E-wallet App Development: Cost and Features

In recent years, people have gone digital in every aspect, whether it is using mobile apps for doing every single chore, transferring funds, or making payments.

Now, nobody carries cash with them, instead of that, they prefer to use eWallet mobile apps to make payments anytime anywhere.

There can be seen a drastic change and people going from old conventional purchasing approaches to new digital payment techniques. eWallet apps like Paytm, MobiKwik, PhonePe, etc. are making their place in people’s lives at a fast speed.

But do you exactly know what is eWallet application? Or why there is so much demand for eWallet apps from businesses. Let us tell you the phrase ‘eWallet’ refers to a digital wallet holding funds online that people can use whenever they want.

These eWallets are used in a similar way to online banking and with this, users just need to add money to these wallets to spend it.

eWallet can be also connected with different bank accounts so that users can spend the money without adding it to the wallet. While using eWallet, payment can be done by entering the number of payees or scanning the QR code. It has led to less time in transaction processing to provide convenience to users. ??

Read Also: How to Develop a Barcode Scanner App?

eWallet apps also fetch users’ financial information but with the utmost security. Any information entered by the user is encrypted and can’t be accessed by anyone.

Cost to Develop an E-wallet App

Before obtaining digital wallet app development services, it is necessary to know about its estimated cost. The overall cost can vary according to different factors comprising the complexity of features, platform compatibility, design requirements, location of the development team, and other services like third-party integrations.

On average, the cost to develop an eWallet app like PayPal will range from $25,000 to $50,000 with core features only. However, if you need to add some advanced features, the cost can go higher than projected. ?To create an eWallet app on a decided budget, you need to have limited features and functions based on your specific business requirements. ?

Must-Have Features to Add in eWallet Application

So far, you have got an understanding of what is eWallet app. Here you will get to know about some imperative features of the eWallet app. You can hire a top-notch mobile app development company to get assistance in the process and overcome the challenges. Keep reading the article to know about those important features- ?

• Simple Registration Process
• User-Friendly Interface
• Digital Payments?
• QR-Enabled Technology
• Streamlined Payment Process
• Real-Time Chatbots Assistance
• Virtual Card Management
• Analytics-Based Dashboards?
• Rewards & Discounts?
• In-app Camera
• Push Notifications?

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1. Simple Registration Process

An easy registration process allows users to create a profile quickly and start using the e-wallet app. To make an account, they can use their basic details such as name, email, contact number, and password. This feature saves the time & effort of users to submit the information again and again. ??

2. User-Friendly Interface

A user-friendly interface is built for facilitating users with effortless navigation and intuitive use. By integrating innate and sleek design, it is easy for users to access features, view account details, and manage transactions without any badgers. An appealing eWallet app design is helpful to provide a smooth experience for users of all levels of technical expertise. ???

3. Digital Payments

Multiple digital payments are the reason for an increase in the eWallet app development cost. but this feature is worthwhile as it enables users to make transactions securely. It works as an efficient and convenient way to pay for services they are availing of or to any of their friends.

Users can also link their bank accounts or can use their credit/debit cards or can add money to their wallets to make hassle-free transactions. ??

4. QR-Enabled Technology

The incorporation of QR-enabled technology allows users to pay quickly and securely. Users can scan the QR code of the payee to make easy payments or transfer funds. This feature modernizes transactions, augments users’ convenience, removes the need of carrying physical cash, and so on that making it a valuable addition to the eWallet app. ?

5. Streamlined Payment Process

It is one of the important digital wallet app features that enable users to make payments smoothly. It makes the payment flow easier by shortening steps and eliminating the requirement for manual input. With this, users can securely submit their details to make transactions. ?

6. Real-Time Chatbots Assistance

To make an eWallet app successful, it is necessary to add the assistance of a virtual chatbot. It helps to solve all the queries of users instantly related to transactions, accounts, or payments. Through this feature, businesses are able to provide guidance and support to users.

7. Virtual Card Management

The virtual card management feature is the useful one that makes the payment procedure easier for users. Here, users can create and simplify virtual cards by generating unique card details comprising card numbers, CVV, and expiration dates for augmented security. Users can also set spending constraints, deactivate mode, and view history to make the processing simpler. ??

8. Analytics-Based Dashboards

You need to hire eWallet app developers who are experts to include this one of the amazing eWallet app features. It provides users with complete insights and data visualizations. This way, users can track their transactions, spending habits, and financial trends with the help of graphs and charts to make informed decisions. ??????

9. Rewards & Discounts

While making transactions and payments with the wallet, users can get discounts and earn reward points to use next time or get cashback. It helps to make the user experience better and make them use the app again.

10.?In-app Camera

This feature enables users to capture and upload photos of invoices, receipts, or any required documents within the app. It makes the process easier and organizes financial transactions facilitating users with an easy way to track their spending and collect necessary documents digitally.???

11.?Push Notifications

Any eWallet app development company you hire will suggest you integrate this feature so that you can easily inform or alert the app users about significant details. It helps to send real-time alerts and updates regarding account balances, paid transactions, bill reminders, promotional offers, and other security alerts.

Conclusion

In the above article, we have written down all the important features to add to the eWallet app. You need to be careful while choosing these features as they can have a great impact on the overall cost to develop a digital wallet app.

Conduct thorough research about the market and competitors according to your niche, knowledge, and budget to get to know about the most significant features to add to the app.

To get an idea, you can also get help from our curated guide about essential eWallet app features. These penned-down features will assist you to experience tremendous success in the world of digital payment.?