As mobile devices and mobile apps permeate all areas of life, including daily financial transactions and business activities, eWallet app development is becoming popular. In recent years, people have moved from traditional cash payments to more advanced and faster payment methods such as internet banking and card payments. As a result, further advances are now being aided by payment processing, and ePayment apps are coming to the forefront.
Mobile eWallet apps are for many, and there are more. The success of ePayment apps like Paytm, Paypal, Venmo, PhonePe, MobiKwik, and several others continues to inspire other digital companies to follow suit. Together, these apps have millions of registered users and make mobile and web transactions a daily reality.
Technology for developing e-wallet apps
Today, e-wallet apps are more than just payment apps like mobile banking apps. More innovative and functionally superior e-wallet apps boast advanced technologies like Near Field Communication, Bluetooth, Beacon, QR code scanning, and Blockchain.
Let's take a brief list of these technologies, which will be helpful for any business developing mobile apps for online payments.
NFC (Near Field Communication) is an advanced technology that makes it easier to share information and transfer money. This feature helps e-wallet users to transfer money without the help of contacts.
E-wallet apps are equipped with QR codes, making it easy and convenient to pay by scanning the QR code.
Bluetooth and Beacon technology can also be used to make payments to people nearby. It provides a faster, safer, and more reliable payment method.
E-wallet applications using Blockchain technology enable cryptocurrency transactions and also contribute to optimal data security.
Customized e-wallet applications with more specific features and user experiences are also available.
Different types of e-wallets
| Electronic wallet
There are different types of e-wallet applications, which usually differ from each other in terms of payment procedures. With the guidance of our experienced mobile app developers to better understand users, we will describe the different types of e-wallet apps below.
The primary and fundamental types of e-wallet apps are from mobile service providers, which allow you to transfer money for various purposes and make payments directly from your mobile device. This type of e-wallet app will enable you to send and receive money via the service provider.
Another essential type of e-wallet apps provides users with different kinds of discounts via SMS with OTP.
The most common type of e-wallet apps allows you to make payments via the mobile web.
Critical features of e-wallet apps
We will now explain the different features of eWallet apps. These payment features in eWallet apps can be roughly divided into three different categories, which we list below.
- User-centric features
- Administration panel features
- Value-added features
- User-focused features
These features essentially define and describe the user experience and user interactions in eWallet applications.
User registration
As with most other applications in the industry, users must register by creating an account. For this purpose, they need to use their mobile number and email ID. He will receive a confirmation code, and once he has entered it, he can register the account. Several e-wallet apps also offer a well-formulated KYC (Know Your Customer) process to ensure a secure money transfer.
Linking bank accounts
The subsequent step is to link the bank account information with the e-wallet application. Will make transactions and payments to this account. Here the user will need to fill in the card details, the relevant CVV number, and the expiry date indicated on the card.
Depositing funds into the account
Here users have the option to add money to the wallet from an already added bank account. To do this, they need the relevant card details together with the 3D security pin and password. It may also be necessary to use the PIN to transfer money to an ATM.
Sending or receiving money
With the eWallet app, users can send or receive money from anyone by simply entering the recipient's number or scanning a QR code. As an alternative technology, NFC or beacon technology can also be used to facilitate such transactions. However, the process for receiving money is the same.
Features of the Admin Panel
Now that we have explained the user-facing features, we can focus on the features and aspects of the admin panel.
Dashboard
The administration dashboard presents using a dashboard that allows you to control user information and actions and improve the application's usability. Through the dashboard, the administrator has an overview of all user activities and functions.
Managing user profiles
The eWallet administrator also manages the user profile and all transactions made through the eWallet daily.
Enhanced security
To preserve the honesty and reliability of the application, the eWallet administrator takes responsibility for enhancing security settings and features. The application administrator also assesses potential security vulnerabilities and maintains confidentiality.
Real-time analysis
The eWallet Application Administrator strives to keep up with real-time analytics to create room for greater engagement and business transformation. In addition, application analytics help the application administrator stay informed of gaps, deficiencies, and various feedback loops that need to work on.
Adding new users
The application administrator is solely responsible for accepting and rejecting user registrations. The application administrator checks user profiles and registration details based on several parameters but may also block the registration of any questionable profile involved in abuse.
Added value
At this stage, we know the main features that make the e-wallet application work. In addition, there are a few other features that help the e-wallet app differentiate itself from the competition. These new features will help make the e-wallet app more user-friendly.
Push notifications
Push Notifications is a feature that helps your app stay in touch with users in relevant contexts. For example, this feature allows your app to send important notifications to customers with promotional offers, coupons, discounts, etc. This feature also helps the user stay informed when an amount is debited or credited through the app.
Geolocation
The geolocation feature is helpful in several ways. First, it helps the app track the user's location to provide marketing offers based on their proximity. Secondly, it facilitates the transaction by connecting to an NFC terminal or similar payment processing systems.
