Digital wallets (or mobile wallets) are secure mobile payment systems that allow anyone to send money. Digital Wallet App Development promotes fast, location-independent money transfers and cashless payments.
Digital Wallet app development companies are working with organizations to develop mobile wallet apps that increase revenue and transactions. GlobeNewswire predicts that the mobile wallet industry worldwide will generate $46,006.0 million by 2028 and grow by 18.9% between 2021 and 2028.
The global digital wallet market in 2020 with projections for 2021-2025 (in million US Dollars)
Digital wallet development has greatly improved eCommerce, especially in purchasing and selling. UPI has simplified bank-to-bank transfers. Digital Wallet is an excellent tool for businesses and generates significant revenue. This guide will assist you with the eWallet app development process by identifying its key components.
What is a Digital Wallet?
What are the most important things to consider when securing a digital wallet? Let’s first define a digital wallet. A digital wallet is an online tool that stores and manages payment information securely. It makes it easier to conduct online transactions. It can be viewed as a layer of security for your online activities. People often use different payment methods due to the rise of Internet-related payment technologies.
A person may have multiple credit cards with different purposes and even a cryptocurrency wallet. Two problems are created in this context. It’s easier to keep track of all these accounts by losing one. Second, the risk of hacking into one’s account is high. You can easily miss anti-fraud messages or leak information when you have multiple accounts. According to the “Security” organization, 65% of Americans have been victims of credit card fraud at least once.
E-Wallet Market Overview
COVID-19 had a significant impact on fintech app development. Finaria estimates that the fintech industry will reach $2.4 trillion by 2021, a 24% growth from 2020. It may even reach $3.5 trillion before 2023.
Here are some interesting facts about the rapid growth of e-wallets:
- 32% of mobile wallet users use three or more digital wallets
- By 2024, 40% of US e-commerce payments will be made via digital wallets
- 67% of retailers accept payment by contactless at PoS terminals
- In 2021, more than 4/10 US smartphone users will have used a contactless system.
- The average annual spending per mobile wallet is expected to increase to $2,439.68 by 2021
Mobile wallets from the tech giants such as Apple, Google, and Samsung outperform their competitors.
Step-By-Step Tips to Build a Digital Wallet Application
The development of an eWallet mobile app requires several steps. They must be completed to ensure that the application is secure, user-friendly, and functional. Each step with eWallet app development solutions require careful attention to detail and consideration. Here are the steps.
First, you should conduct extensive research on the market to identify trends and consumer needs. This will streamline the development and ensure that the eWallet app meets the target audience’s requirements. This helps create a more user-friendly product and makes it more successful.
During the design stage, the team will work on different aspects of the app to ensure that it’s functional and visually appealing. Wireframes are a key task. Wireframes will help map out the different screens and features in the application. Next, the team will create prototypes to simulate how the app is used. This allows the team to identify potential usability problems and make necessary changes.
The final step will be to create the visual design of the e-wallet application while taking into account the target audience and the product’s overall branding and marketing. This process involves:
- Selecting the appropriate fonts
- Create a color palette
- Designing the overall look and feel of the application.
These tasks are done to create an app that is both functional and aesthetically pleasing.
The digital wallet app developer will build the app once the design is finalized. The team will first create a detailed plan. The plan outlines the tasks and timeframe for completion.
The correct programming language and technology stack are essential. The performance and speed of the app will be affected by this. The app will run smoothly if you choose the right technology stack.
Consider the growth potential of your user base and the traffic that the software will be expected to handle. This could involve optimizing server performance and implementing load balancing.
When you hire Fintech developers, make sure they must also ensure the product is protected from various threats. Hacking attempts and data breaches are examples. Consider implementing encryption and authentication protocols and performing regular security audits.
To ensure the app is completed on time and meets all the requirements, developers must work closely with the other teams involved, including the design and quality assurance team. The success of this project will depend on communication and collaboration.
It is crucial to test the app thoroughly after it has been created. This will make sure that there are no bugs or glitches. Test the application on different devices to make sure it works on all platforms. Apps for Android and iOS that offer e-wallets should be rigorously tested to ensure they meet the highest security, functionality, and user experience standards.
Test the app using different techniques and methods to ensure it works properly. These methods include unit testing, acceptance testing, and integration testing.
The team will also work to improve the features and functionality of the app to make it easier for users. The team may gather feedback to determine what improvements are needed. Add new features in response to the input.
The app will be released once it thoroughly checks and resolves all issues. The app will be submitted to the stores and must meet all requirements.
You will also need to launch a marketing campaign to increase the visibility of your app to potential users. You can do this by paying for advertising on social media platforms or other websites relevant to your app. Reach out to influencers in the industry to get their followers to use your app.
It is also essential to keep track of user feedback and to make changes to your application. It is essential to keep the application up-to-date and meet the changing needs of users.
Developers will provide maintenance and support to customers to ensure the software remains up-to-date and functional. It may include adding new features, fixing bugs, and providing customer service to users who experience issues with the application.
How to Calculate Digital Wallet App Development Cost?
Multiple variables determine Digital Wallet app development costs. The cost of a digital wallet is affected by whether you choose to develop your app or hire a mobile app developer. The experience and competence of Fintech app development company will determine the price of development.
Mobile app design is critical to engaging consumers. Digital Wallet app development for flawless performance across all platforms, including upcoming technology, UI/UX trends, and expensive creative components.
The features and functions of an app determine Digital Wallet App development costs. You can fit your budget if you create a simple, feature-limited app. Features with more complexity cost more.
Mobile app development platforms can affect Digital Wallet development costs. Digital Wallet apps are primarily developed for iOS and Android. IOS Digital Wallet development is less expensive than Android.
The cost of developing mobile wallet apps varies depending on the technology stack. Each technology has its advantages and disadvantages. Hire a mobile wallet app developer for a solid architecture before choosing the technology stack.
Pricing will depend on the experience and certifications of your developers, whether they are junior, senior, or executive. Senior developers are more expensive than junior and mid-level developers with limited skills and knowledge.
Costs for developing a mobile eWallet application can be very different. The cost depends on your scope, complexity, and features. Developing an e-wallet application can vary from $90k to $150k.
The size of the team, its location, and the level of expertise within the team can all impact the costs. Support and maintenance costs are typically billed according to the scope of the request and the agreed timeframe with the client.
The Key Takeaway
A digital wallet is an investment that pays off. This article should have provided enough information on how to create one. Do you want to know more? Contact us if you need more information. We can offer you high-quality suggestions for the development of technology.
In today’s digital age, e-wallet applications are a must. Developing an e-wallet app requires careful considerations, including security, functionality, and user experience.
Aastha Gupta has been writing for JPLoft for the past 2 years, making significant contributions to the company’s targeted business goals. Throughout her work experience, she has curated diverse content on various topics related to eWallet app development. She has expertise in crafting engaging web blogs, guest posts, social media content, and other forms of content. Aastha has also shared her valuable insights and knowledge in the field of eWallet app development, helping the company establish a strong online presence. Her proficiency lies in creating effective content that promotes the services of a eWallet app development company, ultimately enhancing their visibility and reputation.