eWallet app development

With mobile devices and apps hogging the light, payment methods have gone digital. Initially, people moved out of traditional norms such as paying in cash to more advanced and faster technologies such as internet banking and paying through debit or credit cards. But as they say that technology is on constant evolution and transiting to new phases, we have seen an emergence of a new player; the eWallet mobile app, setting up one record after the other. The mighty successful stories of Paytm, MobiKwik, PhonePe, and others have been truly inspirational. Paytm for example, has more than 450 million registered users. The same can be said about other mobile payment apps too. However, we talk about the global scenario then WeChat Pay is leading the way forward with 600 million worldwide users, followed by AliPay having 400 million users on the board. Furthermore, Market Research Future has presented a Global Forecast Report estimating that the eWallet market would grow at a CAGR of 15% and is expected to reach around $2100 billion within a span of six years from 2017 to 2023. Technologies that are used in eWallet app development The eWallet apps are becoming smarter and operationally superior with the integration of future technologies such as the Near Field Communication, Bluetooth, Beacon, scanning of the QR codes, and Blockchain technology. Let’s analyze these technologies in some details: The Near Communication Field or the NFC is one of the future related technologies that help in information sharing as well as transferring of money with great ease. The eWallet apps are using the NFC technique facilitating their users to send money without applying contacts. Most of the eWallet are integrated with the facility of the QR code. These make making payments very convenient. You can send the money usually to your known acquaintances or the ones connected on your social media. Here you need to scan the QR code on the other person’s device when conducting the transaction. If you have to make payments to individuals who are within close proximity, then you can choose the Bluetooth and the Beacon technologies. This is a fast, secured, and reliable method of making the payment. As time is proceeding ahead, the eWallet apps have also begun using Blockchain technology, which is developed to initiate the cryptocurrency. This method is highly secured and encrypted. But many governments have still not legalized cryptocurrency and so you cannot implement this technique if you are building the app for a particular region. Lastly, there are specifically built payment apps to fulfill the business purpose. Using this type of eWallet, you can transfer a lump sum without any element of risk as there is no third party involved here. The Vital Features of eWallet Mobile App For a better understanding, it would be convenient to categorize the important features of the eWallet App into three zones: The User Preference Features Features Important for Admin Panel Additional Features Features Essential from the User Perspective User Registration At first, as it happens with most apps, the user has to register his account on a compulsory note. He has to use his mobile number and email id. He would receive a verification code and upon entering the code, his account gets registered. Some eWallet apps also use the KYC (Know Your Customer) to secure the transfer of money. Linking the Banking Account In the next step, you need to link your bank account details with the eWallet from where you would be making the transactions and other payments. You can add your card details, CVV number, and date of expiry of the card. This information is highly confidential so be very careful while entering the inputs. Adding the Money into Account You have to provide the option of adding more money into their wallet. They can use their card details and use a 3D secured pin, password or use the ATM’s pin to add money. Fund Transfer or Receive Fund The eWallet offers you the option of sending money to someone either by typing the number of the recipient or by scanning the QR code. You can alternatively use NFC or the beacon technology for sending the money. The money can be received in the same way. The eWallet Passbook It becomes important to add an eWallet passbook using which the users will be able to check their transaction history. You can use the filter option to go for a more advanced search. Sending Money Back to Bank These days the eWallet apps are also offering an additional option where the user can send the money back into his bank account if he does not keep an excess amount in the wallet. And furthermore, each of the apps has set a monthly limit for using the wallet. You cannot do more transactions if that amount exceeds the limit. For instance, for Paytm the monthly limit is RS 10k. Bill Payment or Recharge The eWallet app allows you to pay your important bills such as electricity, water tax, and phone bill in the most convenient manner. You can also recharge your mobile phone or the internet broadband connectivity using the same app. Paying for Insurance The app allows you to pay your insurance premium on time. In fact, you can also pay your income and sales tax with the help of an app. Flight and Train Reservations In recent times, eWallet apps like Paytm has introduced the facility of booking flight, train, and bus reservations using the app. You just have to enter your journey details and follow the easy steps to make the payment. In fact, you can also book your movie tickets online and choose your preferred seat in the cinema hall. Shopping for Grocery and other Products The eWallet apps are extending the user-oriented features and in this context, they are offering online grocery shopping along with other category items such as accessories, apparel, household items, electronic appliances, mobile phones, and even cars and bikes. Promotional and Discount