E-wallet applications facilitate the users for payment with ease. Check out these essential features that consumers desire in your e-wallet application.
Due to mobile devices everywhere, there is no need to tell that mobile payment solutions and their users are increasing worldwide. Not only the new generation, but even the old generation is also using new-age payment solutions. Five years ago, there was a slow rise, but now non-cash transactions are new normal, and there is a rapid rise in mobile payments and P2P payments that allow users to pay within a single click. It fuels the growth of online payment systems.
The COVID-19 changed the purchasing behavior that made many customers switched to e-wallets or online payment systems. The user’s smartphone is now working as a purchasing assistant to help you search the product, compare the prices, order the desired one, and payment in seconds. Via your device, you can pay for anything and also receive payment from anyone. There is no need to go for purchasing with a wallet; you only need to ensure that the internet is working fine or not. Some people say that consumers can sleep but not the shopping because it can be done 24/7 from anywhere.
The high rise in e-wallets services is not only due to the demand and changed shopping behavior. There is also a major contribution of top app development companies worldwide who develop online payment solutions and services businesses. There is another thing that also impacts the E-wallet mobile application market is mobile marketing. From small to big enterprises, they are focusing on targeting the customers via mobile marketing tactics. By using a single device, users are purchasing and, on the other hand, also paying within seconds.
As per one of the reports, With a CAGR of 15%, the e-wallet market will grow $2100 billion by 2023. What motivates businesses to incorporate it in their practices and the app development companies to build modern-age solutions. If you also want to launch your own e-wallet, this article will help you as a great guide.
What Is E-Wallet App and How Does It Work?
An e-wallet is a digital version of a simple physical wallet in which anyone can keep the money as per need. It is such a wonderful payment method that you can use to purchase your favorite dress, pay the bill at the gas station, send money to a friend in need, and receive the payment for the hourly work you have done for your client.
It is the safest method than using credit and debit cards and net banking. For using these other online payment options, first, you need to remember your id and password, then log-in is required in the mobile banking app. There are several chances of online fraud reported, but with e-wallet, there are very few chances of it. Without your approval, payment can’t be done. Although online payment systems are going smarter daily, it is the safest and most easy method.
Several mobile application development firms, such as mobile app developers in San Francisco, have developed several e-wallet applications. There are using by many users and businesses are using it to provide purchasing convenience and an easy way for paying against the order(s). The NFC (Near Field Communication) technology empowers the mobile wallets where payment options stay in encoded form.
Several advantages of using e-wallets such as user’s can apply the coupon code, apply the discount code and opt for the other promotional schemes. Moreover, it is a new age method that totally replaced traditional and physical payment.
What Makes E-Wallet So Popular?
Several reasons make e-wallet so popular among users. One of the top advantages of a mobile wallet is that it provides a smooth way to pay for all the utility & bills and purchasing. Instead of searching for the bank’s ATM to withdraw the cash, only by scanning the OR code money will be transferred to the merchant’s account.
Here are some key reasons that make e-wallet so popular.
1. Rapid Rise in Awareness
As per one of the reports in 2020, the recorded mobile payments are $500 billion. It is just a figure of the previous year; till 2025, it is expected to hit a $4.6T value 2025. One of the experts from a mobile app development company New York told in an interview that if look closely then more than 90% of people are using e-wallets for payment in different forms where some are using wallets such as Google Pay, PayPal, and some are using specific E-wallet mobile application by using the brand-specific app, i.e., Amazon Pay.
2. Acceptance The New Ways of Payments
Businesses are observing customer conversion via social media ads where users are paying via mobile wallets. Initially, the percentage was low, but now, almost all brands or websites accept payments via e-wallets. It is helping the merchants to generate revenue because of hassle-free payment.
