Currently, the world is owned by the concept of digital payments. People are going cashless and they are loving the digital payment apps. Everyone is using e-wallet mobile apps or online payment gateway models for the transaction. The reason is that these apps provide a secure, easy, and fast environment for the transaction.
Looking back a decade ago, when people used to wait in the queue at ATM's for deposition or withdrawal of money. People now use e-wallet mobile apps for easy transactions to avoid these types of conditions. Not only the users are adopting the technology of e-wallet but the business owners are also planning to get onto the surface with their own integrated gateway payment solutions.
So the concept of eWallet and other payment apps carried out by technologies like NFC, blockchain, QR codes, etc are going to own the market in upcoming years. So read the blog till the end if you want to know more about top eWallet solutions, along with features and average cost.
HOW ABOUT WE FOCUS ON POS PAYMENTS IN TERMS OF MWALLET APPLICATION DEVELOPMENT.
There are various powerful technologies or solutions which are implemented on these eWallet applications. These solutions make the app more secure, easy, and reliable to users. The most common solutions used in eWallet Mobile Apps are:-
Near Field Communication is one of the most used technologies. You can easily share information or transfer funds in a convenient way. Nowadays it is used by most of the eWallets to provide hassle-free payments to users.
QR codes are used by people for making with people they regularly meet. Also, it is used to make payment with contacts which are not saved in the phone. For making payments, users just have to scan the QR code of the other person with whom they want to make a transaction. This is a smooth and simplified way of making transactions.
IBEACON & BLUETOOTH
It identifies or searches nearby friends for making transactions or payments. Bluetooth and iBeacon technologies help in transferring funds faster with more security. Hence this is used by most of the users.
Similarly, Bluetooth also identifies nearby devices and makes the transaction fast and secured. These emerging technologies are used by almost every eWallet solution.
Payment Apps are the best eWallet solution suitable for business. These apps help the business dealer to partner with other dealers helping them to transfer cash easily and effectively. Users can transfer a huge amount of money with a safe and secure environment without the involvement of any third party.
eWallet integrated with blockchain is much more secure and immutable as compared to other solutions. This technology is mostly used by governmental organizations and financial institutions.
ARCHITECTURE AND MUST-HAVE FEATURES
Unlike other mobile apps, eWallet Mobile Apps also have a basic architecture with user, merchant and admin panel. But the flexibility and the UI/UX are the basic and most important features for the app. There are some features that are common for both admin and user, but there are some features that are only available for either user or admin.
E-WALLET MOBILE APP DEVELOPMENT GUIDE: EVERYTHING YOU SHOULD KNOW
ESSENTIAL FEATURES OF A MOBILE WALLET APP
The user panel has most of the features of the app which makes the app flexible for the user. These features help the user to operate the app. Various features of the Admin Panel are:-
Users can register or create an account with the help of their mobile number or they can directly login if they already have an account.
Linking Bank Account
Users can link their desired accounts to the app by providing the required information and details for making future transactions.
After linking the bank account, users can add a specific amount of money directly from the bank into the app's wallet according to their needs.
Users can check the total remaining balance in the wallet after making a successful transaction and also the whole transaction history.
The desired amount of money can be transferred to other users by providing account details of the receiver's account, making the transaction more secure and fast.
Bill Payments & Recharge
Users can directly pay any bill through the app and in addition to this they can also do recharges of mobile, DTH, etc.
Now you can reserve your train, bus, and flight ticket easily with the help of eWallet Apps just by entering trip details like date, time, and destination. Also, users can avoid long waiting times in the queue by booking tickets of movies or other events directly by the app.
Bank to Bank Transfer
eWallet allows users to transfer or send money directly to the bank. Just by entering the account number details of the receiver, money can be directly transferred to the bank just with few taps.
PAYING FOR TAXES OR INSURANCE FUND
Now you can easily pay your insurance premium as well as income tax and sales tax with the help of these eWallet Apps.
