We are living in the best time of human civilization, where technology makes every task easier from scheduling cleaning services at home to instant payments. We are on the way to becoming an advanced civilization in the upcoming years.
Nowadays everyone has e-wallets that ease the pain of hefty pockets. Digital payment apps have brought a revolution in the modern world. Many companies create a wallet apps that allow us to pay in one click from the comfort of our couches.
Many investors willingly want to invest in the mobile app industry as they are in high demand in the market. These digital payment apps can help us in all types of transactions with complete safety and security.
In 2022 many reports have shown that e-wallet apps will generate revenue of $4500 Billion by the year 2023. If you have decided to create an e-wallet app for your business you are in the right place. Mobile banking app development are trending many companies providing the mobile banking app development services.
This blog will lead you in learning everything about creating the e-wallet app. Let’s dive in.
Market overview of the E-wallet app
Due to covid 19 digital payment got more popular no app in the market does not have an online payment wallets method. If you are planning to invest in an e-wallet it will benefit you in upcoming years.
Below is some market analysis that will bring light on the future of e-wallet apps.
- 32% of mobile wallet users use more than three digital wallets.
- 40% of all US e-commerce payments have done via e-wallets by 2024
- 67% of retailers accept contactless payments.
- the average annual spend per mobile wallet user is expected to grow to $5,439.68 in 2024
The below table has the overview scope of e-wallet app development in the future.
| Worldwide | North America | Latin America | Europe, the Middle East, and Africa | Asia-Pacific | |
| Digital/Mobilewallet | 41% | 23% | 13.8% | 24.6% | 58% |
| Creditcard | 24% | 34.2% | 43.8% | 19.7% | 20% |
| Debit card | 10% | 17% | 11.9% | 18.2% | 4.2% |
| Bank transfer | 9% | 5.9% | 10.9% | 16.3% | 7.6% |
| Cash on delivery | 4.5%` | 3.2% | 5.8% | 4.7% | 5.1% |
| Pay later | 1.6% | 0.9% | 0 | 5.8% | 0.3% |
In the next section, you get an insight into e-wallet app development. To know more read further.
What is an e-wallet app?
E-wallet apps are financial apps that help businesses and users to transfer and receive money with their mobile phones. E-wallet provides its user with a platform that helps them, users, to make transactions in both e-store payment and online mode. You can easily install an e-wallet on your mobile phone and add your bank account.
These apps are safer and more secure rather than carrying cash handy. These apps contain transaction history and help to keep track of your money.
Reading further you ll get to know about the mobile wallet apps.
Types of mobile wallet apps
Every mobile wallet app has unique in its way from its functionality to its area of application differ quite. You can simply create e wallet app by reading further .Let’s look at the types of mobile e-wallet apps.
Open –Loop/ closed loop mobile wallets
Simply they differ when you use them if you pay at certain places like Walmart, or Starbucks the wallet is closed. In this case, a mobile wallet serves as a virtual storefront and bridges the gap between customers and businesses.
Open wallets allow you to add your card and tie them with different bank accounts like google pay or Venmo we can add credit cards that help us to pay utility bills, uber rides, etc.
Crypto wallets
Crypto wallets allow us to trade cryptocurrencies where we can buy, hold and transfer cryptocurrency. Most of the crypto wallets are on the web but they are migrating to mobile phones are they are in huge demand. Some of the examples of e-wallets are PayPal, Google pay and Venmo etc.
In the next section of the blog you will gain further insight of steps in creating e wallet app.
Steps to create an e-wallet app
- Ideation and market research
This is the most important step of the process without a proper idea you will stumble and waste your money. You have to research the market and analyze the competition which will help you to see the future of your app.
- Cross check
By crosschecking the idea you will not get confused and include all the important features you want to include in your app. Crosschecking helps you to make a clear final plan.
You can hire ewallet app development company for further process all you have to do is clear communication.
- Monetization
Once you are done with all the above processes it’s time for your app monetization which can be easily done with the help of transaction fees it is quite a smooth process let’s move to the next step.
- Design Process
It is the most crucial part of the process the better the design the more user will get engaged with the app. You have to hire the best UI/UX designers so that they make your app user-friendly and use of e wallet become more prominent.
- Hire developers
The hard work which goes into developing a great app can be possible with a team of developers. You can hire developers so that they can create e-wallet app that works efficiently.
- Testing
Now all the work has been done it’s time for the test. The team of developers or QA will test the app with tools and certain techniques so that your apps will be bug and error-free.
- Release
Now, the final step after testing is to release your app in the market but make sure that you got all the first user reviews after launching that will help you to maintain your app in the future and secure your e wallet payment
- Maintenance
Lastly, the most important step you have to keep maintaining your app after launching it in the market so that your app runs smoothly and functions properly in the future.
Conclusion
The demand for e-wallet apps has increased day by day people are more comfortable paying via digital payments. Some of the best e-wallets are available in the market. Now you know the process of creating a digital wallet you can easily create one for your business by hiring a team of developers.
