When talking about the trends, one thing we need to keep in mind is, being digital is the need of the hour. The grocery store, stationery shop, general utility shop all can now fit in our palms. With everything going over the internet, one thing that has seen great demand in the market is the E-wallet app. According to a report, by the end of 2023, the global E-wallet market is expected to grow USD 2.1 trillion with a CAGR of almost 15%.
E-Wallet App Development
With such escalation rates, the eWallet mobile app development has become one of the most trending industries these days.
As eCommerce and digital economy call for new payment methods, it is important that the E-wallet app you want to develop is ladened with great features and is future-ready. With the outbreak of the pandemic, the online-only shift of the customers has encouraged them to make transactions online. Thus, no matter if you are running a retail counter, a grocery store, or an online eCommerce portal, mobile eWallet is turning out to be a necessity for the economy in the present day.
When you hire an e-wallet app developer, the first thing they do is prepare a roadmap and stick to it to conquer a high user base. Before your developer decides the features of your e-wallet app, you need to decide the type of e-wallet app that would suit your business. Here we discuss various e-wallet apps that you can choose from.
A closed e-wallet is the one where the user can facilitate the payment to the wallet issuer. These are of great importance for the service providers who often credit discounts and rewards in users’ accounts. The only issue here they are restricted to the wallet issuer only. For example, Amazon Pay, Nykaa Store, etc.
These are the ones where the user can make transactions with various platforms that the issuer partners with. It makes it easy for the user to install one app and pay over various platforms.
Along with the closed and semi-closed wallets, open e-wallets lets you withdraw money from ATMs or Bank correspondents. Like Google Pay, PayPal, etc.
So, before you move ahead with the features that are to be integrated with your digital money app, define the type.
Now that you are sure about the type of app that you want, let’s see the key features that you can cover here.
Instant Payment: It is of sheer importance that the transaction is completed within seconds. A mobile application is expected to make things easier and faster.
Transaction to and from Banks: It is important that your app can be used for seamless transactions from the bank accounts.
Bill Payments: Let your app remind people of the regular payments like mortgages, loans, rent, tuition, EMIs, various bills, etc.
Contactless Merchant Payments: It is important that the app is integrated with NFC and QR code to avoid any sort of payment that requires contact.
Easy Registration: It is important that your app is worked on really well. It must be easy for users to register and use the app.
Rewards, Coupons, and Discounts: Who doesn’t know the power of Rewards points and coupons? Offer your customers some reward points, coupons, and discounts that would increase user interaction on your app.
Cash In/Out at Bank Branch or ATM: Let your users have the ease of withdrawing money contactless with just a few taps on their phones instead of physically using the cards for the same.
These are some basic features that you need to integrate with your digital wallet app. Along with this, there are a lot more features that you need to consider which you can read here.
When you are working on an app that deals with finances there are a certain number of risks involved with it. Let’s check the challenges of developing an E-Wallet app.
Challenges of Developing an E-Wallet App
When working on the e-wallet apps there needs to be precision and special care of security. Here are a few challenges that developers need to fight when talking about E-wallet app development.
- Regulatory Compliance: If money is involved there, there has to be strict regulations. It is important that the app sticks to both financial and consumer-based regulations.
- Fraud Risk: Fraud risk is one of the reasons why people avoid digital wallets. Look for a company that provides GDPR compliant solutions.
- Customer Mindset: A lot of customers find it of no use. It is important to expand the mindset of customers.
- Lack of Trust: Not a lot of people trust online wallets. People need to be told about the importance and ease of using a digital wallet.
These are the major challenges that need to be overcome when you are coming to the market with an e-wallet app.
Technology has seeped into every field of our lives and e-wallets are no different. Let’s further discuss the top trend in digital wallet app development.
Future Trends of E-Wallet App Development
One can use biometric authentication before making payments. This could be fingerprint recognition, face recognition or iris recognition. The only reason this is a growing trend is cyber theft and fraud. Since this involves individuals’ characteristics it can help combat problems like customer trust.
Now that we have addressed customers’ insecurity let’s talk about the retailers. To affirm the transaction is made shopkeepers can use smart speakers that would work on voice commands.
A report by business insider states, by 2022, almost 77.9 million people will use the smart speaker payment systems as compared to 18.4 million in 2017.
This is one trend that has taken the world by storm. NFC card machines use a close proximity RF identification for payment.
It lets you allow safe and hassle-free online money transfer. It is predicted by 2027 almost 36% of the payments would be via NFC.
A lot of eCommerce websites are now using AI-based bots to help the customers deal with payment related issues.
Some of the organizations dedicated to E-wallet development are trying and experimenting with automatic mobile payment capabilities using AI.
Boost international Remittance
A lot of countries have included International Remittance as a part of their GDP. It is the transfer of money from someone in a foreign land to their loved ones in the native country.
Using e-wallets for such functionalities has made things quite simple for people around the world.
These are some interesting trends that drive the e-wallet industry these days. So, you can always trust technology for digital payment methods.
The Final Words
If you need an E-wallet app for your business you have all the details here. Hire an e-wallet app developer who is reliable and can understand your business and its needs well. A little research and you have the best results integrated with your business.
Author’s Bio: Scarlett, is a technical content writer working with A3logics for a couple of years. She has documented several e-wallet development projects over the years. Technology always has her ears. When not working at her writing desk she is often found enjoying coffee in the nearby cafe.