Digital payment solutions have taken the world by storm and transformed the way we make transactions. Thanks to eWallet apps, we can easily pay online in a secure and seamless way. As per the Global Forecast Report, the E-wallet market is estimated to grow at a 15% CAGR and likely to reach $2100 billion by 2023. These days, the growing popularity of apps like AliPay, Momoe, etc. has confirmed that the trend of mobile wallet app is here to stay.
However, the growing competition in the digital payment app market makes it difficult for the new players to mark their presence. Here we are going to discuss some of the useful tips and necessary features to make your eWallet app popular among a huge audience. Let’s start with the top tips to drive your eWallet app toward success.
Top Tips for Making E-Wallet Mobile Application Successful amid Competition
- Offer Integrated Digital Payment Solution
When it comes to developing a digital payment solution, you should leave no stone unturned. It is essential to integrate all the key features and seamless functionality in the app to ensure swift, seamless, and secure mobile-based transactions. A mobile wallet app development company can assist you to come up with an app with user-friendly features and flawless performance.
- Pay Attention to Features and Functionality
All features of the eWallet app should be relevant enough to get a competitive edge over competitors. You can do extensive research on market trends and the requirements as well as expectations of the target audience before making a list of features. Also, even if your company faces any sort of constraints, you should not skip any basic features while developing an eWallet application.
- Keep Comfort and Convenience in Focus
Digital payment solution is designed to enhance the convenience by enabling the users to make transactions swiftly and securely. People like eWallet apps because they make their lives easier. When you consult the app development company, you need to keep the comfort and convenience of people in mind to get the user’s appreciation.
- Include All Popular Ways for Transaction
Many companies tend to bring an eWallet app that supports the most prevalent transaction methods like credit/debit card-based transactions and net banking. However, if you want to stay ahead of the curve, you need to keep your app ready to transact through all available means including cryptocurrency. Such an eWallet app can become popular among people quickly.
- Emphasize on Security of Confidential Data
Any eWallet app needs to be highly secure because people are concerned about the safety of their confidential financial information. Be it a credit card or debit card detail or any important passwords for initiating an online transaction, every information needs to be highly secure. The app development company can integrate safety features and follow all security protocols to ensure the safety of your eWallet app.
After going through the top tips to make your digital wallet app popular, let’s have a quick look at the most necessary features of the app.
Must-have Features of E-Wallet Mobile Application
Any eWallet mobile app consists of the user panel and the admin panel. Here we are going to see the most necessary features for the user app or customer app.
- Registration and Profile Creation
Like other apps, the user has to register first using their email ID and phone number. Some eWallet apps also demand KYC verification to ensure the security of fund transfer from wallet to bank and vice versa. The user’s profile is created after a successful registration.
- Bank Account Linking
This is the most crucial feature to consider because bank account linking is necessary for transferring money to and from your account. Without linking the bank accounts, the app users cannot make transactions and other payments. For linking the bank account, users need to add card details like CVV number and the card’s expiry date.
- Wallet and Money Addition
Your eWallet app needs to have a passbook so that users can monitor their transaction history as and when they want. The app has to provide an option to add money to the wallet through the linked bank account, credit, or debit cards. Once the amount is added, it is immediately reflected in the wallet.
- Transfer or Receive Fund
The customized eWallet app offers the option of sending and receiving the money to its users. Users can send money to anyone either by typing the recipient’s number or scanning the QR code. Other options to send money to other users are NFC (Near-field Communication) or beacon technology. The same methods should be available for receiving money.
- Money Send to Bank
The eWallet app also facilitates the users to send money back to their bank account for any reason. However, the eWallet app may take some charge for transferring money to the user’s account. What’s more, every eWallet app has set a limit for using the wallet on a monthly basis. Users cannot do more transactions if the amount exceeds this limit.
- Bill Payments and Recharge
These are the most common features of any eWallet apps. Users can pay their utility bills conveniently using the eWallet app. Also, users can recharge their TV, mobile phones, and broadband connectivity using the eWallet app.
- Shopping & Discount Offers
Some eWallet apps have these additional features and they facilitate customers to do shopping and offer cash backs across different categories including apparel, household items, mobile phones, and accessories.
- Review & Ratings
Though this is considered as an additional feature, it is an important feature that enables your users to rate your app and write reviews. This feature can give you a chance to improve your services based on the constructive suggestions of the app users.
Concluding Lines
Globally, the paradigm shift from traditional to digital payment methods has given a rise to the digital payment solution. Several companies have come up with a dedicated eWallet app, which makes it tough for new players to make their app popular in terms of the number of downloads. All the tips and important features mentioned here can assist you to ensure the success of your eWallet app. However, it is always better to consult a reputed eWallet app development company to build a feature-rich and future-ready mobile wallet app.
Reference: https://www.solutionanalysts.com/blog/build-mobile-wallet-app-for-digital-payment-solution