ONLINE SHOPPING FOR GROCERY & OTHER PRODUCTS
eWallet Apps are making the lives of humans more flexible and reliable by allowing them to shop for grocery and other products like electronic devices, apparel, household items, cars & bikes also.
Referrals and Promotions
Users can special earn gift cards, promotions and huge discounts on every transaction by referring the app to friends.
This feature helps the user to keep track or record of all the transactions made including bill payments, booking tickets, or products purchased. It also shows the status of any current order placed by the user.
Since the competition is higher, you have to provide time to time discounts and offers if you want to attract more customers. Displaying these discounts under a separate category will attract more customers.
Rate and Feedback
It will allow users to give feedback and rate your app whether they are satisfied with your service or not. It will also help you to better your services based on the reviews.
Users can choose their preferred language according to them. Providing various language support apart from English and Hindi will help the user to use the app more easily and flexibly.
Help and Support
Providing 24x7 support to the users will help them if they face any problem related to payment or any other service. Providing virtual bot service will be more effective for better interaction with users.
EWALLET APP VENDOR PANEL
The broker or vendor is responsible for creating events, distributing products and keeping users informed with the latest offers and updates.
The vendor can track the profile of registered users and monitor their product choices to provide the best offers to users on the product.
The vendor creates the QR code for various shops and users so that they can carry out the online transaction fast and easily.
The vendor can add a new product in the app or can delete any product from the app, which has bad reviews or feedback.
Providing an EMI payment mode will help the users to afford the item they wish to buy.
Vendors can create time to time events and offers to attract users for paying online on orders by providing various discounts on online payments.
Offering rewards and gift cards to regular and active customers will make them excited for shopping more.
Vendors can provide a huge discount and great deals on special occasions & festivals to customers, making it beneficial to utilize these deals.
Updating users for new offers, deals, discounts, new stock arrivals, and other services through push notification, email or SMS.
EWALLET APP ADMIN PANEL
Admin manages all the operations of the app from handling user accounts, offers, keeping stats and insights of the app, and providing new offers to users.
Admin can view and manage the information of all the connected users and merchants, also he can keep a track of all the insights and stats of the app through the dashboard.
Admin can monitor all the activities and information of users and vendors associated with the app.
Admin can keep a regular update of associated users, total transactions made, average app usability and most viewed offers. It will help the user to plan a further strategy for the app.
Admin has the right to add or block any user according to his behavior and unauthorized payment processes. If the user found indulged in violating app policy then the admin can block the account of the user.
The main work of the admin is to keep the app updated with the latest security feature. Providing robust security without any compromise and reviewing security tools time to time is the main concern of admin. The confidential data of users must remain secure.
EWALLET MOBILE APP ADDITIONAL FEATURES
Apart from these basic features, there are some additional features that will make your app more reliable and flexible to the user.
QR Code Reader
Users can scan the QR code of the receiver to make the transaction fast and easy. This technology is very convenient and most used among the users.
Users can easily create a virtual card like their usual credit/debit card. These virtual cards allow users to carry out transactions easily without entering the details every time.
This built-in feature will allow users to scan the QR code easily. Also, users can transfer the transaction receipt to another user. Due to this all transactions are confirmed, to validate the transaction request instantly.
By connecting the app to smart devices like smartwatches, users can easily monitor all the transactions from the watch.
Generating digital receipts of all the transactions and allowing users to share these receipts with an app or by email, SMS.
EWALLET MOBILE APP AND SOFTWARE API SOLUTIONS
With the up-gradation in the use of electronic appliances, it becomes problematic to deal with all the billings and recharge payments. The Application Programming Interface or API is a programming interface that works through an application. The application interface is designed to alleviate your efforts, as you are liable to perform your transactions securely upon the relief. Being able to make recharge for your mobile, broadband, DTH, etc. makes it quite comfortable to use these services. To add up to the benefits, these applications are designed in accordance to ensure the full safety of your transactions. Each transaction is end-to-end encrypted and asks out for a unique OTP to confirm your secure transfer.
