The buzzword of digitalization and its technological applications is no more a surprise. Every sunrise comes with new tech know-how, be it AR/VR or robotics, or digital apps to make our every day an easy day. The features of e-wallets have helped many fintech-based apps to gain success in the uber-competitive domain. The demand grew after the popularity of apps like Paytm, PayPal, Robinhood, etc.
In this article, we are going to look into the e-wallet app features that shall be making your best digital wallet apps in the domain, but before diving deep into it let’s get a hold on the key stats related to it and types of digi apps and its technicalities in brief.
Key Statistics Of Digital Payments Apps
According to a recent study, the digital payment wallet market is poised to grow at a 28.2% CAGR rate from $1043 Billion to $7580.1 Billion in 2027.
It has also been estimated that by Dec 2023, the global market shall rise to $2.1 trillion.
Compared to 34% of women, 38% of men admit to spending more when they use a digital wallet.
Below is an exhibit showing the global e-wallet digital payment market size from the 2016-2023 period. We can clearly analyze how fast this market is blooming and in the coming years, it shall replace credit/debit cards.
The growth trend that e-wallet app development has found itself to be a center of is something that is the culmination of the different types of digital wallets. Let us quickly look into the what are various modes of digital payment apps.
What Are The Different Types Of Digital Payments Wallet Apps?
1. Open Wallets – They are used in a direct format in the third-party application or in a bank app. It enables the clients to use their funds on their mobile in the form of a wallet app which makes payments very easy.
2. Semi-closed Wallets – Such wallets allow users to make use of the funds present in their digi wallets for payments on various websites.
3. Closed Wallets – These are the wallets that are known as merchant designed, where the users can only use the wallet for that particular merchant, like an ecommerce app that enables to store funds in the app’s wallet and use it to pay for an item in the cart.
8 Must-have Features Of A Digital Payments Wallet App
The most awaited keypoint will be discussed here in regard to the features must-have in any application.
1. Make Payments To And Fro The Bank Accounts
This is one of the foremost features which a digi payment app must have. It enables seamless transfer of money to a bank account as well as getting money from the bank account which should be extremely simple and convenient overall.
2. Easy Bill Payments
It should enable your clients to pay their bills online like payments of rent, electricity, gas, etc. which you will need to partner also along with multiple service providers in the category to give users an easy option to make the payments.
3. Virtual Cards Management
The wallet application should enable users to save their debit and credit card data ensuring high security. It should allow people to add money to their wallets through a one-click system. Moreover, users would be given the option to remove or add cards to their list.
4. Contactless Technology Payments
Contactless technologies are more in vogues like QR codes and NFC, especially with retail chains. Considering the enormous growth, it is very profitable for your brand to have a QR code and NFC features integrated into it.
5. Quick Self-registration
Digital wallets have made their presence gravitational by easing people’s lives and making the transaction-making process quick. One way to ensure this is to offer a fast self-registration process. Usually, when our fintech app developers build wallets, we keep this self-registration process –Download the application, Follow the KYC process, Confirm registration through OTP, Set up the password and login, Link cards, and Add money to the wallet.
6. Rewards And Discounts
Rewards and discounts generally convert one-time users into loyal customers. You should offer your clients the same promos to use the wallet when making purchases or bill payments.
7. Analytics-Based Dashboards
There should be a dashboard in the wallet app to give your clients proper information on where they should spend their funds, the upcoming bills, etc. You can even go one step ahead and have a budget management and expense tracking module in the app too.
The most trending feature of any app is chatbots. Integrating it will tell its users of their account balance or money transfer from their bank to their wallet or vice versa can prove to be extremely useful for the wallet app clients.
Technology Stack For Building Robust Mobile Wallet Applications
Phone Verification: Nexmo
Payments: PayPal, Braintree, Stripe, and PayUMoney
Database: HBase, Cassandra, and MongoDB
Cloud environment: Salesforce, Google Cloud, AWS, and Azure
Push notifications: Push.IO, Amazon SNS, Twilio, Urban Airship
Real-time analytics: Hadoop, Apache, and Spark
QR codes: ZBar Code reader.