3. Mobile Shopping
There is a massive rise in mobile shopping. The reasons may be whatever, but it is common to shop via mobile, from grocery to apparel and needle to tools. Experts involved in mobile app development in New York said that if we specifically talk about the USA, 95% of Americans shop online once a year. But, of course, it is only about the USA; if we go with the world data, the picture is big.
4. Mostly Favored by Youths
One of the research firm Alcatel Lucent finds that 80% of the young generation use mobile e-wallet applications for payments. It is also confirmed by app development companies in Atlanta. The businesses that target the youth for their products allow their customers to pay via digital wallet and get an excellent revenue.
5. Secure and Flexible Payment
Security and flexibility are topmost reasons that makes wallet option much favorable by almost smartphone owners. It offers security to a greater extent, including biometric authentication, locking stolen device, approve or reject the payment, and many more. The software companies such as mobile app development in New York focus on making digital wallets more secure.
The Key Features That Consumers Desire in E-Wallet
Here are some key features suggested by top app development companies that must be contained by an E-wallet.
1. Seamless Onboarding
The user must not feel any difficulty while onboarding an E-wallet mobile application. It must have an easy signup process, including the safety and security of the log-in data. Once the user signed up, they can easily log in whenever they need to pay for purchasing and need. The specialists like mobile app developers in San Francisco take extra measures to ensure seamless onboarding.
2. Easy Transaction
While transaction, if a user is facing difficulty, there must be something unusual with a wallet application, and in terms of customer retainment, it is not good. The transaction must take place uninterruptedly, and without approval or authentication by the user, it must not be done.
3. Interactive Design
The specialist from mobile app development company New York wrote in their latest progress report that it is their prime objective to design and develop an interactive UI/UX for digital wallet applications. It serves the purpose to make the customer comfortable while using it.
4. Contactless Payment
Due to the COVID-19 conditions, people are now tending towards contactless payments that include customers, ad merchants. Most merchants have adopted a contactless payment facility, and the rest of the merchants will be onboarded very soon. The app must be empowered by Near Field Communication (NFC), such as QR code scanning, so the user can only scan the code and pay for the services.
5. Two Way Connection with Bank
While using the digital wallet, the user must recharge the wallet from the bank account and transfer the cash from the wallet to the bank. However, some users do not want to keep the money in the E-wallet mobile application but want to use it, so there must be a facility it must-have a feature to draw money from a bank account and facilitates the user for paying instantly.
6. Multiple Options
The user wants that they must be able to pay utility bills, mortgages, loan installments, broadband bills & others, so the e-wallet app must have these options to empower the customers for paying desired services. If this feature works fine, then the user will be motivated to keep the money in it and retain it with the particular app. While developing a digital wallet application, app development companies in Atlanta take special care of it.
7. Transaction History
The app must be organizing the transaction history, so if the user wants to access it, they can easily view it with a single click. The wallet must provide an E-wallet passbook that must contain the data like direct transaction from the bank and transaction from the wallet. Each transaction must show all the details, including amount details, day & date, receivers’ details & so forth.
For every online payment application, security is the first major concern; if any loop is present in the E-wallet mobile application, there may be a disaster with the person’s account. It must ensure the safety and security of user’s essential bank details to eliminate all the chances of online money fraud.
9. Rewards & Discount Coupons
Although the rewards & discount coupons are marketing tactics but work great in user retention, users also like it because everyone wants to save money via deals. It will motivate to use the digital wallet application.
10. Fraud Monitoring
The application must be equipped with a fraud monitoring system to feel safe anytime, and it must work 24/7.
11. Push Notifications/Alerts
The user must get the alert via message or push notification after each transaction, so they must be aware of their account balance.
The E-wallet application is the most promising & new generation payment solution that promises flexibility, transparency, and ease of use while shopping, paying bills, or transferring money. It is the future of the payment industry, and there will be more users onboarded very soon. In terms of features, it must be powerful and customer-centric, so the users can find it useful. In terms of investment, the E-wallet mobile application also offers great revenue earning opportunities.