Features to Add in Your Mobile Wallet Application
EWallet App Development is growing quite popular. As per the recent reports, it is predicted that mobile wallet market is experiencing a growth of 28.2% CAGR. This means the market will reach $1043 Billion to $7580.1 Billion in the next five years. Moreover, it is also forecasted that by end of next year, the eWallet global market will hit $2.1 trillion. Studies have also stated that these apps will completely replace physical cards in no time.
So, this clearly shows the huge potential in the market and the reason why people want to develop such an app. However, you don’t want to create an e-wallet app that is just like every other eWallet solution in the market. And to make a mobile app different from others, you need to imbed it with unique features. Therefore, in this blog, we shall be looking at the different features that can add value to your eWallet app. With this being said, let’s get right into it:
Features to Consider in eWallet App Development
In this section of the blog, we shall be looking at the feature that you should consider adding during the Mobile wallet application development. We will be looking at nine top features that can add value to the mobile app, making it much more attractive to the customer and driving user engagement. So, the feature that you should include in eWallet for improved revenue generation is, as mentioned below:
1. Cross-Wallet Instant Transfer
The eWallet App like PayPal should have the instant transfer feature. While there are multiple payment methods in an eWallet including bank transfer, in-app wallet stays the most prominent.
Making instant transfers allows the user to transfer money to others using the same ewallet mobile application. And by instant, we mean, not a few minutes, but right away in seconds.
This is a lot better when compared to a typical bank transfer that usually happens in several hours or business days. Thus, you should be considering adding this feature to your mobile wallet application development.
2. Add or Send Money to and from Bank Account
Like we saw in the previous point, the instant transfer is something that people love. However, to make the instant transfer possible, you need to have money in your wallet. So, how do you add money to your wallet?
This is where this feature comes in. It allows you to add money from your bank account or credit card. However, if you think you have too much money in your app wallet or want to move it to your bank account; you can also do it with the same feature.
3. Bill Payments
As people who live in a modern, civilized world, there are various bills that we have to pay. This can be your rent, loan EMI, tuition fees, and so on. Now, not everyone has that kind of free time needed to do it. And even if you go out to do it, this takes a lot of effort and time.
But you don’t need to worry about that, as you can make all of your bill payments using your mobile phone straight through the eWallet mobile application. In addition, you can even recharge your mobile phones and top-up DTH services or OTT services.
4. NFC & QR code Scanning
While paying through the eWallet mobile app is quite convenient, there is always room for innovation. And in this case, innovation comes in form of contactless payment. This includes two different types of technologies. The first one is NFC and the second one is QR code scanning.
NFC refers to nearby field communication which is often integrated in the eWallet app by a leading mobile app Development Company. All you need to do is bring your phone near the other mobile phone or the payment machine, and it is done. On the flip side, QR code is self-explanatory. All the major and minor stores have unique QR codes which you can. When you look at the real-world application QR code scanning is much more common than NFC only high-end mobile phones have NFC capacity.
5. Secure Payment Gateway Integration – Dual Step Verification
In the age of technology, security is a much-valued attribute. However, as you might have noticed yourself, single-step verification like biometrics, passwords, and passcodes, isn’t nearly sufficient to protect you from the multitude of risks.
This is where dual step verification comes in. As suggested by the name, here you get two different layers of security that adds total protection against fraud risks.
The second layer often consists of some form of real-time verification. The most common form is OTP through e-mail or SMS. This adds to the total security drastically that is why you should consider adding this to your eWallet.
6. Easy Profile Registration
Creating a profile is one of the basic features that should be included in custom application development. Registering a profile allows the user to log in to the mobile app through various different devices while keeping all the information.
Moreover, it is recommended that you provide various different methods that allow registering and logging into the app. Some popular mediums are social media, email, mobile numbers, and so on. This will add yet another layer of security to the mobile application.
For that reason, you should be adding this feature to your ewallet app development.
7. Rewards, Cash Backs, and More
Lastly, you should include feature for rewards, cash backs, coupons in your eWallet mobile app. Now, it goes without saying that this feature can bring your app into the instant limelight and bring in huge user traffic. This is seen in top ewallet applications of our time. This feature will allow the admin to create new coupons, offers, rewards, etc while the users can enjoy it.
These are all the different features that you should consider adding to your eWallet application. Now that you have read through it, all that’s left to do is contact an on-demand app development company and develop your own application.