Step-by-step guide to developing an e-wallet app for simplifying convenient transactions
We live in a technologically advanced era where smart devices are used to perform tasks of daily life. Our life is constantly connected to apps from setting up an alarm to making quick payments. Today, the trend of digital payment is increasing among mobile users.
Digital payment apps have simplified the system of payment in our day-to-day life. Through these apps, we can pay at gas stations, Movie Theaters, hotels, restaurants, and cafes.
Investing in the development of e-wallet apps is a profitable option for many companies. If you want to develop an e-wallet app, read this blog. It states the process of developing an e-wallet app. We will also discuss many things related to e-wallet apps, their types, and much more.
Facts and figures of the e-wallet app
The system of digital payment is getting popular after the pandemic time. Almost every mobile app on your smartphone has an e-wallet app for digital payment. Have a look at the analysis of e-wallet apps in the below section:
- Around 32% of mobile users have more than 3 digital wallets on their smartphones.
- About 67% of retail stores process digital payments.
- Around 40% of US e-commerce payments will be done through the e-wallets app in the next few years.
- The average annual amount spent per mobile wallet user will grow by $5440 in the next 2 years.
Meaning of e-wallet app
An e-wallet app is a kind of financial app that helps various businesses to make digital payments and receive funds through smartphones. This app contains a platform that helps to do online transactions easily. It is simple to download and install an e-wallet app on your mobile phone by adding your bank account details.
These apps are safe to use and reduce the risk of carrying cash in your pockets. They also show the payment history and help to track where the money goes.
Kinds of e-wallet apps
There are different types of e-wallet apps such as:
1. Crypto wallets
Crypto wallets are used for making payments in cryptocurrency transactions. You can hold, buy and transfer cryptocurrency with the help of these wallets. There is a huge demand for crypto wallets like Google Pay, PayPal, and Venmo.
2. Open and closed loop mobile wallets
These wallets change when you use them to make payments at places like Starbucks and Walmart. A mobile wallet fills the gap between businesses and customers. On the other hand, the open wallets allow you to add your card and tie it to various bank accounts like Venmo and Google Pay.
Procedure to create an e-wallet app
Investing in the development of an e-wallet app is a nice opportunity for many companies. It is easy to develop an e-wallet app by following some quick steps such as:
1. Make research
The first step is to frame a proper idea of how to make the e-wallet app. Then you have to do little research in the market and study the level of competition. Considering these factors will help you to know how the apps are working in the market. They will also help to reduce the waste of funds and resources.
2. Cross-check your idea
The next thing to do is cross-check your idea and consider the important features that you want to add to your app. Crosschecking helps to make a solid final plan. Experienced e-wallet app developers will inform you and provide updates on the process of the e-wallet app.
3. Monetization of the app
After doing research and cross-checking the idea, the next thing to do is monetize the e-wallet app. You can introduce transaction fees to start monetizing the app. This is one of the easiest steps to finance your e-wallet app for the business.
4. Designing the app
The next important part of the app development process is the designing part. The perfect design of the app helps to attract more users in a short time. The nice design of the e-wallet app will keep the audience engaged with your e-wallet app. You can hire professional app designers to get your app designed perfectly. These professionals are experienced in creating user-friendly e-wallet apps for different businesses according to their demands and needs.
5. Hire professionals
Once the design of a mobile app is ready, you can hire professional app developers. These developers create engaging e-wallet apps by adding a wide range of features. They will also help to select the best design and features of an e-wallet app. These professionals also use modern app development tools and equipment.
6. Testing the app
Professionals will test the mobile app after the final design. Testing the app will let you know the errors and mistakes in the process. The professionals will remove any bugs or errors that occur in the app and improve its working. They also use some of the best tools and techniques to test the mobile app.
7. Launch of the app
After proper testing of the app, the professionals will launch the mobile app. This step will include the users’ reviews. These reviews are necessary for maintaining the app and secure e-wallet payment.
8. Maintenance and support of the app
The final step in the app development process is maintenance and support. Professionals will provide the proper support to the app and maintain it by solving minor bugs and issues. Technical support will enhance the performance of the app and make it run smoothly in the future.
