How Do I Start A Digital Wallet Service?

start digital wallet services

Custom fintech app development is skyrocketing

The majority of the credit for fintech’s popularity goes to the well-known eWallet niches. During the pandemic, the number of people using mobile eWallets to make payments rose from 900 million to 1.48 billion in the blink of an eye.

In addition to this, by the year 2020, mobile payment in stores have grown to $503 billion. Plus, the mobile point of sale revenue alone amounts to $50 billion in 2021 which was just 6.6 billion in 2016.

These numbers are expected to grow much further, as it is expected that 1.31 billion people are assumed to use a mobile payment system for their cashless transactions by 2023.

 You see, the advantages eWallets offers are unmatched. Since everything can be done via your phone. With billions in revenue in the industry, there are a lot of businesses that want to create their own eWallet app.

If you are someone who wants to start digital wallet services too but don’t know how to or just want to learn more about it, this blog is for you. Here we shall be discussing everything in detail regarding creating an eWallet and everything else related to it.

Therefore, with this being said, let’s get right into it:

What is eWallet App Development?

So, what is an Ewallet app?

The concept behind eWallet is a very simple one. Everyone uses or used a physical wallet. Now, imagine a digital version of that.

You can make payments, keep your cards in it which can be used to make payments, keep your documents and IDs, and so on. However, eWallet’s functionality expands much beyond that as they allow the user to book tickets, top up, pay their bills, and get cash back while doing all of this.

This is the reason behind popular of eWallet App development.

eWallets aren’t only beneficial for the users but also for companies who run them as via commission and other methods they make millions and even billion in revenue.

Now that you know what eWallets are, let’s look at a few good examples of popular eWallets in the section below:

Popular Examples of eWallet

If you are someone who wants to develop their own eWallet app that helps your business grows and generate revenue, you need to learn from the best.

Therefore, some of the best fintech eWallets apps in the market today are, as mentioned below:

Apple PayVenmoCash AppGoogle Pay
Samsung PayAfterPayZelleCash me up

These are some of the top eWallets apps. Now, let’s look at the features that you should be including in your own eWallet app in the next section of the blog.

Feature to Include in eWallet App Development

Features are the driving force of any mobile app and especially highly interactive apps like eWallet. So, before you contact any fintech or Banking App Development Company it is a good idea to list out features.

You see, your app should have a healthy combination of basic, advanced, and unique features to grab users’ attention and keep them engaged.

In fact, the feature set can also highly affect the total cost of any mobile app development project. Therefore, this is something that you should pay special attention to.

Nevertheless, let’s look at some of the top features that every eWallet app should have. These are, as mentioned below:

  • User Registration
  • Linking Bank Account
  • Add Money to your Account
  • Transfer or Receive Fund
  • The E-wallet Passbook
  • Send Money Back to Bank
  • Making Bill Payments or Recharges
  • Paying for Insurance
  • Flight and Train Reservations
  • Shopping for Grocery & Various Products
  • Promotional and Discount Offers
  • Ratings and Reviews
  • Order History
  • Select Language
  • 24×7 Help
  • Refer a Friend
  • App Settings

These are some of the basic features that every eWallet application should have. And with this out of the way, let’s look at the development process in the next section of the blog.

How to Create an eWallet App?

Do you want to learn how to create an eWallet app?

There is a lot that goes into mobile app development. To create a successful app, a well-planned out process should be followed.

In this section of the blog, we shall be discussing this process in detail from coming up with an idea to the launching process.

Enough said, let’s get right into It:

  1. Ideation

The first step is ideation.

Now, to come up with an idea, you can conduct research, take inspiration from others, solve a related problem and convert that into a solution, brainstorm, and so on.

It is recommended that you work with more than one idea.

  • Validation

After coming up with an idea, it is time to cross-check it or validate it.

This is something that needs to be done before moving to the further step as you should be sure of the idea.

  • Monetization

If you want to earn money with your eWallet app, which of course you do, you need to monetize it. Some popular monetization strategies are, as mentioned below:

  • Commission based model
  • Freemium model
  • Advertisement model
  • Choose Platform & Tech Stack 

Once all the preparations are done, it is time to choose a platform.

For instance, do you want to go with iOS app development or Android App Development? Apart from these two, you can also opt-out of hybrid app development services.

After finalizing the platform, choose a tech stack accordingly and move to the next step.

  • Hire Developers

It’s time to hire mobile application developers.

Now, there are a few different ways you can do it. These methods are, as mentioned below:

  • Hire freelancers
  • Outsource the work
  • Choose local firm
  • Assemble in-house team
  • Front-End Development

With a development partner at your side, it is time to start the development process. And the first thing you do in it is design.

The app UI/UX Design plays a big role in its performance and customer engagement. Therefore, create a design that goes with your features and keeps the user engaged.

  • Back-End Development

This is the part where a team of developers createsthe final version by putting together all the different pieces. Source code is also written in this part.

It is a good idea to maintain communication with the development team during this process.

  • Testing

After the app is developed it is time to test it.

QA team makes sure there aren’t any bugs or issues. If there are necessary changes are made and the app is sent for deployment.

  • Deployment

This is the part where the app is launched in the market.

eWallet App Development Cost

The cost to develop a eWallet app depends on a lot of different things. Some of these factors are, as mentioned below:

  • Location of the developer
  • Tech stack
  • Platform
  • Complexity of platform
  • Type of eWallet

These are some factors that highly affect the cost. Due to the same, it is not possible to find the accurate cost of your project without learning about the specifications.

Nevertheless, the average ewallet app development cost is anywhere between $15,000 and $75,000.

Conclusion

eWallet is one of the most popular fintech solutions. And in this blog, we discussed everything related to creating one. Now, if you want to enquire more or want to create your own eWallet app, it is recommended that you get in touch with an eWallet app development company.