Mobile Wallet App : Nowadays, most people all over the world stop using “physical” money and payments, and many transactions can be provided through special apps – these are digital wallets or e-wallets. Following the statistics, over 25% of users make purchases online via their mobiles. In this article, we will discover how e-wallets work and also some questions about e-wallet app development.
Table of Contents
Digital Wallet: What Is This?
It’s a financial app that allows you to operate your money using a mobile or any similar devices (like tablets). Before making any operations, a person should link the bank account or a credit card information to the wallet. You need to understand that e-wallets do not store your money physically, but they store all the transaction records from your account. Of course, this software must provide data encryption and a good level of safety for users. All the needed personal data about users is saved in the application’s database.
Here are some types of m-wallets:
- A closed digital wallet that is used by a certain client of the company for any personal needs;
- A semi-closed digital wallet that works both offline and online;
- An open mobile wallet is used to withdraw money, purchase goods, and create ATM transactions.
What Are the Main Benefits of Digital Wallets?
Of course, in the modern world, the mobile wallet is a great tool to make various payments and money transactions very fast and easy. A user can get access to the payment history and check the storage. Here are the main benefits people can get using e-wallets:
- Great accessibility: it’s quite simple to log in to the digital wallet;
- Simple and safe process of payment;
- Excellent functionality: a user can provide any payment and create transactions with fiat and/or non-fiat currencies;
- Very fast to use: the whole process will take just a few seconds, and you can use your e-wallet anytime, anywhere.
Of course, there are also wonderful benefits for businesses. With e-wallets, it’s easy to pay money and get some bonuses, attract new clients, and enhance customers’ loyalty. Many companies, including healthcare, transportation, and finance can get a wide range of benefits with mobile wallets.
Is It Simple to Develop a Mobile Wallet App?
- In the beginning, you need to do analysis and conduct research to learn customers’ demands and needs, discover trends on the market, and also understand the requirements of single users and businessmen. During this investigation, you should meet customers’ expectations and also define the unique features of your future project.
- When the research is done, you will need a good team of various IT professionals, including mobile developers, user interface designers, QA engineers, and others.
- The next step is developing the user interface and then implementing all the needed features.
- Your app must be tested thoroughly by experienced QA engineers who use various methods, including written scripts, manual tests, and other effective things to make sure the application is working well.
- When your digital wallet application is developed and well-tested, you can launch it and place it in application stores, so users can download it there. After your app is released, you must maintain it and upgrade it constantly to make sure it works properly and provides great support for the latest operating systems versions.
As you can see, developing a digital wallet application is a great idea for our digital world. Where people stop using physical payments and purchase things online with smartphones. Of course, you have to hire a range of professional specialists. Who can fulfill their tasks and develop the app correctly. Of course, you will have to pay money for the development. It depends on many things, including the platform, complexity, the app’s features, and the rate of professionals you are cooperating with. In general, the development may cost about $25,000 – $145,000. Of course, if your app is successful and popular, you will get a profit that will cover these costs easily.
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