The new generation has become more aware of digital wallet apps and their features with almost everyday use. However, changes in our lifestyle lately, with various events happenings in the past few years, have enhanced people’s manner of handling their money.
It has increased the demand for digital wallet apps with every industry witnessing digitalization that offers convenience, hassle-free and swift functioning. Thus, most large & small-scale businesses are switching to online payment modes involving digital wallet applications.
You may build your brand’s reputation by investing in digital wallet app development and generating more profit. However, do you know that digital wallet app development is a tricky task with various challenges? You may reduce these complications through this guide and by hiring a digital wallet app development company. Above all, we will be explaining digital wallet app development in 2023.
What is a Digital Wallet App?
A digital wallet is a software-based system that is an electronic version of a physical wallet. It allows individuals to make transactions electronically. Furthermore, a digital wallet helps individuals access their financial information and quickly pay their bills. Additionally, they may do mobile recharges, book tickets, or make other payments without carrying cash or credit cards.
However, a user must have a smartphone, a payment app, an internet connection, and a linked bank account. Thus, these features assist them in adding money to the application for a digital wallet.
So, digital wallet applications have gained popularity through the various benefits it offers to everyone using them. For this reason, you may now look at digital wallet apps’ advantages in everyday life and hire the right digital wallet app development company.
People may not worry about digital wallet security. The app is password-protected with biometric authentication, adding layers to its safety.
2. Zero Amount Needed
You need not maintain a minimum balance in a digital wallet. Additionally, users can add as much and as little money whenever users wish to use it.
3. Effortless Activities
A digital wallet makes users make effortless and swift transactions as it remains user-friendly. Thus, it is available to everyone at no cost without any fees or additional charges to open your digital wallet account.
You can access a digital wallet anywhere and anytime, promising utter convenience. Thus, users need a smartphone, an internet connection, and a linked bank account.
5. Unlimited Transactions
Digital wallet is trusted by more users daily, allowing them to make multiple transactions. They may use the app to pay bills, complete online purchases, and use it at the point of sale by scanning a QR code or adding a mobile number.
Types of Digital Wallet Apps
Digital wallet apps can have several types with distinct features and advantages. For this reason, you need to hire the right digital wallet app development company to develop your app.
1. Closed Wallet
It is designed to make payments for a particular store, app, or website issued by businesses to sell products or services to potential consumers. Moreover, a closed wallet serves limited audiences as the user can use it to make payments with the wallet’s issuer only, and the amount is stored in the wallet in case of a refund. Ultimately, Amazon Pay and Walmart pay are excellent examples of closed wallets.
2. Semi-Closed Wallet
Did you know that companies accept contracts or agreements with a digital wallet to use the services of a semi-closed wallet? Yes, a semi-closed wallet allows merchants and store owners to make transactions at the listed locations effortlessly. Finally, you may consider Apple Pay and Google Pay as semi-closed wallets.
3. Open Wallet
The most commonly used digital wallet is the open wallet type that enables transactions to a different eWallet using a single platform. Above all, users must have their accounts for the sender and receiver on the same application for proper functioning. Finally, the best examples of open wallet applications involve American Express and PayPal.
4. Cryptocurrency Wallet
Users’ public and private keys are stored as cryptocurrency ownership certificates in crypto wallets. Cryptocurrency wallets allow you to store and transfer cryptocurrencies and can be categorized as cold and hot based on internet connectivity. Therefore, hot wallets are more user-friendly as they have internet connectivity, while cold wallets are stored offline and possess less risk as they require no internet. Lastly, examples of cryptocurrency wallets involve Binance and Coinbase.
5. IoT Wallets
IoT or Internet of Things wallet operates with e-money or virtual currencies. It enables digital wallets on wearable devices like smartwatches, wristbands, or innovative electronic applications like smart refrigerators. Finally, an example involves Fitbit Pay which allows users to access their credit or debit cards via their wearable devices.
Reasons to Develop a Digital Wallet App Development in 2023
Digital wallet app development has become significant for almost every industry, providing several benefits. Before that, look at some statistics that would help you understand the reasons to develop a digital wallet app development for your company.
- Statista’s Global Consumer Surveystated that Apple pay had 90 percent of the market share for mobile wallet use in the US in 2020.
- Statista revealed to Consumer Insights that PayPal was the most used mobile payment by the brand through the survey conducted in 2022.
The statistics show the increased demand for digital wallets and the requirement for digital wallet app development.
Features of Digital Wallet App Development
Developers of a digital wallet app development company must incorporate different features to build a fully-functional digital wallet app.
1. User Side Qualities
User Registration: Users can use social media or email accounts on the digital wallet app.
Bank Account Setup: This feature assists users in adding their respective bank accounts in the digital wallet app.
Add Balance: Users can add money to their wallet from bank accounts, debit, or credit cards using the add balance option.
Money Transfer: The money transfer option in the digital wallet app benefits users in transferring money to their contacts using their account details or number.
Bill Payments: This option allows users to pay their bills like electricity, credit cards, DTH, and others.
Discounts: This facility in users’ digital wallet app lets them check the offers and discounts they receive through various payments done in the past.
Refer & Earn: Digital wallet app has the option of refer & earn for users to refer to their friends or family members to join the app and get rewarded as per conditions
Transaction History: This option helps users to view a detailed record of previous transactions wherever they require to do so.
Split Bills: Digital wallet apps can split bills with other friends or users.
