When we look around us, we see that we are living in a digital world. Not the way the futuristic sci-fi movies show us, but still, we are getting to them. Any sector from entertainment and news, then travel and games, every single thing is just a click or swipe away. All credit goes to those inspiring ideas and the smart brains that are turning visions into reality. To make our lives convenient, we are blessed with some great mobile apps. One such thing that is to be considered as a present is mobile wallets. To say that they have revolutionized money transferring would be an understatement. 

People are nowadays moving towards this digitization because they can avoid the risk of carrying money everywhere and can go cashless anywhere now. Not to forget that these have turned things safer, quicker, and secure. 

By guessing that you are reading this blog, I assume that you are ready to launch an e-wallet app of your own. But before jumping into the mobile wallet app development, getting to know about their insights is essential. 

Concept of mobile wallets:

We all are aware of the simple fact that mobile wallets are being used for making payments. It is also used to keep money in a digital wallet from which the transactions can be made through smartphones. It is also used to keep track of all the monetary transactions and payment details. 

Growth of the mobile wallet apps:

Any generation you take, from millennials to Gen Z, the demand is multiplying each day, and it is evident while we look at the in-store payments, online payments, PoS purchases, etc. The significant and known reason behind this growth is quick money transfer facility, easy-to-deposit money, and convenience. 

By the end of 2024, the global payments market will be worth 3.8 billion at a rate of 23.2% between the year 2019-2024. 

Types of an e-wallet:

There are different varieties of mobile wallet apps in the market. Some of the popular e-wallets are:

  • Used to send and receive users’ money
  • Uses NFC or near field communication and various other methods.
  • Processes user payments via the internet
  • Initiates payment transaction through SMS

Why should you choose the mobile wallet app development? 

There are more than 7 billion people who are accessing smartphones presently. Most people make transactions through e-wallet apps or NFC enabled devices. 

Apart from that, with your app:

  • You can provide some fast fund transfer facilities.
  • Your app can provide some money-saving options in the forms of discounts, cashback, etc. 
  • Your app can encourage customers to set up automatic payment options.
  • Your app can offer them some quick money load options via net banking options and credit/debit cards. 

Solutions that play an important role in the development of the e-wallet app:

Developing a mobile wallet app is not a cakewalk. As it is a tooth pulling task, you must follow every step carefully as even a small error can result in a total breakdown. This is the same case with mobile apps too. Developers should be careful and attentive to tone down the loss and risk it will involve. Let’s look into the solutions and understand them about whichever plays a significant role in the development. 

 

  • QR codes

 

Whether it is the payment to be done with the people they meet frequently, or it is with someone whose contact is not saved on the phone, QR code is the perfect solution for both. Users can simply scan the other party’s principle, which can be anything like a restaurant, shopping store, etc., using their phone, and the payment is made. The amount is transferred in no time. 

 

  • Near Field Communication/NFC

 

Be it sharing details or transferring money; this is the best technology. Just with the phone tap with other devices, and the payment is made because of this communication channel. This is the reason why many leading mobile wallet apps are using NFC solutions for their users. 

 

  • Blockchain

 

E-wallet applications use the blockchain solution because of its highly safe features. The blockchain apps are used either by financial institutions or government organizations to deal with colossal money transfer. 

 

  • iBeacon

 

It is a new concept for many people, but it is one of the most effective technologies in the recent period. It is a way to offer location-based service to the users, which was introduced by Apple years ago. It uses small transmitter devices, which are used for sending signals to apple devices with that range. Because of its secured payment procedure, it is now used for making transactions by a larger audience.

Cost for development:

The amount of development of the app cannot be given straight away. It depends on the technical environment, the platform you would like to launch your app on, the technology used, etc. However, with Appdupe, a renowned mobile wallet app developer, you can get a fair estimate of cost, which wouldn’t be lavish. They offer you the solutions at an affordable price. 

Conclusion:

Considering the popularity and its revenue, this is the right time that you get your hands on this industry. So, schedule a meeting with the right development company, and make the most out of it, by providing a reliable and user-friendly app. Go ahead!