Other than recharges you have to fill out numerous other bill payments each month, which remarks as essentials in your day-to-day chores. The API is a platform that generates an interface between the bill payer and the service provider. API platform is the prominent choice to carry out all your transactions for the utility services. From post-paid bills to electric bills, landline bills to gas bills, and a lot more, you can get this all in a single application interface and pay your bill anytime from anywhere. The API interface is created to ease out your work, and save you enough time.
Cashless transactions are the new trend in recent times. AEPS is yet another mode of cashless transactions known as Aadhar Enabled Payment Services. Each individual in India has a Unique Identification Number (UID) which is given by the Government of India. AEPS makes use of this UID to carry out cashless transactions. To carry forward an AEPS transaction, the Aadhar of an individual must be linked to the bank. Linking your Aadhaar Number with the bank will enable you to carry out all your cashless transactions, from bill payments to a bank transfer, everything can be done at ease.
PAN CARD API:
With the advancement in technology and development, the rate of scams and fraud is also on the rise. Thus it becomes crucial to carry forward your transactions securely. The defensible validation and verification of identity proof are liable to gain a profound experience. Looking out for a PAN Card Verification and Validation through API access, it’s vital to see through the best possible and safe services. We provide simplified API assistance to rectify the PAN details with ease and identify the consumer based on the unique PAN number. The integration with the app through PAN furnishes you with a reliable ordeal.
MOBILE RECHARGE SOFTWARE:
A mobile recharge software is a protected way to get your mobile recharge instantly anytime and anywhere. The base of a mobile recharge software relies on feeding up the credit card information and deduction of money directly from the bank. The software is generated in such a way that your entire transaction remains safe and secure. You need to fill up the essential credentials necessary for the host to rectify your account and deduct the stipulated amount for your use. The information that you put in is erased immediately after the transaction and the one-time-password feature makes your transaction more secure.
MONEY TRANSFER SOFTWARE:
In our extensively busy schedule, we barely get any time to reach out to the bank and transfer the money to other people, whom we need to seek. To abandon your chores, money transfer software is designed. The software enables you to transfer your money securely to the other person’s bank account. All you need to be is fill in the account number and name of the person you wish to transfer money to. Wish to seek a money transfer software for your multinational business that can make your agreement easier? Opt for our services that furnish you with a large consumer-based interface and flourish you with prominent services.
There may arise numerous situations when you run out of expenses and need more money. It’s not flexible to reach out to the bank for loans with heavy interests that dig a big hole in your earnings. The loan software has been a boon to the consumers in such complex situations. Loan software is also known as loan management software, which organizes the automation of the loan lifecycle. The software undertakes all necessary actions needed to handle the monthly EMI of the loans. Choosing our services will govern the all-round security of your cash at extremely affordable rates.
When it comes to network marketing, you ought to have multi-level management software to look after all your additional facets needed to enhance your business. The marketing business can be easily handled if the functioning undergoes multiple levels, managing a small unit at each level. Working with our company will procure you with excellent management software that is designed to handle the lowest facilitation to the most complex ones. We are liable to equip you with customized management plans as distinctive levels, in addition to compensation plans and add-ons. Our company holds the reputed position, as the direct software selling options are also accessible for our customers.
AADHAR ENABLED PAYMENT SYSTEM:
The Indian Government has put forward the system of Aadhar Card that provides each citizen with a 12 digit unique identification number. The working of Aadhar is based on creating a diversified identity for each citizen, which works as an identity proof all across the country. To ensure more security to your payment services, Aadhar Payment Services come into action. Using Aadhar enabled payment services to assist you to carry out your transactions. Working on an Aadhar enabled payment system ensures you the secure transfer of your cash flow. Our AEPS software services will provide you a profound experience to handle your chores.