2. Merchant Side Attributes
Intuitive Dashboard: Digital wallet apps have an intuitive dashboard feature for merchants and sellers to comprehensively view their sales, purchases, transactions, and other details.
Edit Profile: This function assists sellers in editing their profile details to attract their customers, like updating names, account details, shop addresses, etc.
Add Products: Merchants can use this option to add various products in a custom wallet app for customers.
QR Code: This feature help sellers create a QR code using the app to receive customer payments.
Customer Management: Merchants can use this option to manage various customers while viewing their transaction history.
Withdraw Money: It assists sellers in withdrawing money from their wallets to their respective bank accounts.
Discounts & Coupons: This feature in the digital wallet app helps merchants run various in-app offers for customers and offer discounts on their products.
Loyalty Points: Sellers can propose loyalty points to specific customers on specific transactions using this feature.
3. Admin Side Features
Intuitive Dashboard: This feature helps the admin get a comprehensive view of all the vital information related to the app.
User Management: Digital wallet apps have user management options, allowing administrators to manage different users and modify their rights.
Merchant Management: This option allows the admin to add, delete, and edit merchant profiles.
Revenue Management: Admin’s digital wallet app has the option of revenue management to manage the total revenue generated by the app.
Real-Time Analytics: This feature lets the admin get customized reports with detailed insights on digital wallet app performance.
Offers Management: With an offers management feature, the admin can monitor all promotional offers in mobile wallet apps.
Security Management: Digital wallet apps allow the admin to regularly track the security aspect of digital wallet apps and update them if necessary.
Technology Stacks for Digital Wallet App Development
Businesses may hire mobile app developers with comprehensive knowledge about technology stacks for building digital wallet app development. For this reason, you may glance at some technology stacks that play a pivotal role in eWallet app development;
Frontend: Swift, HTML 5, Kotlin, Vue.js, CSS, React.js, etc.
Backend: Laravel, Java, NodeJS, etc.
Framework: Flutter, React Native, etc.
Analytics: Amazon Kinesis, Spark, Apache Kafka, Flink, and others.
Database: Apache Cassandra, MySQL, MongoDB, HBase, Postgres, etc.
Push Notifications: Amazon SNS, Firebase Cloud Messaging, and others.
QR Code Scanning: ZBar Code Reader, ByteScout BarCode, etc.
Payment Gateways: Braintree, PayPal, QuickPay, Stripe, and others.
Cloud Services: Azure, AWS, Google Cloud, Salesforce, etc.
Geolocation: Google Maps API
Cost For Digital Wallet App Development
Businesses must connect with a crypto wallet app development company to get mobile app development services. Above all, they should understand that developing an e-wallet app would cost around $20,000 to $50000.
However, this mobile wallet app development price would increase between $80,000 to $150,000 when you wish to build an advanced app with complex features like PayPal.
Android Mobile Wallet App: e-wallet app development cost ranges between $20,000 to $45,000 for the Android platform
iOS Wallet App: The approximate cost for mobile wallet app development for the iOS platform ranges between $25,000 to $55,000.
Web Wallet App: E-wallet app development for the web application or website ranges between $25,000 and $50,000.
Methodological Guide for Mobile Wallet App Development
You should understand the steps leading to effective mobile wallet app development with a digital wallet app development company.
1. Discovery phase
The discovery or scoping phase is the initial phase of software development. It involves a collaborative effort among the app development company, guided by a project manager.
Furthermore, the discovery phase determines the technical requirements necessary to align with the business model of the proposed idea.
It facilitates a better understanding of the complexities involved in the solution. Moreover, the discovery phase enables each team member to engage effectively with the appropriate technology stack.
This mobile app development phase includes several activities comprehending the mobile app ideal.
Additionally, the discovery phase conducts extensive research on target users, creates a comprehensive project workflow, and develops a detailed blueprint.
2. UI/UX Design
The mobile wallet app development involves the most critical step of creating an intuitive and visually appealing interface that enhances the user’s experience. Above all, skilled UI/UX designers are responsible for crafting mobile app design, capturing every icon, button, and software feature. Therefore, the resultant design is a blueprint for the mobile developers’ coding process, ensuring the final product meets the expected standards.
3. Development & Testing
The next stage in mobile app development includes the development & testing phase, representing the process’s most technical facet. Thus, this phase’s success is determined by UI/UX design quality, employed technology stacks, and the skill set of the mobile app developers. Finally, the outcome of this phase adjusts relating to the overall goal of the development project, with the final deliverable remaining either an MVP (minimum viable product) or a fully-fledged app, depending on project requirements and specifications.
4. Digital Wallet Application Launch
This step allows accessibility of your wallet app to users for download onto their respective OS. Finally, the digital wallet app launch phase involves hosting the product on popular platforms like Google Play Store and App Store.
5. Maintenance & Support
It refers to the ongoing process of keeping your mobile wallet app updated, active, and bug & error-free to ensure its value for its intended purpose. Additionally, app maintenance involves soliciting user feedback to identify improvement areas allowing companies to connect a crypto wallet app development company for mobile app development services.
MobileCoderz is a famous digital wallet app development company providing effective app development services. Above all, we specialize in excellent digital wallet app development techniques through determined and skilled developers, designers, project managers, and QA professionals. Moreover, our digital wallet app development company has reached various industries like healthcare, restaurant, travel, logistics, and others. Ultimately, you may rely on our developers for app development services according to your budget, functioning, and necessities.
Connect with our team to develop your digital wallet app.
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