Technology is developing at a speedy phase these days. It has made our life more accessible than before. From hiring cleaning services to booking a movie ticket, apps have helped us a lot in the current times.
The use of e-wallets is increasing in various parts of India. It is easy to manage payments and receipts with the help of e-wallet apps these days. This blog will discuss different things related to e-wallet apps and how to create them for convenient transactions.
Overview of E-wallet Apps
After the pandemic outbreak, people choose the online payment system. Here are some market analyses on e-wallet apps:
- About 32% of mobile users have more than three e-wallet apps on their mobile phones.
- 40% of US e-commerce payments will be done through e-wallet apps by the year 2024.
- More than 67% of retailers trade in online payments.
Meaning of E-wallet Apps and Types
Now, we will first discuss the meaning of the e-wallet app. It is a financial app that helps to transfer money online. You can do transactions online by installing an e-wallet app on your mobile phone. E-wallet apps are safe and reduce the risk of carrying cash everywhere.
Kinds of Mobile Wallet Apps
There are 2 types of e-wallet apps such as:
1. Crypto Wallet
As the name tells, crypto wallets are used to trade in various cryptocurrencies. You can download a crypto wallet on your mobile phone to buy and sell cryptos.
2. Open-loop and Closed-loop E-wallets
Open loop mobile wallets help to add cards and use them with certain bank accounts to pay mobile or utility bills. On the other hand, closed-loop e-wallets are used at certain places such as Walmart and Starbucks.
Steps to Develop an E-wallet App
1. Deep Market Research
The first step in developing an e-wallet app is to do market research. The research will give an idea of how competition prevails in the market.
2. Cross-check Your Idea
The next thing to do is cross-check your idea. By cross-checking your concept, you will get a good idea of the whole process of e-wallet app development. You can choose an app Development Company for ewallet to carry out the further process. Just communicate out the requirements properly because that’s the most important step.
3. Monetize the App
The next step is to monetise the e-wallet app. You can monetise the app by transaction fees, and it is very easy to follow this process.
4. Process of Designing the App
Now, you have to carry out the most important step, app design. Good mobile app design will help in increasing user engagement. Hire some of the most experienced UI and UX designers to create user-friendly apps.
5. Choose Good Developers
To make your project successful, hire experienced and good app developers. Skilled developers will create robust mobile apps for your business.
6. App Testing
Now, it is time to test your new e-wallet app. A team of app developers will do the app testing with all the necessary tools and remove bugs and errors.
7. Release of the App
After the testing of the app, the developers will release the app in the market. After that, you must get the first user reviews to work better on the final launch.
The final step is to provide app support and maintenance. App support will help to make your app work properly on smart devices.
The use of e-wallet apps is growing these days all around the globe. It is one of the safest ways to handle online payments. You can now hire the best app developers to get a user-friendly e-wallet app for your business.