With the rise in digitization in recent years, cashless payments are growing faster. The covid-19 pandemic led to the increased need for mobile apps to aid in online payments. Today, people don’t rely solemnly on cash to buy or sell goods. The coming of mobile ewallet apps has forced many businesses to shift. They count on mobile app development companies to create custom applications. These applications help businesses to sell and buy products.

When going to a grocery or booking a ticket, clients prefer to make the payment via digital cash on the ewallets. The growth of digital mobile wallet apps is recommendable. It provides a better and faster transaction experience online. Here you will know how mobile ewallet applications have developed businesses. You will also understand how they will impact your business positively.

Why do you need to invest in ewallet mobile application development?

Every client looks forward to making a digital payment with ease when buying from a brand. Not using the ewallet in your business can significantly disadvantage its growth. Today digital payment apps are getting more worldwide attention. They facilitate cashless transactions in a company when buying or selling products. The following are benefits you will get from the ewallet mobile applications development:

Conversion rate increase

You won’t have to wait longer to settle bills. Clients pay instantly using mobile payment apps that help increase product sales. Good payment approaches help in boosting the client’s buying behavior. The behavior leads to more purchases which bring more revenue.

Reduces chances of the abandoned carts

Abandoned carts are a great disadvantage that affects businesses negatively. They prevent business growth when the number of left carts increases. The ewallets reduce the number of carts abandoned by clients if they run out of cash. Clients can pay virtually using the cashless system. It makes business operations easy and more convenient.

Reduced transaction charges

Most mobile business platforms charge low transaction fees than credit cards. Credit cards charge high-interest rates to facilitate payments and money transfers. The mobile platforms also provide value-added payment cards. They enable clients to make easy payments without involving banks. All these will reduce transaction fees.

The refunds

The order returns are easy when using mobile payment applications. They enable clients to get quick refunds and use cash directly in their applications. They can use the money to make another transaction instantly after the refund. The credit card refunds take a longer time to reflect. Business owners retarget more sales using customized discounts and offerings.

Huge client base

Well-developed cashless payment applications are a great benefit to business owners and clients. Today people prefer a secure payment medium aligned with high-security features. If you use an ewallet as a more secure application, you will have a solid client base.

The essential features that ewallets mobile applications must have

If you want to build a mobile ewallet application, here are the things that you have to keep in mind. You need them before you develop the application.

Security

Payment applications need high-security policies and standards. You need to incorporate them for users to store sensitive banking data. The data includes the transactions made by clients. You should contact a higher development team that understands the leading industry technologies. It should know the stringent security mechanisms that are hard to decrypt.

The online receipt

You need to ensure that the app gets integrated with digital receipt systems. It will enable users to get a confirmation status after each online transaction. The system should send the receipt to the client’s mobile number or email the client.

Compliance

Any commerce platform must adhere to global and local banking laws and regulations. It’s why mobile ewallet applications should be able to limit any potential risks. They need to ensure transparency in all transactions.

The user features in mobile ewallet applications

1. Add and authorize bank account
2. Registration through login and media account
3. Accept or send money
4. Set autopay or pay bills
5. Transaction history and view balance
6. POS Integration
7. Budget management
8. Send invites to get referral points

The admin features

1. Manage merchants and users
2. Log in
3. Add new offers
4. Ensure security
5. Real-time analytics
6. Users’ data control
7. Revenue management
8. Auditing and reporting

The price of building mobile ewallet applications

It is not easy to get the exact cost of developing an app since different variation factors affect the price. Examples of these factors are:

• The app designs
• The technology used
• The complexity of features
• The application platform chosen to use

The price for building any basic ewallet mobile application can be between $25000 – $50000. The advanced applications with many features cost from $90000 to $ 150000 or even more. The price can also depend on developers’ hourly development rates in different locations.

Are you planning to use an experienced company to prepare an ewallet application for your business? Let’s see the factors that will determine the total costs in detail:

The app designs 

The user interface is essential in retaining or engaging clients with online payment apps. Building an intuitive and easy-to-navigate app can run seamlessly on all platforms. It means using the current emerging technologies in the building journey. These new technologies come at an extra cost compared to those in existence for a long time.

Integrated features

The types and numbers of features affect the final cost of highly functional application creation. The price of the application will be low if it has basic features. The more advanced features come at a cost making such an app more expensive.

Platforms 

The price will depend on whether the application created is for a single or several platforms. The cost of the payment application designed for iOS is lower than that of an android. Despite this, many mobile business platforms are typically designed and developed for iOS and Android.

Technology stack

The price varies depending on the technology stack used in building the mobile ewallet app. Every technology and platform have its advantages and disadvantages. You need to consult experienced development companies if you want to develop a robust architecture.

Skills set and experience of the developing agency

The cost is unique depending on the agency that will develop the application. The agency resources, certifications, skills set, industry experience, and exposure will determine the final costs of the ewallet applications.

The application sizes

If your app size is small, the page numbers will be few, meaning that the app’s features will also be minor. It results in an overall cost reduction in making such an application.

If you need more features on your app, you will have to increase the size of the application. It will require more pages, thus a rise in the overall cost.

The size of the team building the application

A single developer can’t build an effective mobile app without a fully-fledged team. The tech should have an app tester, a designer, developers (for backend and front end), team leader, quality analyst, project manager, among lead people. Additionally, effective mobile app marketing is also essential to ensure that the app reaches its target audience and gains traction in the marketplace

Geographical location

It’s a vital factor behind any charges for app development. The prices vary from one point to another, affecting the cost of developing this ewallet.

Conclusion

The mobile ewallet application changed the nature of money transfer. It provided many benefits to all businesses. It’s time to create your ewallet for your business. You need to maintain top security that will aid clients in making safe transactions without any worry.

Planning to develop a ewallet mobile app? feel free to hire app developers from Aalpha