Data synchronization
This feature of e-wallet applications is a great help in terms of security. First, it allows application data to be synchronized with the user's account details. Second, it makes authentication and validation very easy.
OTC
One-time code or OTC is a vital authentication feature that helps protect each transaction with an extra layer of security.
Loyalty programs
In e-wallet apps, loyalty programs are part of promotional strategies that keep loyal users engaged. It helps increase loyalty through cashback or reward points that can redeem later.
Camera in the app
The in-app camera is one of the essential features of e-wallet apps. This feature helps you take and send screenshots of transactions and payment processes as reliable proof. In addition, the in-app camera also helps to scan the QR code of the e-wallet app.
Design of applications
When designing the user interface of e-wallet applications, great efforts were made to achieve an excellent and user-friendly design. The e-wallet application is one of those applications that are likely to have a complex interface due to its many features and different elements. Therefore, it is imperative to keep the design simple, accessible, and inviting. Instead of mixing and confusing multiple segments, have a straightforward interface with clearly visible options and functions.
Back-end development
Once you've finished the design, it's time to consider back-end or server development. In this area, developers need to make sure they use a quality platform and a highly reliable cloud computing architecture. In addition, since apps need to securely store large amounts of data, any company must develop mobile apps to choose exemplary architecture.
How does an e-wallet work?
Now that we've explained all the technical details and the different features, we can get to the basics. How do you use an e-wallet app to make transactions and payments in different contexts? How does the e-wallet app work?
Just like making payments via an online banking app, the eWallet app uses an agent or payment gateway to transfer money from your linked bank account or to receive money into your wallet from the same store. However, unlike internet banking apps, eWallet apps primarily focus on making transactions and payments rather than savings and investments. You receive a notification every time you make a transaction through an eWallet app.
The Future of the Electronic Wallet
Traditional wallets have long ceased to be a valuable tool for carrying money and bank cards. However, E-wallet apps are increasingly becoming a standard tool for conducting a variety of transactions. E-wallet apps have even made it much easier and faster to complete payment transactions both online and offline. With the growing popularity of e-wallet applications, the volume of transactions expects to increase rapidly.
Which Industries benefit most from e-wallet applications?
Although e-wallet applications are inherently closely linked to the financial and banking sectors, several industries benefit significantly from e-wallet applications.
Retail and e-commerce: for customers paying in retail stores and e-shops, e-wallet applications can be a convenient and efficient payment solution.
Banking and finance: eWallet applications work closely with banking and finance organizations and solutions to provide easy access to bank accounts, bank cards, and processes to send and receive money.
Mobile apps and web: apps with eWallet are the most efficient way to transact via mobile apps, in-app purchases, and online purchases.
Logistics: eWallet apps help streamline payment processing for logistics solutions and shipping services using integrated QR code and barcode tracking.
Transport: in transport, tolls and payments at busy stations have become much more straightforward than eWallet apps.
Healthcare: When it comes to healthcare, medicines, and medical devices, e-wallet apps are the fastest.
Telecoms: e-wallet applications can be a helpful tool for paying bills for telecoms services or billing for prepaid telecoms services.
| Conclusion
So e-wallet apps are already pretty much everywhere and having a bigger and better impact thanks to the ease of transaction and payment processing. Therefore, it is not surprising that e-wallet applications are becoming increasingly popular with businesses in various industries. If you are looking for a developer there are many Java development companies in India that can help you in building customize e-wallet applications.
Market Highlights:An E- wallet is a service where user can send or receive money via digital transaction.
The advancement in technology and emerging of smart phones are playing a vital role in making the e-wallets popular.
Introduction of payment technologies by Google, Apple, Samsung, PayPal and many more along with consolidation of banking, service providers have encouraged the market growth within a short span of time.Get Free Sample Copy of Report @ https://www.marketresearchfuture.com/sample_request/4633Market Research Future observes the industry’s supporting equipment and technology like RFID, smartphones and 4G technology are growing in a speedy way which helps in supporting e-wallets usage.
The on- demand economy is taking its shape among major retailers and will continue to grow as small business merchants have identified the potential in it.
Proliferation of e-commerce has also helped in fetching people towards e-wallets by offering special discounts.Segmentation:The Global E Wallet Market has been segmented into types, modes and application sectors.
And by application sectors, the market is divided into retail, transportation, entertainment, and banking among others.Key Players:Market Research Future study identifies Alibaba Group Holding Ltd. (China), Apple, Inc. (U.S.), Citrus Payment Solutions (India), Google, Inc. (U.S.), MasterCard (U.S.), Oxigen Services India Pvt.
The must-have features in an E-Wallet App that can help users to make online payments easy and be used for much more than just payments, making it the best digital wallet.
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