The drift towards digital payment is in fact becoming much admired by the people. Especially, people staying in developing countries like our India are using the e-wallet mobile applications immensely. And, in the coming days the usage of these apps would increase substantially. Digital payments would definitely show a significant spike in terms of figures says a recent survey – 720 billion USD by the end of the current year.
If you are interested in getting an e-wallet app you can contact e-wallet app development company to get your work done.
What is an e-wallet mobile application?
E-wallet is a kind of prepaid account that permits to carry out the necessary transactions in a digitalized manner. People are becoming used to cashless transactions and hence e-wallet mobile applications are successful.
How does e-wallet system function?
E-wallet is an application and through the below ways the system function:
E-wallet operates by permitting the user to send and receive money via digitalized gadgets. Here the money is transferred immediately and in a secure manner. Therefore, the receiver receives the money into their respective e-wallet account at the other end and is acknowledged via SMS.
There are many ways by which money can be sent such as from banking app or internet banking or through ATM.
Let us know the basic working model of the e-wallet app:
As we know the e-wallet app consists of two interfaces. User and admin interface.
User interface features:
This basic step is common for any app to start off with. It includes the registration of the user details by either social media logins – exporting the details or by filling up the fundamental information. Users might need to verify their account details and so on.
This is the crucial feature where the user can fill up the bank account details and moreover registration with a specific bank is also permitted in order to perform transactions.
The user can transfer the money from the bank whenever required and also if the automatic payments check box is ticked then there is no need for performing manual transfer when required. The system does the function automatically.
If the user wants to perform a particular transaction I.e. if he/she would want to send money to another user, the job can be done simply by giving the account info or the contact number of the receiver and hence the money is transferred in a simple way.
The user can receive the money from the users who use the same app by this element. Through various way of recognizing methods such as contact number, account details or via QR code of the user, the payments can be accepted and thus received.
-Mobile recharge/bill remittance.
This feature enables the user to recharge their mobile phone numbers or pay bills by just using the e-wallets money or using their bank money as well. Moreover, if the user has the necessity to make payments for third party members, then also the feature can be used to pay bills and so on.
This element would let the user know about the transaction history which the user has made. It aids the user to look or refer to any transaction made when ever needed.
Tickets can easily be reserved using the e-wallet app. The user might have the need to book a train, bus or flight and the bookings are quite easy using the e-wallet system in order to avoid the long queue.
-e-wallet to bank.
If the user wants to transfer the money from the e-wallet to the bank, the process just requires the account information of the specific user and the transaction happens quickly. Therefore, the receiver gets his/her money credited to the bank account.
Online shopping can be made by the e-wallet users such as if they want to shop household products, clothing, or any product.
This feature allows more users to use the app.
This attribute permits the admin to flexibly use the application and maintain all the details of the users and hence if the dashboards are configurable, then the job of the admins would be made easy as they can personalize respectively.
Admin publishes the discounts or offers whenever required.
All the users who have registered with the app would be tracked and monitored by the admin.
Admin makes sure that the net profits which are gained are regularly tracked.
According to the reports received, the admin has the authority to block the account of the user if the etiquette of the user is not good.
These are some of the most basic attributes which any e-wallet app consists of.
Let us have a look at some of the extra features.
-QR code – this feature as discussed above allows the user to accept the payments.
-Camera – in app camera element allows the user to scan the QR code and moreover permits the user to scan the necessary customer documents – KYC and upload them.
-Receipts – These receipts come in the form of digitalized slips which can be sent via e-mail or so.
Hence, there are many other significant attributes which can be incorporated in the app.
How much does it cost to develop e-wallet mobile application?
Let is now discuss and look at some of the most prominent factors on which the cost depends.
- E-wallet components.
If you would want to get a basic app designed, then the cost would be probably less. At the same time if you want to incorporate more added features then the cost is going to be high.
- Of course, if you would want to get the app implemented on iOS and Android, the cost would be substantially high. But, implementing on both of these platforms is the best option so as not to lose any kind of user. iOS app development cost is relatively lower when compared to android app.
- This is another factor because the rate per hour of developers vary from location to location. India is the best country to get the work done and you can hire mobile app developers to get your app designed as you need.
- Development cost relies on front – end and back – end developments. Another important factor is which kind of technology is utilized in order to build the mobile application. You can approach any e-wallet development company to seek advice as to which kind of latest technology according to the platform to be used.
- For the app to function, data needs to be stored and therefore the best database needs to be picked up.
Rough cost estimate to build an e-wallet app.
An app which consists of basic components would cost you around 20,000$ to 25,000$. If you are looking for more customized and advanced features then it might cost you around 100,000$ excluding marketing and maintenance costs. If the app requirements hold complex attributes to be incorporated then the costs might go up too.
Digitalized payments using e-wallet apps have made the lives of the people easier. From using the e-wallet app to transfer money to paying bills or shopping online has made the process simpler.
It is a good thought to get an e-wallet app built as the app has the potential to generate high returns.
In case you are looking for a renowned e-wallet app development company you can contact Next Big Technology for further information. At NBT, our expert developers have extensive experience in the field of mobile and app development and can customize your requirements as per your needs.