The digital age has made cash payments obsolete today. A major shift has occurred from traditional purchasing methods to digital payments.
Cashless payments are the preferred way to make transactions today because they are safer, easier, and faster. Digital wallets have made it easier to go cashless thanks to digitization. We live in a virtual world today.
Statistics show that 4 out of 10 Americans use their smartphones to make contactless payments. EWallets or related payment gateways power these apps. This has resulted in a complete transformation of payment methods from cash to digital. There are now billions in revenue generated by E-wallet apps such as Paytm and PhonePe. As part of their business ecosystem, it covers grocery, booking tickets, and more.
Thus, eWallet App development is in high demand among new businesses and large companies.
Investments in digital wallet app development can result in good profits for a business. This post will give you a comprehensive overview of all the essential factors you must consider when designing a feature-rich & custom mobile app.
eWallet Mobile App – What is it?
Customers can use it in-store, online, and in-app for you to accept payments from them. Using this service, they can store their debit & credit cards in a digital format and connect their bank accounts to it. As a result, they will be able to transact with you both cashless and cardless. A digital wallet can also store the discount coupons, vouchers, loyalty cards, gift cards, and other coupons you offer your customers as part of your loyalty program.
Evolution of Mobile Wallet App Development
With touchless payments becoming increasingly popular, digital payment apps have significantly increased usage. These stats support this trend;
Digital wallets are expected to reach $7.58 billion by 2027, according to Allied Market Research.
In the global market for non-cash transactions, Research & Markets projects that the volume will reach 1.5 trillion by 2025.
Benefits of eWallet App Development
Higher Conversion Rate
Keep your customers from having to queue up to pay their bills. Streamline the process of buying your products and services. Use a mobile payment app to accelerate their checkout process. You will increase revenue by directly influencing their buying behavior.
Abandoned cart reduction
It is most beneficial for retailers to have fewer abandoned carts. Shopping with an eWallet is easier and faster, which increases conversion rates.
The transactions fee is low
Transaction fees associated with mobile commerce platforms are much lower than the high-interest rates associated with credit cards. The merchant can also issue their payment card. As a result, the bank is left out of the transaction process, which reduces transaction costs.
Refunds are easy
Returns and cancellations are inevitable parts of doing business. But you can enhance the customer experience with a digital payment system. Customers can receive refunds quickly and easily. As a result, shoppers now have more money to shop within their app. Using retargeting technology, business owners can use product ads to encourage customers to purchase additional products.
To keep customers returning, companies can offer personalized offers with discount codes. Sales opportunities can be increased in the long run by doing this periodically.
Increase the number of customers
To reach out to possible customers promptly, businesses are able to use mobile payment applications. In addition, well-designed contactless payment solutions with advanced features make them more credible and more likely to be perceived by business owners as trustworthy and reliable.
A touchless wallet is preferred by people all over the world. Providing them with robust security features will allow them to switch from your competition to yours within minutes, leaving them behind.
The trend is gaining the attention of entrepreneurs and innovators due to its tremendous pace. Among its core advantages are simplicity, scalability, and security.
How Much Does It Cost To Develop a Mobile Wallet App?
Mobile wallet apps can cost between $ 25,000 and $50,000 to develop, while more sophisticated e-wallet apps can go for anywhere between $ 90,000 and $150,000.
There is a difference in cost between a simple app with essential features and an advanced app with more advanced features, usually costing between $ 5,000 and $25,000.
Depending on the features, the basic app might cost between $ 5,000 and $35,000, while the advanced app might cost between $6,000 and $50,000.
Development Costs of E-Wallet Apps – Factors to Consider
Even though we have discussed most of the essentials, you may still be asking yourself what factors could influence the development of eWallet applications.
This would depend on many factors, including the type of app design you are looking for, whether the features you need to integrate are complex, and which technology stack you’re using for the app (iOS, Android, or both).
It is essential to remember that whether you are building the eWallet app in-house or leveraging the tech expertise of a high-quality software development company, it will significantly affect the overall development cost.
Critical factors that influence the total cost of E-Wallet apps:
Designing an app
An online payment app needs a great user interface to engage and retain customers. A seamless, easy-to-use app requires a blend of emerging technologies at a cost.
A mobile wallet app’s development cost will depend on the number and type of features it contains. The most basic features will be cheaper than certain specific or advanced features.
You will be charged differently depending on whether your app is developed on a single platform or for more than one platform. Compared to someone designing a payment app for Android, the price of one designed for iOS is relatively lower. Generally, mobile commerce platforms are developed to support Android and iOS devices.
As well as that, it depends on the tech stack used to build the mobile application. Platforms and technologies each have their pros and cons. To develop a robust mobile app architecture, you should consult an experienced company.
Development Agency experience and skills
Likewise, pricing varies significantly depending on the development agency’s resources’ skill level, certification, exposure, and industry experience.
Developing an eWallet app takes a lot of time, and not every company can handle it correctly. Digital wallet Apps require time, skills, and expertise to develop. To develop an eWallet app correctly the first time, you need skilled eWallet app developers.
When it comes eWallet app development, SynergyWorks Solutions helps you develop a high-class eWallet app that makes it easier for your customer to go cashless and get peace of mind while facilitating digital payments.