The eCommerce sector has been on a boom for the past five-six years or so. Along with it, the demand for digital payment services has already risen multifold. It indicates that the digital payment segment of the world economy is the hottest right now.
There are already several players established in the market, but don’t let that stop you! Catching up on your niche in the market can position you as a leader if your e-wallet app has the potential to appeal to a large number of users.
What Do You Mean By An E-Wallet?
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There are thousands of online articles, hundreds of startups, and learning programs that talk about e-wallet payment services, how to create e-wallet apps, their business potential, and much more. But what is an e-wallet?
An e-wallet is a computer program, algorithm, or software that allows users to store, access, and manipulate money in electronic form. It’s a kind of digital currency that can be availed for online transactions and purchases using a computer or a smartphone.
Also called a digital wallet, it comes up with a user-selected digital payment system that could be password protected and encrypted.
An e-wallet app has two essential elements that include:
- The software responsible for payment security and strong data encryption.
- The information database that stores the personal data of the users, such as name, card details, payment options, etc.
What Are The Pros And Cons Of An E-Wallet App?
To create an ideal, user-friendly, and secure e-wallet app, you must emphasize the pros and cons associated with such applications.
Pros Of E-Wallet Apps
1. Simplified Payment Process
Using online e-wallet apps, users can instantly pay for products and services online without the need for a physical card that requires a CVV code, card number, etc., for secure payments.
2. Use It For As Long As You Want
Unlike some internet banking platforms that charge per transaction done online, e-wallet apps give the liberty to their users to use them for as much time and frequency they want to. All a user has to do is to register an account with the payment apps.
3. Online Transactions Offer Convenience
For users involved in several routines transactions, e-wallet apps are the best service they could avail of because of the hassle-free money transfer process.
4. Comparably Higher Transaction Speed
A transaction through an e-wallet gateway may get completed within seconds or minutes, whereas a bank transfer may take up days to secure the payment. That’s why most internet users are either switching or have already switched to e-wallet payments.
5. Additional Features
Some additional features offered on e-wallet apps that are lacking in offline payment methods include:
- A secure and shielded payment environment
- Easy cross-currency transactions
- Smooth money deposition and withdrawal process.
Cons Of E-Wallet Apps
There aren’t many disadvantages of using an e-wallet app. Still, some of the potential ones are as follows:
1. Internet Access Is A Must
The biggest problem with any digital payment interface is a mandatory high-speed internet connection. It means you can’t use the services in remote locations where the internet can’t reach them.
2. High Dependency On Smartphones
Most of the e-wallet payments are made through smartphone apps. It means that the phone must be in working condition. Otherwise, it may halt the payment process.
3. Safety Concerns
If the money storage and transaction environments are not shielded by several layers of protection effectively, they may be vulnerable to frequent hacker attacks and data breaches; posing a threat to user privacy and cause loss of money.
Top 5 Must-Include Features For Your E-Wallet App
Here are some of the best features which you need to add to your E-wallet app for better business prospects:
1. An Attractive UI/UX Design
User interaction relies heavily on the UI/UX design of the application. A user-friendly design will entice them to connect with the app and help in gaining trust and popularity.
To ensure that the app is user-friendly and simple to use, UI/UX design is a crucial aspect of smartphone app development. It augments the user’s engagement and readability of your app.
2. Use Of Cloud-Based Technology
Cloud-based technology empowers the e-wallet apps with quicker and more seamless transactions without compromising the payment security. It enables several payment services such as B2B, B2C, and inter-user payments through a single app.
GPS tracking and navigation, as an essential in-built feature, allows users and businesses to pay and accept payments from all corners of the globe.
Users may use GPS to find people on their devices and make payments by simply tapping on the individual user’s credentials. Since no account information is needed and the transaction is processed quickly, this feature saves a lot of time.
4. Privacy And Security
From the initial stages of the app development itself, the inclusion of security and protection characteristics in the app must be your top priority.
In addition to a safe, quick, and efficient payment transfer interface, e-wallet app developers must work on a password-protected app with features like fingerprint-face recognition, OTP, and QR code for proper authentication and validation.
5. Payment Status Update Feature
Regular payment status updates ensure that all parties concerned are aware of where their money is and what is happening to it all the time.
This feature will help build trust and confidence in the app among the users, eventually leading to an increase in brand loyalty.
The Bottom Line
To create the ideal e-wallet app, your team of developers must focus on building a customer-centric application capable of making a transaction smoother, quicker, and error-free.
Moreover, you should work on payment gateway development for better stability and effectiveness of the payment processing system. Since money matters are involved in such online products, this type of apps necessitates a great deal of attention to detail.
There is no doubt that e-payment systems are evolving at a breakneck pace. Furthermore, having two monetary systems running concurrently is perfectly acceptable.
However, the power balance would shift slightly in favor of digital payment shortly, a reality that you can’t deny.