Know the Cost and Features of Mobile Wallet App Development

Mobile wallet has become the dominant mobile payment system around the world, replacing cash and physical wallets, and by 2020, the next-gen payment technology market transaction value worldwide will be around $9000 billion.

Industries like Retail, Financial establishments, telecommunication companies, transportation and logistics, and technology companies are tightly connected with the mobile payment technology and their dependency on it is increasing exponentially, of which, E-commerce has swept a large part of its rapid growth.

In this flourishing online marketplace where digital wallet has become the engine of mobile commerce, it has become extremely vital for online companies and businesses to integrate m-wallets in their apps and match the pace with the accelerating virtual world.

If you are amongst those online companies juggling to determine what mobile wallet type you need, a list of features that should be included in the app and if you’re crunching the numbers in the head for total cost estimation of mobile wallet app development then you have landed on the right place.

Before we plunge in-depth, let’s take a glance on the economic and growth potential of mobile wallets and their SWOT analysis.

Related: How much does it cost to develop a mobile wallet app like Paytm

SWOT Analysis

Online Merchant Proprietary Wallet

Strengths :

• Control the commerce experience
• Access to customer data
• Keeps the customer in the merchant’s online environment

Weaknesses :

• Requires customer onboarding
• Limited to a single merchant, not leveraged across merchants categories
• Program administration is extensive
• Increased risk of fraud/data theft

Opportunities :

• Lower cost
• Can incorporate promotion/loyalty into the experience
• Control the shopping cart

Threats :

• Third-party UX may be superior
• Risk of competitive incursion from every other wallet

Online Merchant Third-party Wallet

Strengths :

• Customer experience (one-click buy)
• Lowers cart abandonment rate

Weaknesses :

• Lack of control of the experience
• May not have access to customer data
• Multiple providers on the same site can confuse customers and increase cart abandonment

Opportunities :

• Fast and easy to implement for merchants

Threats :

• Competitive incursion from OS/OEM providers whose wallets can be used for online purchases

Source : Aite Group

What are the key features needed for developing a mobile wallet app?

Key features include budgeting tools, POS integration for users and dashboard, QR code creation, EMI options, push notifications, promotional offers, and usage analytics for admins. User registration, bank account authorization, balance management, money transfer, bill payment, split bills, push notifications, and transaction history are also included.

Key Features of the User Panel

• User Registration : For smooth and easy sign-up enable the user to sign-in with their social media accounts or email id.
• Authorize Bank Account : Users are asked to fill in their bank details through which they want to carry out their transactions.
• Add Balance : Users can load money in their e-wallet and use it for transactions.
• Check Balance Status : Users can check their wallet balance after making successful transactions.
• Money Transfer : Users can easily transfer money to other users by entering their account information.
• Transfer to Account : Users can also transfer large funds to other users quickly and conveniently.
• Pay Bills : All bill payment can be done by the payments stored in the m-wallet or directly by users’ bank accounts/ cards.
• Split Bills : An interesting feature that allows users to split the bills among their group by adding other users’ account information.
• Push Notifications : Users receive notifications about offers, promos, cashback etc. so that they can redeem it immediately.
• Invite Friends : Users can also rope in their family members, friends and circle by invite friends’ option. And in order to promote the app, you can also giveaway points/money on successfully added referrals.
• Transaction History : Users can track the entire transactions made by them in the past.
• Budgeting tools : This tool helps user to flexibly plan their budget and track spending, so as to stay in control and achieve the goals.
• POS Integration : POS system stores credit and/or debit card info and allows for digital payment.

Key Features of the Admin Panel

• Dashboard : It allows the admin to track and monitor the details of the registered users.
• Create QR Code : The QR code is generated by the Admin for the user to carry out online transactions.
• EMI Options : Admin can set the EMI option for clearing payments making it affordable for users.
• Push Notifications : Admin can send push notifications to customers reminding them about the in-wallet coupons and offers.
• Promotional Offers : Admin can give special offers to customers during festivities, special occasions, etc.
• Manage Customers : Admin can manage customer information, add/block registered customers.
• Usage Analytics : Admin can access reports of no. of daily transactions, no. of app downloads, offers that are most liked and availed by customers etc.
• Manage Revenue : Admin can track total revenue earned till date.
• Manage Promotions : Admin can add or remove various running or scheduled promotions.

Additional Features

• Digital Receipt : Through this feature, you can send a digital receipt to the customer after every transaction.
• Categorization : This feature helps the user in organizing the cards and sorting them into different categories.
• Secured Transactions : Add a protection layer to your app by enabling users to access through their digital signature.
• Rewards & Points : Keep your users engaged by offering them reward points, loyalty points, cash bonuses, etc.
• Fully Protected : Develop a PCI-compliant secured mobile wallet app to protect your app against any vulnerabilities.
• Refer a Friend : Allow users to earn by referring a friend.