E-wallet app development is a complex task if you don’t have a dedicated team of developers by your side. The E-wallet market is growing rapidly, because of the increase in the adoption of mobile and digital payments. This makes the e-wallet market highly competitive, big giants such as PayPal, Paytm, and Venmo are leading the e-wallet industry.
Therefore, to enhance the selling and buying of products and services, e-wallet development is helpful for businesses, especially for the eCommerce industry. With the help of UPI, users can easily transfer money and provide a support system for businesses in making huge profits.
However, it’s important to research the competition before investing in an e-wallet app development company. According to the report, the global market size valued at USD 6.2 billion in 2021 and is expected to grow at a rate of CAGR of 27.4% from 2022 to 2030.
Research and markets suggest that the volume of non-cash transactions in the global market is forecasted to surpass the 1.5 trillion mark by 2025. So, now is the right time to invest in the e-wallet app development company.
In this blog, we shall be discussing, what are e-wallet apps and the benefits of e-wallet apps for business, and nine tips for E-wallet app development to win trust.
Let’s go !!
What is an e-wallet app?
Simply E-wallet enables users to manage, store and use their digital assets, such as credit or debit cards, loyalty points, and cryptocurrencies securely. It is also called a digital wallet, and users can perform various transactions like online purchases, peer-to-peer bill payments, and in-store purchases. This is the reason behind the popularity of the e-wallet app development company.
In addition, some e-wallets provide services such as reward programs, investment options, and financial management tools. Users can simply download it on their mobile phone or website and often link to a user's bank account or debit/ credit card. E-wallets offer many advantages like increased security and accessibility in areas where traditional banking services are limited.
You can include an advanced feature that makes your e-wallet app secure and user-friendly. The E-wallet design guide helps you in understanding what you should consider in your e-wallet app before investing in one.
Here are some of the most important features to consider in your e-wallet app:
Secure login and account management
You can include this feature such as two-factor authentication which is crucial for protecting users’ financial and personal information.
Mobile payments
Support various types of payments such as in-app purchases, mobile payments, and peer-to-peer transfers.
Loyalty programs and rewards
Many e-wallets offer loyalty programs and rewards to use apps for transactions. This feature can be integrated with partner merchants and offered as an app program.
Financial management tools
This is the best feature you must include in your e-wallet app such as setting budgets, tracking, spending and viewing account balances.
Customer support
This app should provide 24/7 customer support through email, and in-app chat to address any questions or issues.
Integration with other financial services
The app should be integrated with other financial services such as credit card companies, and banks to provide a seamless experience for users.
By going through this section, you can easily integrate these features into your e-wallet app which brings huge profits. Let’s look at the benefits of e-wallets in the next section.
Benefits of e-wallet app for business
There are so many benefits of Ewallet apps one is the convenience it provides to the user. Other than that there are so many benefits of e-wallets app for business which we will discuss down below.
· Increased in sales
By using the e-wallet app customer can easily make payments in a more convenient way which reduces the need for cash or physical cards which significantly increase sales. It improves the overall customer experience.
· Customer insights
An e-wallet app can provide valuable customer data and customer behavior insights and spending patterns. This help in driving business decisions and improving customer engagement.
· Enhanced security
When a user makes the payment with secured gateways it reduces the risk of fraud and security breaches is less as compared to traditional payments.
· Improved efficiency
It can streamline the payment process and reduce manual intervention, which improves the overall efficiency of the business.
· Global reach
An e-wallet app can expand the reach of businesses by enabling transactions from anywhere in the world.
· Increased loyalty
They offer rewards and incentives to customers that encourage them to return to the business and build brand loyalty.
These are some of the benefits of the e-wallet app and in the next section, we shall be discussing tips by which you can win trust. Without wasting further time let's jump in.
9 tips for E-wallet app development to win the trust
In the above section, we have discussed, that the e-wallet can offer numerous benefits to businesses that include convenience, sales, security, and customer loyalty. Now, before you create an e-wallet app look at the nine tips for E-wallet app development to win the trust of users.
1. Prioritize security
If you want to gain the trust of users, the most crucial part of an e-wallet is to provide strong security measures. Moreover, by using the latest encryption and security measures to protect user data you can make your app secure.
2. User-friendly interface
If your app interface is easy to use and easy to navigate, you can easily increase your app download rate.
3. Offer multiple payment options
Now, another tip is that you can provide a variety of payment options such as credit or debit cards, digital currencies, and bank transfers so that users can get everything in one place.
4. Respect user privacy
Just make sure you are collecting and storing the minimum amount of data that is necessary and using it for legitimate purposes.
5. Provide reliable customer support
Provide the user with 24/7 customer support by offering a reliable and efficient customer support system to handle user queries and complaints.
6. Implement a reward system
Offering rewards and incentives to encourage usage of your e-wallet app and build customer loyalty.
7. Ensure scalability
Ensure that the app is scalable to accommodate will increase in the number of users and transactions.
8. Update
In order to be ahead of your competitors you have to regularly update your app with advanced features, technology, and security patches to keep up with the user changing needs and requirements.
9. Seek Feedback
Lastly, seek feedback from users to understand their needs and improve the app to meet their requirements and this will ensure your e-wallet success.
Conclusion
The growth of ewallet app development will increase in upcoming years because they have revolutionized the finnace industry. While e-wallet apps has made transaction faster and easier.
The key is to balance between security and convenience and keep the user at the centre of your design and development decisions this will ensure your app success.
We hope that this blog has helped you in guiding everything about the e-wallet app. Just make sure you consider key factors including security, user experience, payment options, privacy and customer support. By keeping these factors in mind you can develop trustworthy e-wallet app.
Want to develop a custom eWallet app in 2022?
Let's check out how much it will cost you to develop an eWallet mobile app based on numerous different factors.
The must-have features in an E-Wallet App that can help users to make online payments easy and be used for much more than just payments, making it the best digital wallet.
Launch your business with a custom-built E-wallet app development.
The app has functionalities and features that enable users to rely on the app.
The app is white-labeled which means that you can customize your brand, logo, company name, etc., according to your business needs.
