile app development company in India. Only an expert can help you come up with expert solutions. Cheers!