What Features Consumers Desire In Your E-Wallet Application?

The acceptance of contactless and cashless payments has grown in recent years, which has led to a rise in the need for ewallet app development services. Plastic cards or smartphone apps have replaced the traditional cash payment system with the modern, technologically advanced transaction methods.

The demand for e-wallet apps is increasing with time. It is estimated that by the end of 2023, ewallet will witness rise in CAGR from 15% to $2.1 trillion, which shows how generously users use these apps. A recent report from Allied Market Research states that the global e-wallet market was worth $1.40 trillion in 2020. It is estimated to reach $7.58 trillion by 2027, with CAGR of 24.8% from 2021 to 2027.

E-wallet apps are developed using agile methodologies and latest technologies. Read this artice and know about the key features ewallet apps along with its cost.

Essential Features That Makes The Best E-wallet Application

Nowadays, users are empowered with the latest technologies and are embracing solutions to tackle their finances conveniently. The emergence of E-wallet apps has added to this initiative, making it a popular mobile payment trend. E-wallet apps like Paytm, Paypal and other digital apps are witnessing a boom and evolving rapidly.

Despite being equipped with the basic features, it is observed that modern e-wallets are required to facilitate several financial tasks to earn maximum ROI. The extensive list of features should be integrated into ewallet app development to ensure its success. Take a deep dive list of the features that e-wallet apps need to incorporate to attract loyal customers.

Self-Registration for Smooth Onboarding

Checking customers' IDs and asking for their financial information is an essential requirement of the Fintech industry; for this reason, e-wallet service providers ask for customers' data. Some users find this process tiring and troublesome, encouraging them to leave the app during registration. Further, the user interface and experience are vital to keep the onboarding process interesting. That's why, the e-wallet app development providers must provide users with a seamless onboarding process.

E-wallets should allow their customers to verify their identity by uploading pictures of their documents with the e-wallet app. Usually, the registration follows the following steps

• Download the app
• Follow the KYC
• Verify the email and phone number through OTP
• Set up the password and login
• Link cards to the app
• Add the money, not the wallet.
• Contactless Payments Methods

It would help if you focused on developing a mobile e-wallet app that provides multiple payment options to the users and ensures effortless transactions. Merchants are adopting emerging financial technologies to facilitate cashless payment methods. Contactless technologies such as NFC ( Near Field Communication ) and QR technology are pervasive nowadays and contribute to providing enhanced user experience.

E-wallet apps are utilizing QR technology to enable quick and hassle-free transactions. Users are required to scan the QR code of the merchant's counter through their e-wallet app. Digital wallets have eliminated the need to carry cards and provide payment information. These transactions are secure, reliable and efficient. Thus, including such technologies in your app will benefit you.

Chatbots For Real-time Support

Not everyone using an e-wallet app is tech-savvy; they can need assistance anytime, anywhere. Integrating a chatbot with the ability to respond quickly to customer queries will significantly help businesses and customers. The chatbot allows the customers to ask questions, report issues and get information about other things related to products and services. Direct communication results in better user experience and increased user engagement. Such features will improve your e-wallet app's trustworthiness and help you get a higher retention rate. Collaborate with an app development company that can offer a wide range of ewallet app development services.

Peer-to-Peer (P2P) Payments

Bill splitting, paying back to friends, sending money at home, etc, have become very simple and convenient, thanks to the e-wallet apps. The P2P payment method is the most used and popular feature of e-wallet apps that allow users to send and receive money directly to/from their contacts. PayPal is the most well-known example of implementing this feature. Millions of users are using the e-wallet for personal and professional purposes.

Bill Payments

An e-wallet app should serve more purposes than just being a P2P payment method. Modern customers prefer features that enhance utility, including paying mortgages, rents, utility bills, loans, prepaid/postpaid mobile bills, and other financial services through e-wallets. It can be made possible by collaborating with third party service providers to enable secure and easy payments.

Increasing the app's utility allows users to spend their e-wallet money and encourages them to store money in the mobile wallet. As a result, you can create a solid base of loyal customers who can promote through word of mouth.

Security and Data Integrity

As the popularity of e-wallet apps increases, the concerns related to the safety and security of the app also increases. Therefore, security is the top priority for the development of e-wallet apps. Regulatory compliance and customer acquisition are the prominent aspects of the e-wallet app's security. Applying security measures is the most important part of the app development cycle to prevent data and transactions from unauthorised access.

Multi-factor authentication, tokenization, end-to-end encryption, PIN-generation authentication, etc., are some security strategies adopted by the fintech industry. Payment gateways like PayPal, Braintree, and Stripe have enabled robust security features with a powerful authentication mechanism, making their e-wallet system one of the most secure. Thus, the E-wallet app can only be accessed and used for transactions by authorised users.

Cost of E-Wallet App Development

Developing an e-wallet app is a one-time investment that will benefit you in long run. The cost of app development can vary as per the different requirements, and some factors are pointed out below:

• The framework used for developing the app affects the development budget. For instance, if cross-platform frameworks like Flutter or React native are used, the production cost is reduced. It allows the creation of apps for both iOS and Android using a single code base.

• Simple mobile apps with basic features cost less than e-wallet apps with complex features integrated with AIML, AR/VR, etc.

• App testing and post-app launch facilities like marketing

• UI/UX designs of the e-wallet application also impact the development costs.

• The experience and team size of an ewallet app development company should also be considered.

The average cost of app development can lie from $15,000 to $25,000, which can even increase to $150,000, according to the abovementioned variations.

Also Read: What are The Costs Of An eWallet Mobile Applications

Conclusion

E-wallet app innovations have completely changed the market by offering faster, safer, and easier payment options. Because ewallet app development has made buying and selling more accessible, they benefit users and merchants. Combining technology, finance, and consumer convenience might completely transform the fintech sector. You must now enter the fintech market and expand your firm since there is countless untapped potential. You can hire e-wallet app developers and align your business goals with technology.