E-Wallet Mobile App Development: Key Features and Cost Estimation

Mobile wallet applications have always been the hottest topic since global cellular payment revenues surpassed $ 780 billion in 2017 and experts estimate that it will exceed 1 trillion by 2019. This fact proves that this might be the best time to develop mobile wallet applications for your startup.

In particular, in 2015, 39% of all cellular users in the US had conducted at least one cellular transaction. When there are so many flows of mobile transactions, there must be a safe mode of payment and storage for that. This is the idea of the birth of a mobile wallet application.

At present, e-wallets are becoming increasingly popular, especially in the current situation of demonetization. The e-wallet began its journey with an online refill portal that allows people to refill online. Then, witnessing increasingly fierce competition, e-wallets start shopping businesses like Amazon, Flipkart, etc. Today, e-wallet is one of the largest mobile applications that help customers with operations such as refilling, ordering tickets, shopping with extraordinary offers and much more. The reason behind its popularity is the availability of various services under one platform. Because the E-wallet will register itself as one of the largest currency exchange media in the coming years, the application development company strives to develop the most customized E-wallet application. But the question is what is a mobile app wallet and how much does it cost to develop a mobile wallet application?

What is a Mobile Wallet?

Mobile the wallet is an application that allows to integrate and store various types of payment methods such as credit/debit cards or digital money (eg Bitcoin), in addition to additional things such as coupon codes, loyalty cards, etc.

When developing a mobile wallet application, you have to decide on the main features that you will offer in your application. You must offer only one advanced feature or solution where users can pay for goods and make other P2P payments.

Which industries can benefit from the cellular wallet application?

The cellular wallet application is closely related to the financial sector. Because such applications store data about debit, credit, loyalty cards, digital currencies, etc. This is partially true, but what if we consider this problem from the opposite side and see what areas can benefit from the money transfer application:

Retail: This can be in the form of additions to built-in cellular applications or solutions for e-commerce stores. Such applications also help users to store information about sales and also make payments through coupons, loyalty cards, and prizes.

Financial Institutions: They offer users with various cards such as credit cards, debit cards, giving administration to customers (for example, installments for open administration with Visa).

Telecommunication, logistics, transportation and technology companies:

They act as neutral players in the financial segment. They have more opportunities to integrate different payment cards from various banks in their mobile wallets. If you are on the verge of developing a mobile wallet application, you must have an idea of ​​the type of wallet that you want to develop. Features added to the application will affect the final cost of developing the application.

Types of mobile wallet

There are many types of electronic wallets and each has a different payment processing mode. We will help you with a few examples:

E-Wallet that use mobile service providers, where users send and receive money with the help of service provider.

Wallets that offer discounts via SMS with OTP or similar codes (discounts are done normally from a banking account or credit card).

A wallet that offers mobile web payments (clients send and receive money through mobile applications).

The trend is changing now because e-wallet services join mobile communication providers, banks and other financial institutions. Financial transactions are the basis of every cellphone wallet. What if we consider the previous examples of how cellular wallets work to understand the technology needed to use high-quality service.

Developing a basic wallet application will cost around $ 25,000 to $ 50,000 and applications with advanced features like Google Pay & Paytm will cost around $ 100,000 to $ 150,000

Conclusion:  An E-wallet is a software application developed to manage user’s transactions on shopping, ticket booking, payments and boarding passes, gift certificates and online bills, etc. We fusion informatics provides robust E-wallet application solutions to various industries.

Fusion Informatics, a leading innovative mobile app development company in San Francisco arrives with an E-wallet application as a traditional payment alternative with credit and debit cards. We developed a dynamic and solid E-wallet platform that can be customized as a closed wallet (especially for one company), semi-closed wallet (can be used to buy goods and services) and Open Wallet (shopping and can withdraw cash from ATMs) with user assistance E-wallet can receive and pay digital money, complete online payments for shopping and bills without spending expenses.

For more details visit:

Blockchain application development in san francisco

Blockchain application development in Indianapolis

Artificial Intelligence Development Company in Los Angeles

mobile application development companies in Indianapolis