Key Features and Cost Estimation of Mobile Wallet App Development
Mobile payment apps have revolutionized the entire payment methods. In a world of full of diverse technologies, everything from online shopping, taxi booking to quick payment or money transfer is possible with just a few taps. The mobile App era has made our lives significantly more comfortable and even more connected.
Mobile Payment and Mobile Wallet are among the most enthusiastic and fastest-growing businesses these days everywhere. Mobile App Development Company Dubai , every Bank, and all industries are driving into smart methods of mobile app wallet.
Mobile wallet apps have changed the way of payment because of its more convenient method in many ways.
Mobile wallet apps have changed the way of payment because of its more convenient method in many ways. Google, Amazon, Samsung, PayPal, WeChat Pay, and AliPay are using eWallets successfully. The e-wallet is a virtual pay mode through which users don't need to carry paper money or physical wallets. These apps have generated revenue in billions of dollars every year.
What the eWallets and the vital Features of eWallets Apps
There the following categories to define the features:
· User preference features
· Admin Panel Features
Before we move to the essential features of the apps, let's define the eWallets apps. So, a mobile wallet or virtual wallet is a financial instrument to keep your money in a digital wallet. It allows businesses and individuals to transfer or receive the funds, with their mobile devices.
The Important User-end Features
· User Registration and Bank account authorization
For every app to function and perform your tasks, you need to provide your data. First, register your Email Address and phone number, which linked to your Bank account. When entered the information, the user receives a notification of account registration. Some eWallet apps can also ask you for KYC to secure money transfers.
It is necessary to link your bank details, for setting up a virtual card or Bank; you can also add your card details. For the authorization of the bank account, the user needs to get verified by the SMS method.
· Balance Adding and Checking Features
The users can add money in their wallet through debit card, credit card, and net banking every e-Wallet mobile app integrates this option. By providing the balance checking option, the users can check their remaining or current balance. The e-wallets also accommodate the ease to check your bank account as well.
· Money Transfer and Bank to Bank fund transfer feature with Transaction history
By typing the number of the recipient or by scanning the QR code you can send the money. It also provides NFC or Beacon technology for sending money to the users. All of the e-wallets offer to send money back to the bank from your account after limited transactions. This feature is useful when you don't want to keep money in your wallet account. Every wallet app offers a brief history of every fund transaction briefly.
· Reservations, bill payment, and other transactions
The e-wallet apps provide the facility of reserving the air tickets or train tickets. It enables you to pay your bills, insurance, and sales taxes. The other user end smart features include as follows:
· These apps offer online grocery and other shopping facilities
· Users can get many attractive promotional discounts through these apps
· Developers enable the order history, the details of all the orders that customer has made using the eWallets app
· You can view every booking or transaction history based on order
· Developers provide Language preference option and 24/7 assistance
· users can customize the app according to their preferences
The Admin side Features
· User profile management and security
It is the responsibility of the admin to protect the confidential information of the user and manage their profiles. Manage the daily transactions occurring through the eWallets and ensure the end to end security and protection of the data.
· Provide Real-Time Analytics
Staying updated with the number of users, and further strategy is the responsibility of the admin. The admin must know the issues and problem of the app and solves them on time. If the admin finds, that the concerned person indulges in illegal, or malpractices, he can block or prevent them from using the app.
The Cost of developing eWallets
It is the main topic, and many people quickly ask this question. An approximate cost for an eWallet app would fluctuate around $70k -$80k. If you want to get the basic features, it is about $20,000 to $30,000. However, there many factors like the app design and platform, number of features to integrate, and the MVP, app testing and publication. Overall everything depends on your app and idea and plans. App Development Company Dubai urges to join efficient and cost-effective developers for a better experience.
