From more than a decade, we have witnessed a digitization era, which has changed our life completely. Just recall the time when we used to stand in long queues for paying bills, buying groceries or in shopping, we had to wait for long hours to pay the bills.
That was time consuming and scary. But today, with technological advancements, trouble-free mobile payments through mobile devices is nothing less than a blessing for us. E-wallet mobile app development have made our life hassle-free, it might be a new thing today, but undeniably it will become the future of payments.
Why is the E-Wallet Mobile App Solutions Popular?
The mobile e-wallet apps offer the most firm and reliable payment solutions and assure that the payments happen rapidly. These e-wallets allow the users to send cash from their mobile devices, directly to the person or any bank accounts with just a few clicks, that makes your transaction smooth and reliable.
According to the marketresearchfuture.com– e-wallet market will increase at a CAGR of 15% during the forecast period 2017-2023 and is expected to reach around USD 2100 billion by 2023.
After witnessing the immense popularity of these e-wallet apps, many sectors, including telecom, banking & financial, and e-commerce sector, can’t even imagine ignoring this ongoing trend for a long time. Missing this elite prospect is like losing business in today’s digital race.
The achievement stories of Paytm or Google Pay are a motivation for companies and entrepreneurs who plans to build an e-wallet mobile wallet app.
Advanced Features to include in Mobile E-Wallet Apps
Here are some advanced features to consider while building a mobile e-wallet app for your business:
- In-App Camera
- Virtual Cards
- Sync Data
- Scheduling Payments
- Cloud-based Technology
- GPS Tracking & Navigation
- Wearable Device Integration
- Digital receipts
How these E-wallet Mobile App Works?
Popular Mobile E-Wallet Apps in India
Paytm- The most popular and prevalent e-wallet mobile app that rules the mobile wallet app industry in India. The app has exciting features through which users can quickly transfer their money into a digital e-wallet and uses it to make payments. Users can pay their bills, transfer cash and also relish the services of ticket bookings.
Amazon Pay- Amazon Pay is introduced by Amazon. It allows users to make payments through their Amazon accounts. It is considered as one of the most excellent digital wallets that also lets fast and suitable shopping at the fingertips.
Google Pay- With Google Pay, users can transfer money to their friends, family and others, quickly pay bills, shop online, and so on. The app securely works with the existing bank account of the users.
PhonePe- PhonePe is another mobile e-wallet app which grows by multiple speed. Users can make secure payments or make recharges through its BHIM UPI and QR code features.
MobiKwik- This e-wallet app is broadly used in online retail stores. Users can easily add money in their digital wallets through their debit cards, and net banking accounts. The app is prominent because of its one unique feature called expense tracker, which monitors the total spends and helps the users to maintain a budget.
PayPal- PayPal is the most traditional app in e-wallet mobile app industry, also known as the granddaddy of online payments. It is the most suitable and secure payment app when we think about shopping online. It is the exclusive app through which you can transfer money and get cash from any US-based bank account or financial entity without any fees or deductions.
Cost of Developing an e-Wallet Mobile App
The development cost of an app depends upon three major factor- App features & functionalities, App Platforms and App Developers. Let’s discuss in detail-
One of the most significant aspects that affect the cost is features of the app which you want to include in your app. If an app is developed with basic features, the cost of development is less, but if you’re going to build your app with advanced features than its price will go high.
Before the development of an app, it is essential to make some decisions clearly that app is built for a single platform or multiple platforms. Platforms, including Android and iOS, have different cost structures, iOS is less costly than the Android platform.
Development cost also varies depending upon the location of the app developers. Some regions have high prices; some have affordable pricing. According to market research, the US has the most affordable market for e-wallet apps, and the developers cost here is ranges between USD 20- USD 50.
The development cost of an e-Wallet app with elementary features will cost you around 25,000 USD to 50,000 USD. But if you go with the advanced features app like Google Pay or Paytm, then it will cost you approximately 100,000 USD to 150,000 USD.
Undeniably, mobile e-wallet apps have majorly changed the way transactions happen. So, escalate your business with these e-wallet mobile app development solutions. Take our mobile app development services and uncover the smartest way of doing a lucrative market for you.