Since demonetization has hit India, having tender or exact change has been difficult. Not only businesses have been affected, but also it has affected our everyday lives. However, all thanks to evolving technology and some masterminds who make the utmost use of it, we were introduced to something known as a Mobile Wallet Application.
In layman language, apps like Paytm, Paypal, PayU Money, PhonePe, Google Pay, and many more of the same are known as mobile wallet apps. They made monetary transactions uninterrupted and our lives simpler. Especially Paytm, they used some brilliant marketing ideas and made the most of demonetization.
If you are highly impressed with these mobile wallet apps and are planning to develop one, we must say it is a great idea. Now that we’re talking about developing a mobile wallet app, let us run you through its fundamentals – the features and commercials.
We understand that you’re curious to know about the costing, however, let’s not miss out on the features. To simplify it, we have divided the features of a mobile wallet app into 4 sub-features.
1. The Solutions:
Near Field Communication (NFC), one of the best technologies that are used for sharing the information and transferring the funds with a really convenient approach. Nowadays, most of the wallets are using the NFC communication channels for making the payments hassle-free.
Bluetooth and iBeacon
It also identifies your nearby friends for making the payments. The Bluetooth and the iBeacon technologies help to make the payment transfers very secured and fast. These evolving technologies are very much embraced by the toady’s user community.
These types of eWallet Mobile apps are mostly used for making the payments with people you frequently meet or the ones who are part of your workplace or social community. Such type of mobile app just requires scanning the QR code of the other user’s smartphone, with whom you want to make transactions in a really smooth and simplified way.
A eWallet Mobile App powered by the blockchain is one of the one evolving trends for making payments. Reason being it is highly secured and immutable. These mobile apps are mostly used by the governmental organisations and financial institutions as they involve huge amount to be transferred.
Such eWallet Mobile Solutions suits best with the business requirements. Simply one business can partner with the other business and the local merchant sections and can transfer the cash very effectively. With the help of personalised mobile apps, transferring huge amounts becomes extremely guarded and it ensures that no third party is involved while making the payments.
2. User Panel:
This is the major section of an app; the user can sign-in with the social network or email account credentials.
Authorise bank account
Users can select the bank details from which they want they want to make the transactions. They can register a particular bank account and can pay with it at any instant.
They can add a certain amount balance in their account according to the number of transactions to be made.
Check balance status
Once all the transactions made, the users can view their account balance and can check all the incoming and outgoing cash flows.
The users can transfer the cash amount to the other concerned users by entering the account details thus, allowing in making the transactions effective and convenient.
Users can pay the bills via their registered bank accounts so as to maintain the track of all the cash flows in a convenient way.
Users can receive the payments as well. Simply by sharing their corresponding account details users can accept the payments in a secured manner.
Under this section, users can see the offers while making the transactions and can redeem the points as well.
All the transactions made by the users are recorded and tracked. The user can search for all the transactions with the advance filters from the transaction history.
Users can invite their friends as well for sending and receiving the funds. This way it really gets easy for them to transfer the amount as and when required without asking for account details the very next day.
3. Admin Panel:
All the users registered with the app along with their profile and other basic information is tracked and monitored by admin.
All the new offers are managed by the admin. Offers related to the referrals, rewards, frequent transactions are governed and monitored accordingly.
Manage the users
All the users that are associated with the app and making the transactions are tracked and monitored by the admin.
Manage the contacts
All the users that are associated with the app, the ones making the payments very often and all the user retention and acquisition techniques are managed by the admin.
Analytics and reporting
All the reports related to the number of users associated, types of offers most availed, number of transactions incurred, app usability and bounce rates and all other important details are generated. Admin can accordingly validate all the reports and can outline certain solutions for augmenting the visibility of the eWallet Mobile App.
According to the user behavior and as per the count of rejected or unauthorized payments processes admin can block the users. In the same way, he can also add new user requests depending on the number of users already aligned with the app.
