In today’s digital world, both individuals and businesses large and small want to pay for goods and services seamlessly and in no time. They can do so by means of digital wallets that provide for the online keeping of their money and transaction details in one app. In North America alone, the number of users of such digital payment solutions is predicted to double by 2025. In view of this, app development is gaining momentum there as well as in the Asian and European markets.
In this piece, we would like to share our insights on how to create an eWallet app that would mark your success in your market niches.
Why is an eWallet mobile app a must?
Digital wallets are growing in popularity as they allow app users to securely link their bank accounts to these payment solutions, perform multicurrency transactions both in-store and online, deposit funds into their wallets, make QR code and NFT payments, and more. Below are just a few compelling facts, demonstrating the increasing worldwide adoption of these solutions:
- by 2024, over a third of shoppers will make in-store purchases using digital wallets;
- in the Asian region, nearly half of all POS payments are already made with eWallets;
- currently, the global eWallet market is annually growing at a CAGR of 28.2%.
Not only are eWallet mobile apps widely employed in all major industries from Finance Services to Logistics and eCommerce, but they are also actively adopted by skyrocketing startups. Digital payments are used in Retail and Banking, for trading, EMI — in a word, everywhere.
Let’s, therefore, take a closer look at eWallet app development costs, milestones, and the essential features that are a must for any stellar solution of this kind.
What are the main types of eWallet apps?
The scope and cost of eWallet app development services are defined by multiple factors, including, but not limited to the solution’s purpose, type, features, platform, design and architecture complexity, and so on.
These apps belong to one of the following types:
- Closed eWallets are specifically-designed custom solutions developed for a particular company. Since they serve as the only transaction channel for its customers, they make it much easier to claim refunds and follow the entire purchase process in one app. When one uses this type of wallet, the money is transferred to the account of a business that owns it, which is the case with Walmart Pay.
- Semi-closed eWallets are employed by business chains and partnering organizations, usually operating in the same region. When using them, clients transfer funds to a single escrow account owned by the digital payment service provider, which is the case with Paytm and Oxygen.
- Open eWallets are the platforms for serving multiple independent organizations in one app. These solutions are linked with partner banking institutions, thus, they are on the receiving end of the transfers. This is a broadly adopted solution type comprising such brands as PayPal, American Express, Amazon Pay, and Google Pay.
- Cryptocurrency eWallets provide for crypto trading and other cryptocurrency operations, using such platforms as Exodus, Coinbase, Electrum, etc., and are notable for their superior security.
Step by step eWallet app development
What does it take to create an outstanding digital payment solution? As a rule, any eWallet mobile app development project includes the following stages:
The Discovery phase
This stage is performed by professional Business Analysts who diligently estimate whether the customer’s initial idea is both economically profitable and technically feasible. BAs examine the customer’s vision of the future app with consideration of its ultimate goal and time and budget limits. They conduct in-depth marketing research, evaluate the solution’s compliance with the industry-specific and regional legal requirements, and analyze the future product’s structure against limitations imposed by current technologies.
Project discovery might take up to one month. As a result, the customer is presented with se