BHARAT BILL PAYMENT SERVICES:
Everyone today is equipped with mobile phone services that are the best way to ease out our works. With the continual advancement in applications and services, it becomes handy to carry out the payment services at your fingertips! Bharat Bill Payment Services or BBPS works under the specifications of the Reserve Bank of India to ensure the complete security of your capital.
We furnish you with the BBPS services including electricity, DTH, telecom services, Gas, and Water. Several other services are to be included in the forthcoming to ease out your work at great expanse. To gain the benefits of these services reach out to us now!
PAN CARD SERVICES:
Owning a business and earning an ample sum of capital bounds you to pay income tax. The income tax department of India has allotted a unique 10 digit alpha-numeric number in the form of a PAN card. The PAN card links all your transactions directly to the income tax department to confirm the regular flow of taxes. A PAN card is required for multiple purposes like
Buying or selling a vehicle,
Opening a business bank account for your business-related transactions,
Apply for a credit/ debit card
Acquiring goods worth a minimum of Rs. 2 L.
Applying for a passport to travel to foreign countries.
MPOS MACHINE SERVICE:
MPOS or a card swipe machine has raised its popularity in the last decade. There are multiple situations when you are not equipped with a sufficient amount of cash in your pockets and need to pay more than you have. MPOS machines can be of extreme benefit in such a situation. These card swipes machines are capable of scanning the unique code, encoded in your credit cards on a black magnetic strip. After inserting the amount the expenses are directly transferred to the bearer’s account from your bank account. To apply security to such transactions you have to type your unique password on the MPOS machine.
BANK’S TERMS & CONDITIONS
Before developing an eWallet App you must have enough knowledge of banking rules and regulations of online transactions. Since you are developing an eWallet app, you are executing as a bank. You must have to read all the terms and conditions according to the rules of the government. You also have to provide some security documents to the government as per guidelines. The most important thing is that your app must not contain any illegal functionality.
TECHNOLOGY STACK NEEDED FOR BUILDING MOBILE WALLET APP
For Push Notifications
For SMS, Voice and Phone Verification
Google Pay & PayPal
For accepting payments
For Powerful Programming
For Data Management
For everything related to emails
ZBar bar code reader
For scanning the QR code
The Universal Operating System
Hadoop, Spark, Cisco, IBM
Real Time Analytics
AVERAGE COST OF DEVELOPING A WALLET APP & WEBSITE
Since apps and websites are two different things, the cost of developing a website is much less than application development. The functionality of an app is exactly not the same as a website, features of the app are much richer as compared to the website.
EWALLET MOBILE APP DEVELOPMENT COST FOR IOS AND ANDROID
The development of the mobile app basically depends on the total number of employees and the time needed. The cost of employees per hour is different in various companies. Companies in the USA charge approx. $190 per hour, in Europe it is $130 per hour and the price in North America is approx. $150 per hour.
Our company has a team of expert developers, with a cost of approx. $50-$80 per hour we can develop an eWallet mobile app with all the mentioned features.
EWALLET WEBSITE DEVELOPMENT COST
Since the features of a website are not as rich as the Mobile app, the development of an eWallet web requires less time and few employees. The cost is also very less as compared to the mobile app.
We can provide you with a pre-built website like Paytm with all the basic and required features at a cost of around $30,000 to $40,000.
The above mention feature can bring a lot of advantages to your business with abundant users. So it highly relies upon you to choose what mobile wallet you need and what you should attempt to develop it. You merely need to understand the perks of eWallet. Additionally, you need to deliberate that there are already many popular and established mobile wallets in the market, so it will be not easy to grab your market share. Your future wallet application ought to have robust features over your competitors.
Team4solution believes in fulfilling client requirements. Our company is a wallet mobile app development Houston and we have a team of skilled and talented developers & designers who have the capability for any kind of web development. So if you want to create your website or web application then share your business detail on contact us. firstname.lastname@example.org