4. Advance Features:
This is one of the great features of a eWallet Mobile App. Although, adding this feature will raise the cost of your app, but then adding it will significantly raise the visibility and popularity of an app. With the help of GPS, users can locate the nearby users and can make the payment by just tapping on the user name. This helps to save a lot of time as no account information is required to be filled and all the transaction can be accomplished with a very simple and easy approach.
Now while discussing the features of a eWallet Mobile App, the data synchronisation is likely to play an important role. The app is synchronised with your registered social account network and mobile number so as to deliver high-level security and accuracy.
The bank account linked with the mobile number is displayed automatically hence; users are not required to fill the long bank account forms.
So, with this feature users are not required to remember the date for making the transactions. They can simply highlight the date on the calendar. On a particular date, automatically the alert is sent to the users. This way the process of making transaction becomes very easier and keeps the users away from any payment related headaches. They can even share the calendar with their friends as well in order to make the entire payment ecosystem very effective.
The in-app camera comes as the great use in the QR code scanning. With the help of In-app camera, users can send the receipt of transactions to the other users. All the transactions can be confirmed within an app so as validate all the fund transfer requests instantly.
With the help of cloud operations, all the transactions can be stored in a safe and reliable form. The cloud operation helps in augmenting the quality standards of your app and enables the users in making the transaction in a very faster way. It helps to access the data in a more powerful way and captures high user attention.
This is definitely the feature for which the users are nowadays looking for. Users can integrate their app with the smart wearable devices and can monitor all the payments on the wrist. It adds greatly to the user convenience and at the same time defines a new approach and trend for making the payments with a really easy and convenient approach.
Create virtual cards
Almost all you have a credit/debit card. But with the advancement in technology, the eWallet mobile app will allow the users to create a virtual card as well. This virtual card looks very similar to the credit or debit card and can be used within an app. Users are not required to enter the account details, just the username and password is sufficient for making the payments. This can be said as one of the best attributes of a eWallet Mobile App.
Tokenisation: It works great for improving the security of the transactions. It generates a one time code and hides the information pertaining to credit/debit card information from the merchant.
Push Notifications: Push technology helps in keeping the users attentive and engaged. They can be kept informed about the different rewards, points, other deals and alerts the users whenever a transaction is made or requested.
QR code: Simply scan the QR code of the users mobile and make the payments with a highly effective and convenient approach.
Digital Receipt: For all the accomplished transactions, a digital receipt is generated. The same can be shared via Phone, email text or within an app.
Categorisation and portability: Users can categorise the different transactions and card details as per their convenience. They can easily add money and can share it over both online/ offline modes.
Offer rewards on every successful referral. Users get loyalty rewards and at the same time, it helps in increasing the app visibility.
Bandwidth, Twilio – For Push Notifications
Nexmo – For SMS, Voice and Phone Verification
Braintree & PayPal – For accepting payments
GWT – For Powerful Programming
Datastax – For Data Management
Mandrill – For everything related to emails
ZBar bar code reader- For scanning the QR code
Debian – The Universal Operating System
Database – MongoDB, HBase, Cassandra, Postgres, Mailchimp Integration
Cloud Environment – AWS
Real Time Analytics – Hadoop, Spark, Big Data, Apache Flink, Cisco, IBM
Once you understand and figure out what all features you’d like to include in your mobile wallet app, it is time you figure out the costing of the same. It might vary depending on whom you choose to work with – an independent freelance web developer or an accomplished and niche tech company. Whoever you opt for, make sure they’re well experienced and highly trustworthy.
Moving ahead, most of the companies charge as per the man-hours they put in developing the app. In the regions like North America for instance, the price is around $150 per hour, in Europe it is $130 per hour, and in and the companies situated in Australia charges around $190 per hour.
According to the statistics, India is the most affordable county for engineering the quality eWallet mobile apps at the price $25 -$80 per hour.
The cost of developing a eWallet Mobile app is around $25,000 to $50,000 and apps which have extensive features like such as Paytm can cost up to $100,000 to $150,000.
Looking for a company who can help you with all of this? Get in touch with us and we shall discuss your ideas in detail.