The conventional means of conducting transactions with cash and loose money have been replaced by technological innovations. Nowadays, smart phones have cleverly and digitally taken over the functions of checks, credit and debit cards, etc. People have started adopting mobile payment apps like Paytm for regular transactions since the advent of digital wallets. One of the most well-known payment apps, Paytm, is leading the way by enabling users to send money more quickly, intelligently, and securely via digital wallets and UPI.
These days, there is a huge need for applications relating to digital payments. Throughout the world, this is increasingly valued as a resource. Even though it takes a while, one can quickly complete financial tasks. This is a more dependable, secure, and adaptable mobile app for a digital wallet, which is why it’s becoming more popular. It speeds up and streamlines transaction processing.
People frequently hesitate to adopt new digital platforms, according to a survey. The application needs to be very flexible and highly secure in order to avoid that. so that new users of the mobile application can simply become friendly.
What does it mean by digital wallet?
The digital equivalent of a traditional or physical wallet is a digital wallet. Bill payments, telephone recharges, movie and vacation reservations, as well as money transfers from one bank account to another are just a few of the transactions that users can carry out using a digital wallet.
- Online payments may be made quickly for consumers thanks to digital wallets.
- Users can purchase train and airplane tickets, recharge their mobile devices, pay their electricity bills, reserve gas cylinders, and more using digital wallets.
- A user must add money to a digital wallet from a connected bank account.
- These wallets are safe to use and work with a variety of transactions.
Benefits and advantages of e-wallet
Given their many advantages, digital wallets have become sufficiently popular. Let’s examine them in more detail:
1. Secure
Given that they are password-protected, digital wallets are secure. Additionally, the user must input the password in order to complete the transaction using the digital wallet program, ensuring that no one else can use your digital wallet to make purchases. Applications like Paytm demand biometric authentication and increasing security. You can hire IT professionals if looking to build an e-wallet.
2. No minimum balance requirement
In digital wallets, there is no necessity for a minimum balance. Simply add the desired amount to the wallet to avoid being penalized for having a low or negative balance.
3. Quick transactions
Transactions are processed instantly by digital wallets. Applications for digital wallets like Paytm are user-friendly and don’t involve a drawn-out process to conduct transactions.
4. No additional charges involved
The use of a digital wallet is free for the user. It is accessible for use for whenever the user needs it.
5. Ease of use
Payments can be made at any time and from any location using digital wallets. Only a smartphone, an internet connection, and an associated bank account are needed for digital wallet apps.
6. Perform multiple transactions
Through digital wallets, one can carry out a variety of online transactions, including paying utility, gas, and other bills. By scanning the QR code at the point of sale or by entering a mobile number, customers can also complete transactions using a digital wallet.
What should be the key features of any Digital E-Wallet mobile app?
Features for User
1. Easy to understand and Interactive UI:
A crucial component of any business strategy to draw users to an application is the user interface. So users can easily glance thanks to an appealing user interface.
2. Features of registration:
This feature will allow the user to get registered on the application. A phone call or email might be used to register the user. The user must then confirm the account before moving further.
3. Integration of Bank Account:
The user’s authorized bank account and the digital wallet account can instantly be integrated. using net banking or a credit/debit card.
4. Wallet Top Up/ Add Money:
By using the relevant integrated bank, the user can add money to their wallet. After adding, that sum of money will appear in the wallet.
5. Send Money:
The user will have a variety of options for transferring the funds. Some precise information about the recipient will be required for this transfer amount activity. The funds could also be moved to another wallet or the bank account.
6. Passbook Feature:
This feature allows the user to examine the wallet amount and the current transaction occurred as well.
7. Receive Payment:
Users connected to the application have the option of paying a user.
8. Pay Bills:
With the help of this highly functional software, the user will be able to pay a variety of bills. The app will be able to retrieve the bill information linked to a particular number.
9. Invoice and Receipts:
Upon each transaction, a receipt or an invoice should generate and sent to the user on registered contact.
10. Scan To Pay:
Each person who has registered will receive a QR code. Information is securely stored in that QR code. The user will be able to pay the related users by scanning this QR code.
11. Offers and Promotions:
From a commercial standpoint, offers are the profitable functionality to increase audience. The admin can add pertinent offers, and users can then take advantage of the advantages linked to such offers.
Admin Side Features
1. User Side Management:
The administrator will be able to oversee all users that have registered for the application, as well as all transactions, and track all application activity. The admin will also have the ability to block and add any particular user.
2. Dashboard:
The dashboard will give the administrator a fast snapshot of the application’s overall progress in the form of statistics and graphics.
3. Offers Management:
The administrator will be able to track and manage offers and coupons in addition to creating them.
4. Reports:
The business data will be available to the admin in the form of reports.
5. Transaction Management:
The platform administrator will be able to monitor and control every transaction that occurs.
The Must-have Generic Features
1. Data Synchronization:
The program may synchronize the user’s data with their registered social networks and cell number thanks to this feature. As a result, we can provide precision and high levels of security.
2. Calendars:
The calendar aids users in saving mental effort by reminding them of upcoming transactions or bill payment dates. The dates in the calendar can be easily highlighted by the user. The reminder alert setting on the calendar also enables receiving reminder notifications for payments or transactions in place of other events.
3. QR Code Integration:
The user can easily make payments using the QR code feature in a very efficient and speedy manner. Using specific libraries, it is now more simpler to create customized QR codes than it was to create black-and-white codes.
4. In-app Camera Feature:
When it comes to scanning the QR code, an in-app camera is a fantastic feature. This makes it possible to confirm within an app, frequently validating all fund transfer requests.
5. Push Notifications Feature:
The ability to receive push notifications will keep people on guard. The software updates users on a variety of occasions, such as incentives, payment confirmations, and other crucial alerts. such that any significant notice of any kind cannot be overlooked.
How much did it cost to create a mobile app for a digital wallet?
Building a mobile application for an electronic wallet could be easy or difficult. That is dependent upon the features and services it offers. A mobile wallet with essential functionality can cost between 7 lakhs and 15 lakhs, take two to three months to complete, and act as an MVP.
Rundown
It’s so convenient to have an e-wallet in today’s time. Are you ready to develop a classic e-wallet app for your new business venture? If yes, get in touch with top manpower outsourcing companies and hire the best developers from them.
Also read: INTEGRATION OF DATA SCIENCE AND BLOCKCHAIN
