Overview of Ewallet
An Ewallet or digital wallet is a software application, electronic device, or online service where people or businesses make electronic transactions at their leisure. The app stores users’ payment information and preferred payment methods on various websites. It also stores items like gift coupons and the user’s driver’s license. The popularity of Ewallets in recent years is the reason why many companies are looking into Ewallet development. Some of the more notable Ewallets are PayTM, GPay, BHIM, etc.
The Ewallet app is available as both a desktop and smartphone application. However, the mobile app is the more popular version of the Ewallet as it provides greater mobility and flexibility.
An Ewallet provides better convenience and safety than traditional wallets. Most Ewallet users prefer to download the apps created by banks or trusted third parties to avail the services they provide.
How does Ewallet work?
The way Ewallet works are the reason why many people ditch their regular wallets in favor of these apps. The user downloads the app and adds their debit or credit card to it. The user then sets a password to protect the app from any third-party interference or tampering. Now, you can use the cards for online purchases or at a store that supports Ewallet apps. This is how Ewallet works and is the reason why they are so popular.
Types of Ewallet
Listed below are the three major categories of Ewallet.
These wallets are developed by companies that sell services or products to their customers. Closed wallet users can only make transactions with the company that developed the wallet. They cannot use it for transactions not covered by the company. The money from refunds, returns, and cancellations go to the wallet and not to the user’s account. The best example of this type is OlaMoney.
A semi-closed wallet is one where users can make transactions at stores and locations that support this wallet type. This wallet may be limited in terms of coverage area but the app supports offline and online sales. The only catch to a semi-closed wallet is that business owners and stores must enter into agreements or contracts with the wallet creator. That way, they can accept payments from this Ewallet.
An open wallet is an application developed by banks or companies partnered with banks. Open wallet users can use them for all transactions allowed with a semi-closed wallet. Additionally, they can use the same wallet to withdraw money from ATMs and transfer funds to other bank accounts. PayPal is one of the best examples of this Ewallet.
What are the benefits of using an Ewallet?
Security– There is a concern among users over which tech tools are safe to use. However, many users agree that an Ewallet is one of the best options meant to keep information safe. Imagine if someone steals your wallet. That means your cash and cards are all gone. But, payment apps are different in that they rely on encryption software. This software protects your information from any external hacks. Additionally, an Ewallet does not require the user’s debit/credit card number. It uses a token that only works at approved merchants for that transaction. This extra security layer means that in the event of a cyberattack, the user’s numbers and private information remain safe.
Convenience– A majority of merchants and businesses in the world are now accepting digital transactions over cards and cash. While not every merchant accepts this, it is a significant step forward. Users who use an Ewallet benefit from doing faster, easier, and more secure transactions.
Efficiency– The Ewallet further streamlines the checkout process and places little to no dependency on physical cash. Here, users can scan the code, type the password and transfer the required amount. This method makes things easier for everyone involved.
An Ewallet is free– Debit and credit cards can get worn out and require replacements after a few years. Many banks do not charge account holders to get a new card but some banks do. However, that is not the case for an Ewallet. The user can use it for as long as required or switch to another Ewallet app at no extra charge.
An overview of Ewallet development
Any company looking to leverage the growth of Ewallet development is tapping into a growing market. Developing and launching an Ewallet requires an in-depth understanding of the development process from start to finish. The process begins with
UI and UX development
One of the best things about an Ewallet is the friendly UI they have. This UI ensures users have a smooth experience and have no trouble managing their funds or making transactions. User experience and interface should be at the forefront of any Ewallet development projects.
The next stage of Ewallet development is to include essential features like registration and sign-in. The next important feature is to develop a dashboard for users to manage their accounts, integrate chatbots to answer questions, including multiple payment processors, and have a discount or loyalty program to keep users hooked.
The next step in Ewallet development is the testing phase. Following the successful completion of the Ewallet, the app moves on to testing. The testing is another essential part of the Ewallet development cycle. Here, testers analyze the app from start to finish and expose any bugs in the system. This process ensures the final product is free of bugs, errors, and glitches.
Launch and maintenance
This phase is when the app has no bugs and is ready to launch. The app goes live and users start downloading it. Here, it is essential to remain aware of the user feedback and use that to improve the app. Additionally, you should consider adding updates that upgrade the experience. These updates can boost engagement, keep existing users interested, and attract new users to the platform.
Version updates are one of the many ways you can increase the app’s longevity. You can also provide customer support, loyalty programs, QoL improvements, etc.
Will Ewallet development boost revenue?
The profitability projections for integrating Ewallet development into an existing business model are high. For starters, Ewallet development takes advantage of its inherent benefits like smooth UI and UX. This feature appeals to a broad majority. Additionally, Ewallets have the benefit of convenience, utilize greater security methods, and could even reduce service fees.
Hence, a company that develops Ewallets or looks into Ewallet development will enjoy greater patronage from users.
The need for Ewallet development
The Ewallet went from being an alternative payment method to a popular choice among users. Getting into this market sector through Ewallet development will provide significant returns in the long run. However, the biggest hurdle for companies getting into this sector is creating a product that stands out from the competition. Hence, the best approach is to partner with a company specializing in Ewallet development. These companies understand the market and can provide a solution that meets the necessary requirements.